FBM KLCI edges higher, MSM soars on debut

by **hlk** Tue 28 Jun 2011, 11:02

KUALA LUMPUR: Sugar refiner and distributor MSM Holdings Bhd was in focus on Tuesday, June 28 as it made a strong debut on the Main Market of Bursa Malaysia Securities, while the FBM KLCI advanced in tandem with most key regional markets.

Investor sentiment at the regional markets somewhat improved today on the back of the firmer overnight close at Wall Street as well as on amid optimism that progress was being made on tackling Greece's debt crisis although caution remains ahead of a crucial vote later this week on an austerity plan.

At 10am, the FBM KLCI edged up 2.73 points to 1,565.25, lifted by gains at select blue chips.

Gainers led losers by 240 to 149, while 199 counters traded unchanged. Volume was 215.65 million shares valued at RM412.89 million.

At the regional markets, Japan’s Nikkei 225 rose 1.08% to 9,681.58, Hong Kong’s Hang Seng Index added 0.51% to 22,153.22, South Korea’s Kospi jumped 1.25% to 2.096.14, Taiwan’s Taiex gained 0.50% to 8,542.59 and Singapore’s Straits Times Index edged up 0.20% to 3,054.34.

Meanwhile, the Shanghai Composite Index shed 0.35% to 2,748.62.

Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients said that due to the firmer tone at the US markets last night, there could be some initial buying activities in the local bourse today.

The market could rise marginally, with some profit taking activities in the later day, he said.

“As a result, we expect the FBM KLCI to remain volatile on an intraday basis today.

“There is a possibility it will test its resistances of 1,564 and 1,576, though the rise will be of a rocky nature,” he said.

MSM was actively traded with 55.3 million shares done at 10am. The stock rose RM1.05 to RM4.55.

Other gainers included NCB that rose 40 sen to RM4.12, Genting 22 sen to RM11.14, HLFG 18 sen to RM13.18, Shell 12 sen to RM10.48, Ibraco 10 sen to RM1.18, RHB Capital nine sen to RM8.91 and BAT eight sen to RM45.78.

Among decliners, Malayan Flour Mills lost 10 sen to RM7.90, Inno and GAB nine sen each to RM1.50 and RM9.97, Petronas Gas eight sen to RM12.80, NSOP seven sen to RM5.52, Petronas Dagangan and Subur Tiasa six sen each to RM15.86 and RM2.62, while Huat Lai lost five sen to RM1.91.

The actives included Focus, Ramunia, Ingenuity Solutions, UEM Land, HWGB and MAA.