KUALA LUMPUR (April 16): The FBM KLCI got off to a muted start this morning as regional markets stalled.
At 9.05am, the FBM KLCI was up 0.05 points to 1,631.38.
The gainers included LPI Capital Bhd, Hengyuan Refining Company Bhd, Malaysian Pacific Industries Bhd, BIMB Holdings Bhd, Dutaland Bhd, DRB-Hicom Bhd, Pharmaniaga Holdings Bhd, CIMB Group Holdings Bhd and Jaya Tiasa Holdings Bhd.
Asian stocks stalled near six-month highs Tuesday as investors weighed earnings in the U.S. and Japan. Treasuries steadied and the dollar edged higher, according to Bloomberg.
Shares were little changed in Tokyo, Sydney and Seoul, while futures signaled Hong Kong equities will decline. Earlier, the S&P 500 Index slipped from a six-month high, halting a three-day advance, as earnings season kicked into high gear. Sentiment was hit after Goldman Sachs Group Inc. missed estimates for sales and trading revenue, while Citigroup Inc. also retreated after its revenue matched expectations. Treasury yields were little changed after data showed China’s holdings rose for a third month, it said.
Kenanga IB Research said Asian markets were mixed as investors remained cautious despite stronger-than-expected China data.
It said back home, the FBMKLCI gained 1.16 points (+0.07%) to close at 1,631.33.
“While overall technical outlook still appears bearish, we believe that it may not persist as the stochastic indicator has been in the oversold zone for quite some time.
“Should a rebound happen, we look towards 1,660 (R1) and 1,700 (R2) as resistance levels. Conversely, downside supports can be found at 1,615 (S1) and 1,600 (S2),” it said.