KLCI notches limited gains as bears emerge

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KUALA LUMPUR (June 12): The FBM KLCI notched up limited gains amidst some choppy trade at the midday break in line with the guarded sentiment at most regional markets.

At 12.30pm, the FBM KLCI was up 2.26 points to 1,737.02. The index had earlier risen to its intra-morning high of 1,740.99.

Losers outpaced gainers by 379 to 230, indicating the emergence of bears, while 313 counters traded unchanged. Volume was 560.03 million shares valued at RM473.23 million.

The top gainers included Petronas Dagangan Bhd, Berjaya Auto Bhd, YSP Southeast Holdings Bhd, Genting Plantations Bhd, Hong Leong Industries Bhd, Hong Leong Bank Bhd and Hartalega Holdings Bhd.

The actively traded stocks included Vsolar Group Bhd, IFCA MSC BHd, AirAsia Bhd, Frontken Corporation Bhd, Hovid Bhd, Hubline Bhd, APFT Bhd and Spring Gallery Bhd.

Meanwhile, the decliners included Nestle (M) Bhd, United Plantations Bhd, Tasek Corporation Bhd, MSM Malaysia Holdings Bhd, Tasco Bhd, Harbour-Link Group Bhd, Fraser & Neave Holdings Bhd and Scientex Bhd.

Asia share markets made guarded gains on Friday and the dollar held firm in the wake of reassuringly upbeat US retail data, though the mood was cautious as Greek debt talks took yet another confusing turn.

Activity was sparse with MSCI's index of Asia-Pacific shares outside Japan up 0.3%, but only just above three-month lows.

Hong Leong IB Research said that having nose-dived 7.1% or 133 points in six weeks from year-to-date high of 1,867 (April 27) to 1,735 yesterday, the research house still believed Bursa Malaysia may enjoy a brief technical rebound in the near term, given the presence of local funds support ahead of the widely-anticipated June window dressing and oversold technical momentum.

“Immediate resistance levels are situated at 1,746 (61.8% FR) and 1,769 (50% FR).

“However, any rebound may be capped near 1,769 zones amid nagging domestic issues,” it said.