KUALA LUMPUR (June 30): The FBM KLCI rose 1.78 points or 0.1% to close at 1,882.71 points despite the lack of catalysts.
The rise, in line with a regional upturn, was supported by stocks such as Malayan Banking Bhd, Tenaga Nasional Bhd and Astro Malaysia Holdings Bhd.
“The market is up today despite a lack of catalysts,” Areca Capital’s CEO Danny Wong told theedgemalaysia.com.
“We think the market will operate within a tight range this week as we do not expect much movement,” he added by phone.
Meanwhile, TA Securities in a note today expects the KLCI to undergo further correction this week after first-half window-dressing gains.
It added the anticipated profit-taking correction post window-dressing is likely to be shallow, with local fund buying cushioning downside at key uptrend support areas.
Across Bursa Malaysia, a total of 1.8 billion shares worth RM2.3 billion were traded. Market decliners led gainers by 453 versus 370, while 316 counters were unchanged.
The top gainer was AEON Credit Service (M) Bhd while the leading decliner was British American Tobacco (M) Bhd. The most active counter was freshly-listed Econpile Holdings Bhd.
Asian stocks rose, with the regional index heading for the biggest quarterly rally since September, as technology shares gained, according to Bloomberg.
The MSCI Asia Pacific Index rose 0.3 percent to 145.59 as of 4:05 p.m. in Hong Kong, with seven of its 10 industry groups advancing. The gauge is headed for a 5.5 percent increase this quarter and a 2.7 percent jump in June for a second month of gains.
Across the region, Japan’s Nikkei 225 was up 0.44%, while South Korea’s Kospi rose 0.69%. Singapore’s Straits Times Index closed 0.47% down.
In China, the Shanghai Composite Index ended 0.58% higher, but Hong Kong’s Hang Seng closed 0.13% lower.
Bloomberg added data on Chinese manufacturing and the Bank of Japan’s survey on business sentiment are due tomorrow.