KUALA LUMPUR: The local bourse rose in morning trade on Thursday following two days of losses this week boosted by bargain hunting activities.
HwangDBS Vickers Research Sdn Bhd noted that the local bourse – which had fallen less than most of its regional peers yesterday – might drift lower ahead.
“Although we hope it will be the contrary, chances are it will turn out to be another quiet day amid the dearth of news flows in the pipeline,” it said.
However, HwangDBS expects the benchmark FBM KLCI to probably remain above its immediate support level of 1,160 for the time being.
Last night, key US equity indices eased a bit more, down by between 0.1% and 0.3% at the closing bell, on fears that the US economic recovery momentum might stall.
HwangDBS said investors would be inclined to sell (rather than buy) equities on the external front at this juncture given the uninspiring performance on Wall Street.
At 9.30am, the FBM KLCI was up 3.47 points to 1,171.48 while Singapore’s Straits Times Index rose 0.34% to 2,578.78 points.
Tokyo’s Nikkei 225 slipped 0.38% to 10,241.44 and Shanghai’s A share Index added 0.30% to 2,723.19.
At Bursa Malaysia, 149 counters were up, 51 were down and 80 were traded unchanged. There were 56.39 million shares done at a total value of RM47.42 million.
UBG was the top gainer jumping 29 sen to RM3.07 on news that it had acquired Pearl Thailand (Holdings) Ltd and would have “participating interest” in offshore petroleum concessions in six blocks in the Gulf of Thailand.
Meanwhile, E&O jumped 22 sen to RM1.52, Genting rose 13 sen to RM6.58, KLK was up 8 sen to RM13.20 and Bursa added 7 sen to RM7.63.
Among the heavyweights, BCHB was unchanged at RM10.24, Maybank was unchanged at RM6.40 while Sime added 4 sen to RM8.24.
Guinness lost 4 sen to RM6.61, BAT slipped 2 sen to RM45.78, LCL added 2.5 sen to 71.5 sen and Perwaja rose 7 sen to RM1.54.
Nymex crude oil slipped 3 cents to US$68.08 per barrel.
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