TREND ANALYSIS
By K.M. LEE

REVIEW: Bursa Malaysia kicked off the week on a dull note, with the benchmark FBM KL Composite Index (FBM KLCI) losing 0.75 point at 1,067.01 on extended consolidation amid dearth of fresh market-stimulating leads.

Overnight Wall Street eased 36.65 points to 8.146.52 the previous Friday while world crude oil prices sustained downward pressure to below US$60 a barrel. Besides that, the poor showing in Asian equities also was not helping the local sentiment.

Hence, the local bourse drifted sideways to marginally easier in thin volume, touching an intra-day of 1,060.96 on lack of support before bouncing off slightly to end at 1,063.66, down 4.10 points in lacklustre mode on Monday.

Then, overnight Dow staged an unexpected steep rebound, rising 185.16-point to 8,331.68, as bullish analyst comments on the financial sector revived investors’ appetite for stocks.

Apparently, the wake of fresh hopes that US corporate earnings may not be as weak as initially feared, sparked a stock rally in the region and against the bullish backdrop, Bursa Malaysia was not left out this time, which saw the FBM KLCI gaping up a commendable 7.43-point to 1,071.09 in initial deals on renewed buying interest.

Business was robust, with the core blue chips topping the most up list. Elsewhere, other quality issues outside the FBM KLCI radar, also posted decent gains on greater retail participation. At the end of Tuesday’s trading, the key index rebounded some 15.97 points to 1,079.63.

Thereafter, the local sentiment continued to improve, tracking the bullish momentum in offshore stock exchanges on optimism about the global economic recovery story after a couple of giant corporations in the US churned out a better-than-expected earnings result.

Goldman Sachs reported a 33% rise in quarterly earnings, while Intel Corp’s results soared past street’s expectations.

In another hectic day, big advances, led by the banking issues helped push the FBM KLCI up 17.61 points to 1,097.24 in mid-week.

It tacked on an extra 11.64 points to 1,108.88 on Thursday and 12.02 points to 1,120.90 yesterday on follow-through interest, also the best closing level since August last year, spurred by a steadier offshore equities.

Statistics: On a weekly basis, the FBM KLCI advanced 53.14 points, or 5% to settle at 1,120.90 yesterday, against 1,067.076 on July 10.
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KUALA LUMPUR - Share prices on Bursa Malaysia were higher during morning trade on Monday on continued buying interest in bluechips, a dealer said.

The benchmark FTSE Bursa Malaysia Kuala Lumpur Composite Index rose 15.62 points or 1.39 per cent to 1,136.52. In the broader market, gainers outperformed losers 2.3 to 1 on volume of 465.44 million shares valued at RM666.56 million (US$186.35 million). — BT ONLINE

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KUALA LUMPUR: The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI), which opened higher today slipped into the red briefly around 10.30 am and fell as much as 5.03 points before recovering.

At 5pm, the benchmark index closed 12.02 points higher at 1,120.90. About 939.3 million shares changed hands, valued at some RM1.45bil. Gainers outpaced losers by 295 to 277 while 277 counters were unchanged.

Far East Holdings Bhd was the top gainer, rising 50 sen to RM6.20, while Bumiputra-Commerce Holdings Bhd and BAT added 25 sen each to RM9.95 and RM45 respectively. Genting rose 15 sen to RM5.75 and EON Capital Bhd added 16 sen to RM4.80.
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KUALA LUMPUR: The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) breached the 1120-point level in active trading but mild profit-taking saw the index closed at 1,108.88 points for an impressive 11.64 point or 1.06% gain.

Gainers were ahead of losers 398 to 304 with 229 counters unchanged. Some 1.67 billion shares were traded, valued at RM2.14bil.

Gains on Bursa Malaysia were led by blue chips PPB Group Bhd, Amtel Holdings Bhd, Malaysian Pacific Industries Bhd (MPI) and Puncak Niaga Bhd

PPB’s share price jumped 50 sen to RM12.50 on volume of 2.7 million shares. Amtel rose 28 sen to 78 sen while MPI closed 20 sen higher at RM5.35. Puncak advanced 16 sen to RM3.12.

Sime Darby Bhd, the country’s biggest planter gained 10 sen to RM7.45.
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KUALA LUMPUR: Shares in IJM Corp and Lafarge Cement tumbled on Friday, on worries that the counters exclusion from the new main stock index would limit their appeal to investors.

The exchange will introduce a trimmed down market benchmark called the FTSE Bursa Malaysia KLCI on Monday. The new index consisting selected top 30-counters will replace the old 102-strong KL Composite Index (KLCI).

The KLCI closed 6.02 points lower at 1,072.69 on its last day. The new FBM KLCI, which is essentially the re-branding of the existing FBM 30 index, will start at a reference price based on KLCI’s Friday close.

The exchange is expecting a “seamless” transition on Monday.

In the market, shares in IJM Corp dropped 50 sen, or 8.6% to RM5.30 on volume of 3.1 million shares transacted. Lafarge Cement sagged 25 sen, or 4.2% to RM5.75.
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