Written by Joseph Chin
Tuesday, 14 July 2009 09:17
KUALA LUMPUR: The strong overnight close on Wall Street gave regional markets and Bursa Malaysia a much needed boost in early trade on July 14 after the lacklustre performance recently.
At 9.09am, the FBM KLCI was up 6.52 points to 1,070.18. Turnover was 38.33 million shares valued at RM29.51 million. Advancers trounced decliners 139 to 12 while 50 stocks were unchanged.
HwangDBS Vickers Research said in its review that all nine Asian stock markets that it tracked ended in red yesterday as profit-taking activities emerged. Both Taiwan and South Korea lost 3.5% and China shares listed in Hong Kong fell 2.8%. The Malaysia bourse appeared relatively resilient as it only declined by 0.4%.
“Nevertheless, regional bourses may make gains today as the positive vibes from the US market may lend some strength to stir investors’ trading interest again. Overnight, key indices on the Wall Street posted gains between 2.1% and 2.5% as financial stocks rallied on attractive valuation levels and with expectation of profitable 2Q09.
“Back home, we expect the benchmark FBM KLCI to tread with a positive bias heading towards its immediate resistance level of 1,070,” it said.
Among the 30 stocks in the FBM KLCI, BCHB and Genting rose 10 sen each to RM9.30 and RM5.60 while IOI Corp added six sen to RM4.60.
Tanjung Offshore-WA rose 18 sen to RM1.13 with 4,500 units done. Hexagon added 10 sen to Rm1.20, Southern Steel eight sen to RM1.60 while Priceworth rose seven sen to 71 sen.
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