KUALA LUMPUR: FBM KLCI dipped in early trade Tuesday Dec 15 as regional market weakness continued from Monday on slightly negative business sentiment in Japan as well as winding down for the end of the year by investors.
The Bank of Japan announced on Sunday that the Tankan Index stood at -24 points. A negative figure indicates that negative sentiment outnumbered positive sentiment in the survey of large manufacturers including automakers and electronic giants.
At 10am FBM KLCI dropped 0.99 points or 0.08% to 1,264.46 with lagging heavyweights counters such as CIMB sliding 6 sen to RM12.94, Genting down 5 sen to RM7.00 and TNB at 4 sen lower to RM8.44. Leading heavyweights were IOI up 3 sen to RM5.43, Maybank up 2 sen to RM6.79 and KLK up 10 sen to RM15.90.
HwangDBS Vickers in its morning report said: "Investors want to know whether our Malaysian bourse would be turning up again after its 5.5-point rise yesterday.
"This follows its less than convincing market performance yesterday, whereby the benchmark FBM KLCI just jumped towards the closing bell while declining stocks (361) outnumbered advancing ones (250) amid thin trading volume of 514m shares only."
The broker said that on the balance, from a technical perspective, FBM KLCI could have already bottomed in the short-term, eyeing 1,280 as its immediate resistance target going forward.
This was likely given the positive spin to the underlying sentiment from the easing of the Dubai credit concerns as Abu Dhabi has extended a lifeline of US$10 billion (RM34.1 billion) to state-owned firm Dubai World to meet its debt obligation. It added, that reflecting the improving outlook, major US equity bellwethers were up between 0.3% and 1.0% last night.
At 10am, key regional country market indices were in slightly negative territory. Japan's Nikkei 225 slipped 0.18% to 10,087.18, Hong Kong's Hang Seng Index fell 0.48% to 21,979.68 and China's Shanghai Composite Index dropped 0.62% to 3,282.50. However, Singapore's Straits Times Index was up 0.45% to 2,812.19 points.
About Me
- Nuang
- Ibrahim bin Ramli@Nuang started his career with CIMB Wealth Advisors Berhad as Agency Manager in April, 2008.Previously he was an Internal Auditors and Accounts Executive with Perodua Sales Sdn Bhd since 17 August, 1994. His background:- 1.Certified of Achievement for Master Sales Leadership from Dr Lawrence Walter Ng of President of The Art Of Learning and International Of Learning Without Learning 2.Certified for eXtra Ordinary Performance of Lawrence Walter Award Certificate for One Million Ringgit Club 2007 3. Certified Life & General insurances 4. Conferred with Diploma in Business Studiess & Bachelor of Business Admin(Hons)Finance from UiTM, Terengganu Branch & Shah Alam respectively;
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