Bursa shares close higher
KUALA LUMPUR, July 2 – Share prices on Bursa Malaysia closed higher on improved sentiment in regional markets today after Eurozone leaders agreed on a €120 billion (RM479.32 billion) package as a short-term measure to combat the debt crisis, dealers said.
The benchmark FBM KLCI, stayed above the 1,600-level, gaining 1.70 points from last Friday to close at 1,600.85.
The Finance Index added 25.289 points to 14,266.27, the Plantation Index increased 12.131 points to 8,496.19 while the Industrial Index declined 0.12 of a point to 2,847.35.
The FBM Emas Index advanced 23.391 points to 10,941.03, FBM 70 Index gained 72.79 points to 11,992.17 and the FBM Ace Index increased 26 points to 4,380.70.
Gainers led losers 412 to 302, while 334 counters were unchanged, 502 untraded and 11 others suspended.
Turnover decreased to 1.078 billion shares worth RM1.284 billion from 1.301 billion shares worth RM1.885 billion last Friday.
Among actives, Ingenuity Solutions declined half a sen to 11.5 sen, Ingenuity Solutions warrants slipped one sen to six sen, Flonic Hi-Tec was flat at 9.5 sen and Flonic Hi-Tec warrants declined half a sen to six sen.
Maybank gained one sen to RM8.71, Sime Darby was unchanged at RM9.89, CIMB eased two sen to RM7.55 and Petronas Chemicals slipped five sen to RM6.42.
HWANGDBS Vickers Research said the downside risk still outweighed the upside potential as the market entered the second half of 2012.
“There may be short-term resilience as investors seek shelter from the Eurozone sovereign debt fiasco in the defensive Malaysian bourse, possibly lifting the FBM KLCI to peak somewhere between 1,610 and 1,670.”
Nevertheless, HWANGDBS Vickers remained skeptical on the sustainability of a market uptrend which has been essentially driven by hopes that the worst of the external threats is over.
The research house said a looming general election in the country would also raise the level of uncertainty further.
When the selling momentum returns, the bellwether, the research house said, could pull back to the technical support of 1,310-1,360. – Bernama