KUALA LUMPUR (June 23): The FBM KLCI dipped at the midday break today on some mild profit taking activities, but remained above the 1,730-point level.
At 12.30pm, the benchmark index shed 0.23 points to 1,732.53.
Losers overtook gainers by 368 to 300, while 305 counters traded unchanged. Volume was 990.75 million shares valued at RM679.71 million.
The top losers included DKSH (Malaysia) Holdings Bhd, Sungei Bagan Rubber Company (Malaya) Bhd, Tasek Corporation Bhd, Khind Holdings Bhd, UEM Edgenta Bhd, Southern Acids Bhd, KLCC Property Holdings Bhd and MISC Bhd.
The actively traded stocks included KNM Group Bhd, Privasia Technology Bhd, Frontken Corporation Bhd, PUC Founder Bhd, IFCA MSC Bhd, Hubline Bhd and Perisai Petroleum Teknologi Bhd.
The gainers included Enra Group Bhd, Carlsberg Brewery (M) Holdings Bhd, British American Tobacco (M) Bhd, SAM Engineering and Equipment Bhd, Petronas Chemicals Group Bhd and Guinness Anchor Bhd.
Asian shares rose on Tuesday after Greece's latest budget proposals raised hopes it would stave off a debt default and reach a deal with lenders later this week, according to Reuters.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.5%, while Japan's Nikkei share average jumped 1.6% to a fresh 15-year high as investors bought back some of the shares they unloaded over three losing weeks, it said.
Hong Leong IB Research said that in view of the nagging domestic concerns and ahead of the final outcome from Greece debt talk, the FBM KLCI could still be trapped in its two-month downtrend channel.
“Hence, first-half window dressing activities are the only potential domestic catalyst visible to move the benchmark index higher from a grossly oversold market (KLCI tumbled 134.7 pts or 7.2% from year-to-date high of 1,867.5 to 1,732.8 yesterday).
“Key resistances are 1,746–1,769 whilst supports fall on 1,700–1,718 zone,” it said.