MARKET DEVELOPMENT
KLCI Closes Near 1,840 Resistance Level (Update)
KLCI Closes Near 1,840 Resistance Level (Update)
27/03/2014 (The Star) - Some mild fund buying of Public Bank, TM and SapuraKencana Petroleum enabled the FBM KLCI to close higher on Wednesday amid a firmer broader market.
At 5pm, the FBM KLCI was up 1.97 points or 0.11% to 1,839.14, which was a hair breadth away from the 1,840 resistance level. Turnover was 2.08 billion shares valued at RM1.97bil. There were 445 gainers, 336 losers and 312 stocks unchanged.Hwang DBS Vickers Research had expected the KLCI to struggle to overcome the immediate resistance hurdle of 1,840 for the time being.
Key regional markets were mostly higher except for China, as investors were encouraged by the stronger US consumer confidence which climbed to a six-year high.
The ringgit firmed up against the US dollar to 3.2985 from the previous close of 3.3054.
TM rose nine sen to RM6.20 and pushed the KLCI up 0.73 of a point. Public Bank and SapuraKencana gained six sen each to RM19.20 and RM4.39, lifting the 30-stock index by 0.73 of a point and 0.61 point.
Maybank rose two sen to RM9.66 and AMMB three sen to RM7.18 but CIMB fell three sen to RM7.12.
Takaful was the top gainer, adding 44 sen to RM11.36, erasing its 18 sen losses the previous day.
Glove maker Hartalega rose 32 sen to RM6.72 and Kossan 19 sen higher at RM4.20 despite recent concerns about over expansion by key glove makers.
Yinson jumped 38 sen to RM8.90 as analysts expect strong earnings.
Crude palm oil for third-month futures fell RM12 to RM2,696. NSOP rose 19 sen to RM4.20, FGV five sen to RM4.60 but IOI lost five sen to RM4.75 and Sime Darby fell two sen to RM9.25.
BAT fell the most, down 68 sen to RM59.50 while Nestle lost 26 sen to RM66.76.
Bintulu Port fell 19 sen to RM7.40 while Petronas Gas and UMW were down 12 sen each to RM23.70 and RM10.68.
Among the key regional markets,
Hong Kong shares closed at a two-week high on Wednesday, buoyed by financial counters and strong gains from dairy giant China Mengniu on its earnings results.
Japan's Nikkei 225 rose 0.37% to 14,477.16;
Hong Kong's Hang Seng Index up 0.7% at 21,887.75,
Shanghai's Composite Index fell 0.18%to 2,063.67;
Taiwan's Taiex rose 0.55% to 8,737.27;
South Korea's Kospi rose 1.19% to 1,964.31 and
Singapore's Straits Times Index rose 1.26% to 3,143.32.
US light crude oil rose three cents to US$99.22 and Brent 19 cents higher at US$107.18.
Spot gold rose US$2.64 to US$1,313.81.
At 5pm, the FBM KLCI was up 1.97 points or 0.11% to 1,839.14, which was a hair breadth away from the 1,840 resistance level. Turnover was 2.08 billion shares valued at RM1.97bil. There were 445 gainers, 336 losers and 312 stocks unchanged.Hwang DBS Vickers Research had expected the KLCI to struggle to overcome the immediate resistance hurdle of 1,840 for the time being.
Key regional markets were mostly higher except for China, as investors were encouraged by the stronger US consumer confidence which climbed to a six-year high.
The ringgit firmed up against the US dollar to 3.2985 from the previous close of 3.3054.
TM rose nine sen to RM6.20 and pushed the KLCI up 0.73 of a point. Public Bank and SapuraKencana gained six sen each to RM19.20 and RM4.39, lifting the 30-stock index by 0.73 of a point and 0.61 point.
Maybank rose two sen to RM9.66 and AMMB three sen to RM7.18 but CIMB fell three sen to RM7.12.
Takaful was the top gainer, adding 44 sen to RM11.36, erasing its 18 sen losses the previous day.
Glove maker Hartalega rose 32 sen to RM6.72 and Kossan 19 sen higher at RM4.20 despite recent concerns about over expansion by key glove makers.
Yinson jumped 38 sen to RM8.90 as analysts expect strong earnings.
Crude palm oil for third-month futures fell RM12 to RM2,696. NSOP rose 19 sen to RM4.20, FGV five sen to RM4.60 but IOI lost five sen to RM4.75 and Sime Darby fell two sen to RM9.25.
BAT fell the most, down 68 sen to RM59.50 while Nestle lost 26 sen to RM66.76.
Bintulu Port fell 19 sen to RM7.40 while Petronas Gas and UMW were down 12 sen each to RM23.70 and RM10.68.
Among the key regional markets,
Hong Kong shares closed at a two-week high on Wednesday, buoyed by financial counters and strong gains from dairy giant China Mengniu on its earnings results.
Japan's Nikkei 225 rose 0.37% to 14,477.16;
Hong Kong's Hang Seng Index up 0.7% at 21,887.75,
Shanghai's Composite Index fell 0.18%to 2,063.67;
Taiwan's Taiex rose 0.55% to 8,737.27;
South Korea's Kospi rose 1.19% to 1,964.31 and
Singapore's Straits Times Index rose 1.26% to 3,143.32.
US light crude oil rose three cents to US$99.22 and Brent 19 cents higher at US$107.18.
Spot gold rose US$2.64 to US$1,313.81.