Broadly higher across the board

  • Business
  • Thursday, 10 Dec 2009

KUALA LUMPUR: Trading on the the local stock market rebounded mildly on the back of Wall Street’s gains overnight with the FTSE Bursa Malaysia KL Composite Index (FBM KLCI) notched 2.97 points to 1,258.78 points.

Analysts said investors were delighted but puzzled over the stock market’s future direction. An analyst said trading volume on the local bourse was relatively lacklustre as investors appeared not too keen to take fresh positions going into the year-end.

“Sentiment is still cautious while buying interest was not broad-based and consistent,” he added.

“As the external backdrop turns slightly more positive – key US stock bellwethers were up between 0.4% and 0.5% overnight – we reckon the benchmark FBM KLCI will probably bounce up after plunging in the final minute of trading yesterday,” HwangDBS Vickers Research said in a report.

It said the immediate challenge was to pull away from the first support level of 1,255 points ahead.

In terms of news flows, HwangDBS said the industrial production index report for October, was due for release later today with one media poll projecting an annual decline of 2.0% for the month would be eagerly watched by economists.

“Of interest is a broader indication whether the Malaysian economy is picking up momentum after exports registered an unanticipated year-on-year increase of 1.6% in October, its first positive growth rate following 12 straight months of contraction,” the research house said.

Concurrently, the plantation statistics for November is also scheduled for publication today.

SJ Securities expects the FBM KLCI to trade within a range of 1,248 points to 1,263 points today.

On Bursa Malaysia, a total of 112.2 million shares were done valued at RM91.4mil.

Advancers thumped decliners 165 to 108 while 167 counters were traded unchanged.

The rise in the index was led by Nestle (M) Bhd, Suiwah Corp Bhd, Petronas Dagangan Bhd, Boustead Heavy Industries Corp and Dutch Lady Milk Industries Bhd.

Nestle jumped 48 sen to RM33.10, Suiwah edged up 13 sen to RM1.35, Petronas Dagangan gained 12 sen to RM8.70, and Dutch Lady was 8 sen higher at RM12.58.

Among the bigger losers were Oriental Interest Bhd, Khee San Bhd and Kobay Technology Bhd, while the most actively traded counter was Time Engineering Bhd with 9.4 million shares done.

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