FBM KLCI rises above 1,300 in early trade


KUALA LUMPUR: The benchmark FBM KLCI rose above the key 1,300 level in early trade Tuesday after bluechips like Public Bank inched the index further.

At 10am the FBM KLCI was up 0.16% or 2.13 points to 1,300.12.

Turnover was 282 million shares valued at RM382 million.

There were 290 gainers, 188 losers and 246 stocks unchanged.

In its morning note to clients, Hwang DBS Research said the bulls may take advantage of a quiet backdrop of news flows to push up share prices (of lower liners especially) on the Malaysian bourse today.

“On the chart, the benchmark FBM KLCI – which showed resilience yesterday – could be eager to test and cross the psychological technical barrier of 1,300 ahead,” it said.

Meanwhile, key Asian markets were mostly mixed with Japan’s Nikei 225 down 0.12% to 10,841.67, Hong Kong’s HAng Seng up by 0.29% to 21,522.24 and South Korea’s Kospi up by 0.24% to 1715.91.

At Bursa, Public Bank-rose 18 sen to RM12.02 while the foreign shares rose 20 sen to RM12.02 ahead of its earings announcement on Wednesday.

Steel stocks also dominated the gainers list with Sourthern Steel adding 17 sen to RM2.52 and Ann Joo 13 sen to RM3.28 after a local house initiated coverage on the sector.

“For exposure in the building materials sector, our top picks are Ann Joo Resources (outperform, fair value RM3.53), Hiap Teck Venture (OP, FV RM2.01), Perwaja (OP, FV RM1.93) and Sino Hua-An (OP, FV 71 sen,” the RHB Research said.

Nymex crude oil added 44 cents to US$78.44 per barrel.

Spot gold added US$7.18 to US$1,138.10 per ounce.

The ringgit was quoted at 3.34 to the US dollar.

Source: The Star Online, Published: Tuesday January 19, 2010 MYT 10:29:00 AM

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