KUALA LUMPUR (June 13): The FBM KLCI crept upward at the midday break today, in line with the rebound at most regional markets, but the broader market sentiment remained tepid with sellers outpacing buyers.
At 12.30pm, the FBM KLCI edged up 0.81 points to 1,789.70. The index had earlier dipped to its intra-morning low of 1,786.95.
Losers led gainers by 473 to 322, while 344 counters traded unchanged. Volume was 1.11 billion shares valued at RM1.06 billion.
The top gainers included Petronas Gas Bhd, YSP Southeast Asia Holding Bhd, Heineken Malaysia Bhd, Hong Leong Bank Bhd, CIMB Group Holdings Bhd, Dutch Lady Milk Industries Bhd, KLCC Property Holdings Bhd and Tenaga Nasional Bhd.
The actives included Priceworth International Bhd, Asia Bioenergy Technologies Bhd, Felda Global Ventures Holdings Bhd, Frontken Corp Bhd, CIMB, JAG Bhd and AT Systematization Bhd.
The decliners included Malaysia Airports Holdings Bhd, Time dotCom Bhd, Khind Holdings Bhd, Malaysian Pacific Industries Bhd, Globetronics Technology Bhd, KESM Industries Bhd, MISC Bhd, Bintulu Port Holdings Bhd and Unisem (M) Bhd.
Asian stocks mostly rebounded on Tuesday despite a further slide in US tech shares, while the Canadian dollar soared on the possibility interest rates might go up sooner than expected, according to Reuters.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4%, recouping about half of the previous session's losses as regional tech shares regained their composure, it said.
AffinHwang Capital Research said Asian markets are expected to open mixed with downward bias, particularly on tech stocks following plunge of tech stocks in Nasdaq in the last couple of trading sessions.
The research house said crude oil prices drop further, Brent and WTI hover around US$48 and US$46 per barrel respectively.
"For local market, large cap stocks linger near their overbought territory, thus we anticipate profit-taking activities to take place in the near future. Nonetheless, rotational play on small cap stocks anticipated to re-emerge in the near term. Accumulate quality stocks for long-term investment.
"The FBM KLCI index is anticipated to congest sideway, nevertheless underlying trend remains bullish. Accumulate stocks on price weakness," it said.