KUALA LUMPUR: Local bourse benchmark FBM KLCI edged up marginally at midday amid a lack of catalysts to stimulate investor interest.
Dealers said trading on Bursa Malaysia remains uninspiring and window dressing activities in selected index-linked counters helped to lift the FBM KLCI but further upside was capped by a lack of catalysts. They noted that trading activities has tone down as investors wind down their positions for the year-end holiday.
At 12.30pm, the benchmark index FBM KLCI rose 1.11 points 1,618.26. The index opened 1.33 points higher at 1,618.48. The KLCI traded within a narrow range of four points on either side of the neutral line.
There were 291 gainers, 243 decliners and 319 counters unchanged. Turnover was at 539.5 million shares valued at RM394.9mil.
US markets were flat on Friday with the Dow failing to hit the 20,000-point psychological level amid low trading volume before Christmas. Earlier, European stocks were mixed with banking counters declining on legal cases.
JF Apex said FBM KLCI could remain lacklustre and decline towards the support of 1,610 points following the mixed performance in the US and Europe.
“Potential window dressing could be seen benefiting blue chips with four trading days left this year,” it said.
The ringgit opened slightly lower against the greenback today. The ringgit is quoted at 4.4768 at midday.
At Bursa Malaysia, Hap Seng Consolidated rose 21 sen to RM8.39, The Store added 19 sen to RM3.75 and Success Transformer gained 9 sen to RM2.30. The decliners included Nestle, TAHPS Group and Box-Pak
.
Among the banks, Maybank added 1 sen to RM7.75, Public Bank rose 2 sen to RM19.70 while CIMB shed sen to RM4.57.
Oil prices extend its gains on Tuesday in light pre-New Year holiday trading before OPEC and other producing nations start reducing output to stabilise the market beginning Jan 1, 2017.
Brent crude was last traded at US$55.10 per barrel while US crude traded at US$53.09 per barrel.
Asian stocks were mixed on Tuesday, in thin trade and with little to guide them as most major markets were closed on Monday for Christmas holidays.
Japan’s Nikkei Stock Average added 0.03%, the Shanghai Composite Index fell 0.08%, South Korea’s Kospi rose 0.22% and Singapore’s Straits Times Index added 0.13%.
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