Noon Market KLCI breaches record close, eyes intraday record high

by **Cals** Wed 14 May 2014, 17:36

Noon Market KLCI breaches record close, eyes intraday record high

Business & Markets 2014

Written by Surin Murugiah of theedgemalaysia.com

Wednesday, 14 May 2014 13:02

KUALA LUMPUR (May 14): The FBM KLCI looks poised to test a fresh record intraday high today (on Wednesday) after it rose 0.47% at the midday break, lifted by select blue chips led by plantation stocks.

The rise in the local market was in line with gains in other Asian bourses.

At 12.30pm, the FBM KLCI added 8.83 points to 1,874.91, breaching its previous record close of 1,872.52 set on Dec 30, 2013. The FBM KLCI’s intraday record high of 1,882.20 was set on Dec 31 last year.

Gainers led losers by 424 to 256, while 304 counters traded unchanged. Volume was 1.06 billion shares valued at RM1.11 billion.

The top gainers included KLK, United Plantations, BAT, UBB, Daiman, Cahya Mata Sarawak, Timecom and Petronas Gas. Plantation stocks rose after May1-10 data showed palm exports surged.

Utopia was the most actively traded counter with 79.15 million shares done. The stock fell half a sen to 6 sen.

The other actives included Harvest Court, Benalec, PDZ, Naim Indah Corp, MAS, Berjaya Corp and Etitech.

The top losers included Nestle, Can-One, Carlsberg, Tien Wah, Cypark, Mesiniaga, My E.G., Kossan, Atrium and Sunzen.

Maybank IB Head of retail research and chief chartist Lee Cheng Hooi in a note to clients Wednesday said: “We recommend a “Nibble on Dips” stance for the index. The KLCI May Futures moved into a small 0.92-point premium against the FBM KLCI.

“We expect minor buying to emerge near the supports of 1,849 to 1,865, whilst profit taking may emerge at the resistances of 1,868 and 1,882.”

Elsewhere, Asian shares flirted with three-week highs on Wednesday, while the euro wobbled close to five-week lows on heightened speculation of more European Central Bank stimulus next month, reported Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.4 percent after hitting its highest level since April 23, it said.