Market Close KLCI 0.2% higher despite lacking catalyst, Asian markets mixed

by **Cals** Thu 05 Jun 2014, 20:20

Market Close KLCI 0.2% higher despite lacking catalyst, Asian markets mixed

Business & Markets 2014

Written by Jeffrey Tan and Jonathan Gan of theedgemalaysia.com

Thursday, 05 June 2014 17:28

KUALA LUMPUR (June 5): The FBM KLCI edged higher today despite lacking fresh catalysts to spur the bourse forward. This followed the conclusion of the quarterly financial result reporting season last week.

Today, the KLCI rose 3.8 points or 0.2% to close at 1,869 points. The rise came on stocks such as YTL Corp Bhd, Petronas Gas Bhd and Genting Bhd.

Danny Wong, CEO of Areca Capital, said the KLCI was maneuvering within a tight range.

“The market is taking a breather as it lacks market-moving news,” Wong told theedgemalaysia.com over telephone.

Across Bursa Malaysia, 1.5 billion shares worth RM1.9 billion were traded. Market gainers edged decliners by 380 versus 361, while 349 counters were unchanged.

The top gainer was TAHPS Group Bhd while the leading decliner was PPB Group Bhd. The most-active counter was Sona Petroleum Bhd warrant.

Among KLCI stocks, Genting Bhd shares rose on news that the Japanese parliament is set to debate the casino bill next week. Reuters reported that Genting Singapore PLC was among the top bidders vying for a position in Japan’s proposed legalised casino sector.

On Genting Bhd, RHB Research Institute Sdn Bhd technical analyst Mohammad Ashraf Abu Bakr said the short-term view on the stock would be encouraging if it could breach RM10.50.

“The stock is neutral-positive at the moment. We should see further upside if the stock breaks its resistance at RM10.50” Mohammad Ashraf said.

Across Asia, the Shanghai Composite ended 0.79% higher but Hong Kong’s Hang Seng closed 0.18% lower.

Elsewhere, Japan’s Nikkei 225 was up 0.08%, but South Korea’s Kospi fell 0.65%. Singapore’s Straits Times Index declined 0.02%.

Reuters reported that Asian share markets grudgingly gave ground on Thursday while the euro flatlined at $1.3600, hostage to great expectations that the European Central Bank will finally end months of dithering by easing policy further.

Dealers were only briefly distracted by HSBC/Markit's measure of the China service sector which dipped to 50.7 in May from April's 51.4, though that was still above the 50-point level that is supposed to separate growth from contraction.

Tomorrow, Malaysia's Statistics Department will announce the nation's external trade figures for April 2014.