Tech counters track Nasdaq higher, FBM KLCI stays flat

KUALA LUMPUR: The FBM KLCI was little changed by midday after yesterday's bargain-hunting activities on the back of a regional equities rally.

At 12.30pm, the key index was down 0.38 points to 1,582.08, in line with the prevailing market caution and anticipation over the US Federal Reserve's monetary policy meeting later this week.

"Technical indicators turned positive as the MACD historgram has turned into a gree bar while the RSI hovered above the 50 level.

"Mild bargain hunting activities may lift the key index higher with resistance set at 1,600 while the support level is envisaged around 1,555-1,565," said Malacca Securities Research in its daily note.

Price action among the blue chips was lacklustre with some gains seen in IHH up five sen to RM5.55, MISC climbing nine sen to RM6.98 and Maybank rising three sen to RM8.22.

On the broader market however, there was some positive action in technology plays, tracking the tech-heavy Nasdaq's advance overnight.

Among the biggest gainers, MPI jumped 40 sne to RM40.40, Kobay Technology rose 40 sen to RM2.56 and MI Equipment gained 18 sen to RM3.38.

Of actives, Serba Dinamik faced selling pressure after yesterday's rebound, slipping five sen to 69.5 sen.

DNeX gained 2.5 sne to 89 sen and Priva rose 2.5 sen to 23 sen.

In Asian markets, equities stayed bullish in anticipation that the US Fed would leave its monetary policy accomodative at its coming meeting.

Japan's Nikkei was up 1% while South Korea's Kospi gained 0.1%.

Reopening after the Dragon Boat Festival weekend, China's main index was down 0.9% and Hong Kong's Hang Seng dropped 0.8%.

Australia's ASX200 rose 1% after the stock exchange also reopened after a Monday holiday.
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Bursa Malaysia , FBM KLCI , equities


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