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Market Open KLCI edges marginally higher as Asian equities rise
by Cals Tue 16 Jul 2013, 10:17
Market Open KLCI edges marginally higher as Asian equities rise
Business & Markets 2013
Written by Surin Murugiah of theedgemalaysia.com
Tuesday, 16 July 2013 09:13
KUALA LUMPUR (July 16): The FBM KLCI edged up marginally higher in early trade on Tuesday, in line with the uptrend at most regional markets.
At 9.10am, the FBM KLCI added 0.87 points to 1,787.54.
Gainers led losers by 143 to 59, while 132 counters traded unchanged. Volume was 81.71 million shares valued at RM68.09 million.
The top gainers included Puncak Niaga, Hup Seng, Muhibbah, HLFG, Coastal Contracts, Pos Malaysia, Favelle Favco, KPS, Zecon and Magna.
Hwang DBS Vickers Research in a market preview Tuesday said that on the back of selective buying of index-linked counters, the key FBM KLCI will probably attempt to break away from the immediate resistance threshold of 1,785 today.
From a technical perspective, the benchmark index may be inching its way towards the psychological mark of 1,800 next, it said.
“This comes as Wall Street made further gains last night. Leading US bellwethers were marginally up by between 0.1% and 0.2% at the closing bell amid better corporate profit reports.
“In terms of local corporate developments, three listed companies with separate takeover offers will be in the limelight today: (a) Zecon, which has received a selective capital repayment proposal to privatize the company via a cash offer of RM0.80 per share (vs. its last done price of RM0.68) and RM0.05 sen per warrant (vs. its last done price of RM0.22); (b) Major Team, following a voluntary general offer at a cash offer price of RM0.17 per share (vs. its last done price of RM0.14); and (c) Microlink Solutions, in response to a conditional voluntary-turned-mandatory takeover offer at a cash consideration of RM0.60 per share (vs. its last done price of RM0.60),” it said.
Asian shares edged higher on Tuesday, taking their cue from U.S. shares after weaker-than-forecast retail sales growth backed the view that the U.S. Federal Reserve will hold off reducing its bond-buying stimulus anytime soon, according to Reuters.
MSCI's broadest index of Asia-Pacific shares outside Japan added about 0.1 percent to 440.75, it said.
Business & Markets 2013
Written by Surin Murugiah of theedgemalaysia.com
Tuesday, 16 July 2013 09:13
KUALA LUMPUR (July 16): The FBM KLCI edged up marginally higher in early trade on Tuesday, in line with the uptrend at most regional markets.
At 9.10am, the FBM KLCI added 0.87 points to 1,787.54.
Gainers led losers by 143 to 59, while 132 counters traded unchanged. Volume was 81.71 million shares valued at RM68.09 million.
The top gainers included Puncak Niaga, Hup Seng, Muhibbah, HLFG, Coastal Contracts, Pos Malaysia, Favelle Favco, KPS, Zecon and Magna.
Hwang DBS Vickers Research in a market preview Tuesday said that on the back of selective buying of index-linked counters, the key FBM KLCI will probably attempt to break away from the immediate resistance threshold of 1,785 today.
From a technical perspective, the benchmark index may be inching its way towards the psychological mark of 1,800 next, it said.
“This comes as Wall Street made further gains last night. Leading US bellwethers were marginally up by between 0.1% and 0.2% at the closing bell amid better corporate profit reports.
“In terms of local corporate developments, three listed companies with separate takeover offers will be in the limelight today: (a) Zecon, which has received a selective capital repayment proposal to privatize the company via a cash offer of RM0.80 per share (vs. its last done price of RM0.68) and RM0.05 sen per warrant (vs. its last done price of RM0.22); (b) Major Team, following a voluntary general offer at a cash offer price of RM0.17 per share (vs. its last done price of RM0.14); and (c) Microlink Solutions, in response to a conditional voluntary-turned-mandatory takeover offer at a cash consideration of RM0.60 per share (vs. its last done price of RM0.60),” it said.
Asian shares edged higher on Tuesday, taking their cue from U.S. shares after weaker-than-forecast retail sales growth backed the view that the U.S. Federal Reserve will hold off reducing its bond-buying stimulus anytime soon, according to Reuters.
MSCI's broadest index of Asia-Pacific shares outside Japan added about 0.1 percent to 440.75, it said.
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