Mid-morning Market KLCI continues uptrend

Mid-morning Market KLCI continues uptrend
Business & Markets 2013
Written by Surin Murugiah of theedgemalaysia.com
Monday, 22 July 2013 10:14

KUALA LUMPUR (July 22): The FBM KLCI continued its uptrend at mid-morning on Monday, in line with the gains at key regional markets.

At 10am, the FBM KLCI added 3.49 points to 1,801.23.

Gainers led losers by 253 to 179, while 254 counters traded unchanged. Volume was 268.23 million shares valued at RM191.02 million.

The top gainers at mid-morning included Perak Corp, SAM Engineering, Hunza Prop, Century Bond, Favelle Favco, Kim Hin, Minho and Bursa.

The actives included APFT, Daya Materials, Majuperak, Nice, MAS, Kinsteel, Handal, Inari, and RedTone.

The decliners included BAT, Nestle, Dutch Lady, UMW, Fima Corp, Kossan, Coastal Contracts, GAB, AMMB and AirAsia.

BIMB Securities Research in a note Monday said shares in Europe ended lower Friday, weighed by some weak earnings but still rose to a seven week high.

In Wall Street, stocks ended flattish with the S&P500 eked out a gain of or 0.16%, to 1,692.09 an all-time closing high, it said.

Nonetheless, the DJIA and Nasdaq were lower due to disappointing earnings in some tech companies, said the research house.

The Dow Jones Industrial Average slipped 0.03% to 15,543.74 but managed to squeeze a gain of 0.5% for the week, it said, adding that key regional indices ended mostly lower with the TWSE and Nikkei ended sharply lower.

“Back home, the FBM KLCI ended higher, gained 6.20 points or 0.35% to 1,797.74 boosted by strong results from Tenaga and rally in PLANTATION [] and banking counters.

“We believe the local benchmark will remain bullish on the short term and is set to climb towards its psychological resistance level of 1,800 points followed by 1,805,” it said.

Meanwhile, Japanese stocks led Asian markets up on Monday, while the yen briefly slipped after Prime Minister Shinzo Abe was given a solid platform to continue his aggressive push to reflate the world's third biggest economy, according to Reuters.

The big win for Abe at Sunday's election for parliament's upper house meant he could now focus on implementing difficult economic reforms, the "Third Arrow" of his "Abernomics" prescription to end deflation. The other two arrows being super-easy monetary policy and spending, it said.