FBM KLCI touches year new high in morning

Source: The Star Online

KUALA LUMPUR: The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) touches year new high of 1,143.26 at the opening Tuesday on active trading on bluechips.

HwangDBS Vickers Research Sdn Bhd said the positive vibes generated overnight are expected to spread on across the region today.

Local investors may be on the lookout for laggard plays following a cumulative gain of 75.6 points or 7.1% over five straigh days as measured by its bellwether FBM KLCI, according to the brokerage.

“FBM KLCI, which back to where it was in early August last year, has probably signaled a fresh wave of upward bias after breaking past the 1,125 resistance mark yesterday,” it said.

OSK Research analyst Shin Kao Jack said local bourse has gone up by at least 10 points daily for five consecutive trading days.

He expects there is still a great possibility that the market will take a breather this week.

“From the current level, an immediate resistance lies at the 1,165-point level followed by the 1,187-point level,” he said, noting that immediate support is seen at the 1,135-point level, followed by the 1,120 points and 1,108 points.

On regional, Asian stocks advanced in the morning trade following news on CIT Group Inc obtained a loan to allow the company to avoid bankruptcy and Goldman Sachs Group Inc raised its estimates for the US Standard & Poor’s 500 Index on improving earnings.

At 9.45am, the FBM KLCI down 0.14% to 1,137.66 while Singapore’s Straits Times Index dropped 0.01% to 2,455.96.

Tokyo’s Nikkei 225 gained 1.45% to 9,531.75. Shanghai’s A share index rose 0.19% to 3,273.23.

Hong Kong’s Hang Seng Index climbed 3.70% to 19,502.37 and Seoul’s Kospi Index added 0.84 to 1,490.95.

At Bursa Malaysia, 122 counters rose, 167 counters fell while 205 others were traded unchanged. There were 202.76 million shares done with a total value of RM230.14 million.

Among gainers, Tanjong up 20 sen to RM14.40, MPI and Superlon added 10 sen each to RM5.55 and 50 sen respectively.

Property counters, Landmarks was up 7 sen to RM1.38, Berjaya Land advanced 6 sen to RM3.80 and UEM Land rose 1 sen to RM1.66.

Plantation stocks, Kulim added 10 sen to RM7.15, Sime gained 10 sen to RM7.65, Astral Asia rose 7 sen to RM1.03 and TSH Resources was 6 sen higher at RM1.70.

Among losers, Nestle fell 25 sen to RM31.50, BCHB dropped 15 sen to RM9.95, Astro was 12 sen lower at RM3.30, DIGI down 10 sen to RM22.20 and Public Bank lost 10 sen to RM10.20.

Nymex crude oil rose 32 cents to US$64.30 per barrel.

Spot gold climbed 84 cents to US$947.85 per ounce.

The ringgit was quoted at 3.544 to the US dollar.