Mid-morning Market KLCI pares gains, struggles to breach 1,800-level

Mid-morning Market KLCI pares gains, struggles to breach 1,800-level
Business & Markets 2013
Written by Surin Murugiah of theedgemalaysia.com
Friday, 19 July 2013 10:17

KUALA LUMPUR (July 19): The FBM KLCI pared some of its gains at mid-morning and struggled to breach the psychologically crucial 1,800-points level.

At 10.05am, the FBM KLCI added 4.91 points to 1,796.45. The index had earlier risen to a high of 1,799.45.
Gainers led losers 299 to 206, while 243 counters traded unchanged. Volume was 429.13 million shares valued at RM398.19 million
The top gainers included Nestle, Tenaga, Kretam, GAB, Tiong Nam Logistics, Aeon Credit, AMMB, SAM Engineering, Lafarge Malaysia and Muhibbah.
The actives included APFT, Luster, Tiger Synergy, Instaco, Tenaga, Sumatec, TAGB, Harvest Court and RedTone.
Meanwhile, the losers at mid-morning included F&N, Hong Leong Bank, UMW, APFT, KPJ Healthcare, Hong Leong Industries, Kossan, Coastal Contracts and Mycron.
BIMB Securities in a note Friday said the FBM KLCI broke its previous record on July 18, closing at 1,791.54 (+0.16%) following the Ben Bernanke's comments that an accommodative monetary policy would remain appropriate for the foreseeable future.

“We remain unconvinced of the market’s trend of late and still believe a downside bias for the local bourse.

“However, we may see some speculative buying following the positive sentiment from the US. Resistance at 1800/1805 and support at 1785/ 1,780,” it said.

Elsewhere, Japan's Nikkei share index dropped as much as 2.7 percent on Friday morning, reversing an early rise to an eight-week peak, with traders citing selling of futures led by global macro funds, according to Reuters.

The Nikkei was last down 1.9 percent at 14,534.84, after earlier trading as high as 14,953.29, it said.