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Midday Market KLCI reverses losses on China PMI

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Midday Market KLCI reverses losses on China PMI Empty Midday Market KLCI reverses losses on China PMI

Post by hlk Fri 01 Nov 2013, 13:36

Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Friday, 01 November 2013 12:45
A + A - Reset
KUALA LUMPUR (Nov 1 ): The FBM KLCI reversed earlier losses on more
optimistic purchasing managers' index (PMI) data in China.
At 12.30pm, the KLCI rose 2.04 points or 0.1% to settle at 1,808.89. This came
on gains in stocks like SapuraKencana Petroleum Bhd and CIMB Group
Holdings Bhd.
Despite the gains, technical analysts however warned that indicators are
showing a potential further decline in the KLCI. This comes amid concerns
about the US' quantitative easing measures.
TA Securities Holdings Bhd said "bearish technical momentum on the local front
point to further downside bias, with extended profit-taking interest on blue chips
likely ahead of the weekend."
"Further weakness on overnight US stocks sparked by worries the Federal
Reserve may scale back stimulus in coming months should spillover to dampen
sentiment in the region," TA wrote in a note today.
Across Bursa Malaysia, 1.03 billion shares worth RM1.16 billion changed
hands. There were 334 gainers versus 316 decliners.
The most-active stock was newly-listed UMW Oil & Gas Corp Bhd which was
also the exchange's third-largest gainer.
Other top gainers included Keck Seng (M) Bhd and Nestle (M) Bhd while
Genting Plantations Bhd led decliners.
UMW Oil & Gas rose 28 sen or 11% to settle at an intraday high of RM3.12
with some 175 million shares done.
Across Asia, Japan's Nikkei declined 1.26%. In China, Hong Kong's Hang Seng fell 0.05% while the Shanghai Composite rose 0.12%.
Reuters reported that Asian shares sagged on Friday though upbeat signals on China's manufacturing activity limited losses, while the
dollar pushed higher after upbeat U.S. data led some investors to price-in a less dovish stance at the U.S. Federal Reserve.
China's manufacturing sector grew at the fastest in 18 months in October, with the official PMI rising to 51.4 last month from September's
51.1, beating economists' consensus forecast of 51.2.
The final HSBC/Markit PMI came in at 50.9, up from 50.2 in September and unchanged from a preliminary flash estimate released last
week.
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