FBM KLCI little changed at midday


KUALA LUMPUR: The FBM KLCI ended marginally higher at midday as bargain hunters triumphed over profit-takers.

The market bellwether added 0.68 of a point to 1,443.53, with 12 of the component stocks ending higher.

On the broader market, winners and losers were closely balanced, with 359 gainers against 348 losers and 442 that were flat. Trading volume was 1.77 billion shares valued at RM864.1mil.

Gainers on Bursa Malaysia include Nestle, which jumped RM1.30 to RM117.80, Heineken, which gained 74 sen to RM22.46 and Batu Kawan, which rose 60 sen to RM21.

Meanwhile, the top decliner was Rapid, which lost 42 sen to RM28. Imaspro slid 18 sen to RM4.78, PETRONAS Dagangan fell 16 sen to RM21.86 and Central Global declined nine sen to RM2.95.

Inter-Pacific Research said the near-term market conditions remained frail and this points to another day of unsettled conditions on Bursa Malaysia that could see the key index end the week on another downbeat note.

“As it is, the market’s undertone is still dicey, unable to gain much traction amid the lack of catalyst and the corresponding buying interest is thin with most market players on a wait-and-see stance,” the research house said.

It noted that the overnight recovery on some key global indices is also unlikely to provide much impetus for the FBM KLCI and this could further leave the FBM KLCI to maintain its drifting trend for the time being.

“Therefore, continuing wariness could still see the key index to end the week near or at the 1,440 support, with the ensuing support pegged at 1,436 points. The immediate resistance is at 1,445 points, followed by the psychological 1,450 level,” Inter-Pacific said.

“We also see the lower liners and broader market shares sustaining their lacklustre trend to the end of the week due to market participants staying cautious on the near-term equity market outlook,” it added.

Meanwhile, TA Securities said stocks should extend drift-down ahead of the weekend on lack of positive domestic market leads, and as investors brace themselves for the closely watched US jobs data for clues on the US inflation trend.

“Better index chart supports are at 1,430, and 1,400/1,390, while the end June low of 1,370 will act as crucial support. Immediate resistance is still at 1,465/1,470, with the 1,490/1,500 area acting as tougher upside hurdle,” it said.

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Bursa Malaysia , FBM KLCI , KLCI

   

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