SHARE PRICES OPEN EASIER AS DEMAND HAS YET TO PICK UP

16 Jul 2013 07:54

KUALA LUMPUR, July 15 (Bernama) -- Share prices opened the week easier as demand has yet to pick up, as the local bourse could ride on the momentum to chalk up further gains today, dealers said. At 9 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) opened 3.73 points lower at 1,781.92 and slipped 3.13 points to 1,782.52 at 9.06 am.

Market breadth was positive, with 105 gainers and 64 losers, while 120 counters were unchanged, 1,287 untraded and 21 others were suspended. Turnover stood at 52.512 million shares worth RM32.336 million.

HwangDBS Vickers Research said the benchmark FBM KLCI may challenge to overcome the first resistance level of 1,785 ahead.

"Sharing our optimism are the futures players, as the July month futures contract is currently trading at 1,788 or a 6.9-point premium over the spot rate.

"This comes as Wall Street resumed its rally last night with key US stock indices jumping between 1.1 per cent and 1.6 per cent to reach new highs at the closing bell," it said in a note today.

The research house said back home, stocks that could add interest today were IOI Corporation which has unveiled the draft prospectus for the listing of its property arm.

Others include AirAsia X as its share price may be supported by the stabilising action in relation to its Initial Public Offering which saw the purchase of 19.5 million shares on Wednesday at RM1.25 a share.

On the scoreboard, the Plantation Index rose 19.2 points to 8,537.98, while the Industrial Index lost 9.97 points to 2,997.8 and the Finance Index fell 11.7 points to 16,980.45.

The FBM Emas Index fell 17.29 points to 12,408.02, the FBM 70 Index shed 10.29 points to 14,241.97, the FBM100 slipped 18.52 points to 12,153.61 but the FBM ACE Index rose 19.16 points to 4,789.15. Among actives, China Stationery Ltd added 1.5 sen to 29.5 sen, TH Heavy Engineering gained half-a-sen to 85 sen and China Stationery-WA rose one sen to 7.5 sen.

As for heavyweights, Maybank earned two sen to RM10.42, while CIMB lost three sen to RM8.29 and Axiata lost six sen to RM6.76.

-- BERNAMA

AMY AMY T0M