KUALA LUMPUR (Oct 21): The FBM KLCI eked out marginal gains in line with regional markets and crept up above the crucial 1,700-point level at the midday break today.
At 12.30pm, the FBM KLCI was up 3.78 points at 1,708.81. The index had earlier dipped to its intra morning low of 1,695.38.
The top gainers included Top Glove Corporation Bhd, SAM Engineering & Equipment Bhd, HCK Capital Group Bhd, British American Tobacco (M) Bhd, SHH Resources Holdings Bhd, Kossan Rubber Industries Bhd, Kuala Lumpur Kepong Bhd, KESM Industries Bhd and Genting Bhd.
The actively traded stocks included MQ Technology Bhd, The Media Shoppe Bhd, iDimension Consolidated Bhd, APFT Bhd, UEM Sunrise Bhd, Instacom Group Bhd and Frontken Corporation Bhd.
The gainers included Hong Leong Financial Group Bhd, Batu Kawan Bhd, Petronas Dagangan Bhd, LPI Capital Bhd, Malaysia Airports Holdings Bhd, Sarawak Oil Palms Bhd, Time Dotcom Bhd and Berjaya Auto Bhd.
Asian shares turned mixed on Wednesday as soft export data kept investors cautious ahead of the European Central Bank's policy meeting later in the week, though Japan's market was having a go at setting a new peak for the month, according to Reuters.
MSCI's broadest index of Asia-Pacific shares outside Japan dithered on either side of flat with no clear trend evident across the region, it said.
Hong Leong IB Research said all eyes will focus on the tabling of Malaysia Budget 2016 on Oct 23 on the back of challenging domestic and international headwinds.
"We reiterate that the FBM KLCI is ripe for further profit-taking consolidation after it rebounded 202 points or 13.4% from a low of 1,503 on Aug 24 to 1,705 on Oct 20, as the daily technical oscillators pattern are deteriorating and recent weaknesses in US dollar–ringgit and crude oil prices.
"Key upside hurdles are 1,729–1,740 while supports fall on 1,687–1,700," it said.
(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)