KUALA LUMPUR (Nov 30): The FBM KLCI pared some of its gains at mid-morning today as sentiment remain tepid with bears outpacing bulls.
The new listings arising from the demerger exercise of conglomerate Sime Darby Bhd did little to spur the market.
At 10am, the FBM KLCI was up 2.45 points to 1,722.83. The index had earlier risen to a high of 1,724.75.
Losers led gainers by 297 to 216, while 304 counters traded unchanged. Volume was 390.14 million shares valued at RM319.18 million.
The top gainers included British American Tobacco (M) Bhd, Sim Darby Bhd (SDB), Hong Leong Industries Bhd, OldTown Bhd, Heineken Malaysia Bhd, PMB Technology Bhd, Petronas Dagangan Bhd, PPB Group Bhd and Petronas Chemicals Group Bhd.
The actives included SDB, DGB Asia Bhd, Mlabs Systems Bhd, Green Packet Bhd, Berjaya Corp Bhd and Sime Darby Property Bhd.
The losers included IQ Group Bhd, Success Transformer Corp Bhd, Tasek Corp Bhd, Sime Darby Property, Nestle (M) Bhd, Sime Darby Plantation Bdh, Southern Acids (M) Bhd and Pintaras Jaya Bhd.
Asian shares fell on Thursday, weighed down by a plunge in high-flying technology shares, a move that some see as a healthy correction after a strong rally but others believe may herald the peak of a "super cycle" that has been boosting the sector, according to Reuters.
MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.5 percent, with technology bellwether Samsung Electronics falling 2.9 percent to two-month lows, it said.
Hong Leong IB Research in a traders’ brief said the Dow’s near term outlook remains bright amid positive expectations of Trump’s tax overhaul plans, positive economy & corporate earnings outlook and supportive monetary policies coupled with expectations of more business-friendly policies.
It said key supports are 22,800-23,100 while upside targets revised higher to 24,300-24,800.
“In light of recent ringgit and oil price strength coupled with the new listings of Sime Darby demerger group today, KLCI may extend yesterday’s gains towards 1728-1735 zones.
“Nevertheless, overall sentiment will remain edgy, underpinned largely by GE14 uncertainty, 2018 earnings prospects amid ongoing Nov reporting season coupled with fears of vicious economic cycle as a result of the current episode of property imbalances,”it said.