KUALA LUMPUR: The FBM KLCI inched up more than one point at midday on Tuesday despite the weaker regional and broader markets, as investors were concerned on the possibility of Greece defaulting its debt.
At 12.30pm, the KLCI rose 1.34 points to 1,734.50. Turnover was 862.69 million shares valued at RM679.3mil. There were 242 gainers, 443 decliners and 296 counters unchanged.
Reuters reported Asian stocks slipped on Tuesday as financial markets braced for the possibility of Greece defaulting on its debt, while a two-day policy meeting of the US Federal Reserve's monetary committee starting later in the day also prompted caution.
Global equity markets have felt a pinch after talks between cash-strapped Athens and its creditors broke down over the weekend, with Greece only having two weeks before it has to repay 1.6 billion euros (U$1.8bil) to the International Monetary Fund. Sentiment soured further on Monday as both sides hardened their stance.
Hong Leong Investment Research said in a note that the KLCI continue to trap in downtrend after hitting year-to-date high given the lack of fresh catalysts.
It said that Bursa Malaysia may enjoy a brief technical rebound in the near term, supported by the presence of local funds support ahead of the widely-anticipated June window dressing and
oversold technical momentum.
At Bursa Malaysia, Enra rose 17 sen to RM2.25.
Hoover rose 22.5 sen to 765 sen.
PPB Group rose 12 sen to RM15.04 and United Plantations 40 sen to RM27 but KL Kepong fell 14 sen to RM21.26.
Takaful fell 31 sen to RM3.86 and Allianz 40 sen to RM11.60.
US light crude oil rose 54 cents to US$60.06
Brent rose 25 cents to US$64.20
Crude palm oil for third-month delivery rose RM17 to RM2,283
The ringgit strengthened against the dollar at 3.7513 against 3.7590 the previous close
Among the key regional markets,
Japan’s Nikkei 225 fell 0.55% to 20,275.81;
Hong Kong’s Hang Seng Index fell 0.34% to 26,771.33;
Shanghai’s Composite Index fell 1.34% to 4,995.28;
Taiwan’s Taiex fell 0.7% to 9,194.58;
South Korea’s Kospi fell 0.84% to 2,025.26;
Singapore’s Straits Times Index fell 0.62% to 3,302.37
Spot gold rose one cent to US$1,186.44
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