Market Close Last minute buying lifts FBM KLCI back to positive zone

by **Cals** Wed 06 Aug 2014, 01:10

Market Close Last minute buying lifts FBM KLCI back to positive zone

Business & Markets 2014

Written by Jonathan Gan of theedgemalaysia.com

Tuesday, 05 August 2014 17:24

KUALA LUMPUR (Aug 05): The FBM KLCI clawed back to positive zone, with mere 0.05% gain at the closing bell.

At market close today, the benchmark index rose 0.89 points from yesterday to settle at 1876.69.

Technical analyst Shin Kao Jack of RHB Retail Research said in a report today, that a new potential downward trend maybe developing after the 12.5 point gain made yesterday.

“Essential support would be the 1,860 point-level. Should this level be violated, the index may retrace to the next support of 1,845 points,” Shin said.

A total of 2.88 billion shares, worth a total of RM2.16 billion were traded today.

Decliners led gainers today at 482 to 403, with 301 counters left unchanged.

Dana Infra Nasional Bhd led the gainers with a 50 sen gain today, while United Plantations Bhd fell 38 sen.

Sumatec Resources Bhd remained the most active stock, with 332.8 million shares changing hands. The counter was down 2.5 sen to close at 47 sen.

Regionally, the Shanghai composite index was down 0.15% to 2219.95, while the Japanese Nikkei 225 fell 1% to 15320.31 points.

Reuters reported that Asian stocks slipped on Tuesday after a survey showed China's services sector growth fell to a record low, souring the positive mood from upbeat U.S. earnings and relief over Portugal's rescue of its largest bank.

The US stocks had rallied on Monday, lifted by Portugal's decision to rescue Banco Espirito Santo and earnings from Warren Buffett's Berkshire Hathaway.