Mid-morning Market Lack of catalysts caps gains at local market

by **Cals** Mon 20 Jul 2015, 17:50

Mid-morning Market
Lack of catalysts caps gains at local market

KUALA LUMPUR (July 20); The FBM KLCI pared some of its gains at mid-morning today, as lack of fresh catalaysts capped gains at the local market.
At 10am, the FBM KLCI was up 2.40 points to 1,729.13. The inde had earlier risen to a high of 1,735.75.
The top gainers included United Plantations Bhd ([You must be registered and logged in to see this image.] Financial Dashboard), KESM Industries Bhd ([You must be registered and logged in to see this image.] Financial Dashboard), Signature International Bhd ([You must be registered and logged in to see this image.] Financial Dashboard), Lii Hen Industries Bhd ([You must be registered and logged in to see this image.] Financial Dashboard), Top Glove Corporation Bhd ([You must be registered and logged in to see this image.] Financial Dashboard), Ibraco Bhd ([You must be registered and logged in to see this image.] Financial Dashboard), Nestle (M) Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) and Evergreen Fibreboard Bhd ([You must be registered and logged in to see this image.] Financial Dashboard).
The top gainers included Frontken Corporation Bhd ([You must be registered and logged in to see this image.] Financial Dashboard), Vsolar Group Bhd, JAKS Resources Bhd ([You must be registered and logged in to see this image.] Financial Dashboard), Scan Associates Bhd ([You must be registered and logged in to see this image.] Financial Dashboard), Perwaja Holdings Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) and AirAsia Bhd ([You must be registered and logged in to see this image.] Financial Dashboard).
The top losers included British American Tobacco (M) Bhd ([You must be registered and logged in to see this image.] Financial Dashboard). IJM Corporation Bhd ([You must be registered and logged in to see this image.]Financial Dashboard), Kossan Rubber Industries Bhd ([You must be registered and logged in to see this image.] Financial Dashboard), Guiness Anchor Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) and Genting Bhd ([You must be registered and logged in to see this image.] Financial Dashboard).
The U.S dollar held broad gains in Asia on Monday as investors looked ahead to higher interest rates from theFederal Reserve, while gold hit five-year lows as a lack of global inflation left little to hedge against, according to Reuters.
Activity was light with Japan on holiday and a dearth of major data in the diary, leading to a cautious start for stocks, it said.
Hong Leong IB Research said that technically, the ‘Double-Bottom’ formation and a breakout above downtrend line support a near-term reversal signal.
“A swift recapture of the 1746 (61.8% FR) level is vital for the index to reassure its uptrend trajectory towards 1769 (50% FR).
“However, lack of fresh catalysts coupled with internal and external headwinds will cap further upside,” it said.