KUALA LUMPUR: Asian markets, including Bursa, snapped their week-long losing streak at the midday break on June 19 as investors’ sentiment perked up on better than expected US economic data.

At 12.30pm, the KLCI was up 8.0 points to 1,062.41. Turnover was 716 million shares valued at RM702 million. Advancing counters led decliners 349 to 164.

Japan’s Nikkei 225 rose 0.08% to 9,711.38, Shanghai’s Composite Index gained 0.34% to 2,863.62, Hong Kong’s Hang Seng Index added 0.6% to 17,880.79 and Singapore’s Straits Times Index advanced 1.3% to 2,265.61.

Light crude oil advanced 10 cents to US$71.47 while crude palm oil futures fell RM1 to RM2,298 towards the midday break.

The KLCI’s support level is still seen around the 1,050 level and more fresh external news are needed if investors are to raise their risk appetites for equities.

OSK Investment Research, in its technical analysis issued ahead of the market open, said the  20-day MAV line which has been providing support for the bull market was finally taken out by the bears the previous day.

“The importance of the support provided by the 20-day MAV line during the bull-run is very obvious. Ever since the rally started after violating the 100-day MAV line, the KLCI has never closed below the 20-day MAV line, it said.

OSK Research said during the first and second correction phases in April and May, the KLCI had rebounded sharply from the 20-day MAV line and rallied aggressively after that.

“When a moving average line which has been supporting a more than 200 points rally is violated, the breakdown is definitely a serious one. This is why the KLCI tumbled 16.49 points yesterday. Judging from the overall market reaction to the breakdown of the 20-day MVA line, we believe yesterday’s market action was a decisive one,” it explained.

OSK Research said the breakdown has already violated the strong uptrend which could lead to much aggressive selling in the coming weeks.

“The near-term outlook of the KLCI has now become bearish following the breakdown. Nevertheless, it is still too early to tell whether yesterday’s breakdown will eventually lead to another breakdown from the mid-term uptrend line. We think the KLCI would have to fall another 50 points to confirm a shift of the mid-term uptrend market,” it added.

Petronas Dagangan was the top gainer, rising 35 sen to RM8.50, Nestle 25 sen to RM31.50, DiGi 20 sen to RM22 and Lafarge 15 sen to RM6.05.

Selangor water related counter KPS rose 16 sen to RM2.25 while Puncak was unchanged at RM3.14. Among banks, BCHB and Maybank advanced 15 sen each to RM9.10 and RM5.80.

CBIP, which secured three projects to build palm oil mills for Wilmar, rose 12 sen to RM3.22.

Compugates was the most active with 78.5 million shares done, adding 0.5 sen to 7.5 sen. UEM Land and Tebrau Teguh rose three sen each to RM1.62; Mulpha 1.5 sen to 57 sen and E&O gained 5.5 sen to 97.5 sen.

Dutch Lady fell 20 sen to RM10.60, F&N 10 sen to RM9 while SP Setia shed 16 sen to RM4.22. Among plantations, United Plantations lost 10 sen to RM12.70 and PPB 10 sen also to RM11.20.