KLCI fails to make significant gains as sentiment remains wary

Posted by Benny wang on 2:12 PM with No comments

The FBM KLCI failed to make any significant gain at the the midday break today, as investor sentiment continued to remain wary.  
At 12.30pm, the FBM KLCI inched up 1.09 points to 1,634.85.
Losers outpaced gainers by 367 to 291, while 347 counters traded unchanged. Volume was 919.25 million shares, valued at RM666.48 million.
The top gainers at noon included Nestle (M) Bhd, UMW Holdings Bhd, Scientex Bhd, Malaysia Airports Holdings Bhd, Hap Seng Consolidated Bhd, Heineken Malaysia Bhd, Fraser & Neave Holdings Bhd and Time Dotcom Bhd.
The actively-traded stocks included AirAsia X Bhd, Vivocom International Holdings Bhd, XOX Bhd, Compugates Holdings Bhd, AirAsia Bhd and Kanger International Bhd.
The losers included British America Tobacco (M) Bhd, Lafarge Malaysia Bhd, Aturmaju Resources Bhd, Tasek Corporation Bhd, BLD Plantation Bhd, Panasonic Malaysia Manufacturing Bhd, Bursa Malaysia Bhd and Boustead Holdings Bhd.
Asian shares edged up on Friday but were on track for a weekly loss, while the dollar was poised for a winning week on bets the U.S. Federal Reserve could raise rates as early as next month, according to Reuters.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.6%, though still down 0.3% for the week and off 4.2% so far this year, it said.
Kenanga IB Research said it was another choppy trading session for the FBM KLCI yesterday, as investors were still digesting possibilities of future interest rate hike by the US Fed, as well as lacklustre Auditor-General’s report for the year 2015.
It said that at closing bell, the FBM KLCI inched down 1.96 points or 0.12% to close at 1,633.76, with market breadth leaning towards the bearish camp, having 415 decliners against 355 advancers.
The research house explained that on the chart, the FBM KLCI maintained its sideways trading trajectory, on the back of tepid trading volume.
“The overall underlying outlook remains unexciting as key momentum indicators such as MACD, relative strength index and Stochastic, are still lying flat to reflect the monotonous buying momentum.
“Thus, we reaffirm our view that the local bourse will end the week on a weaker note, within 1,620 (S1)-1,640 (R1).
“Next level of resistance and support are 1,650 (R2) and 1,600 (S2), respectively,” it said.

Source : http://www.theedgemarkets.com/my/article/klci-fails-make-significant-gains-sentiment-remains-wary