KLCI edges up in thin volume ahead of Hari Raya

Trading on Bursa Malaysia on Monday, 29 was subdued as most investors stayed on the sidelines in view of the shorter trading week with the Hari Raya and National Day holidays this week.

Investors also likely taking a breather after some heaving sell down last. Trading on Bursa Malaysia will end at 12.30pm today as the market is open only for the morning session.

At mid-morning, the FBM KLCI edged up 2.24 points to 1,447.05.

Gainers edged losers by 219 to 140, while 178 counters traded unchanged. Volume was 93.91 million shares valued at RM115.35 million.

Regional markets were mostly up on positive vibes from US Federal Reserve chairman Ben Bernanke’s address at Jackson Hole last Friday.

However, gains on Japan’s Nikkei 225 were limited ahead of the ruling party electing its next Prime Minister.

At the regional markets, Japan’s Nikkei 225 edged up 0.54% to 8,845.19, Hong Kong’s Hang Seng Index up 0.87% to 19,753.47, South Korea’s Kospi rose 1.97% to 1,814.02, Taiwan’s Taiex gained 1.64% to 7,567.34 and Singapore’s Straits Times Index up 1.01% to 2,775.85.

Meanwhile, the Shanghai Composite Index fell 1.3% to 2,578.30.

BIMB Securities Research in a note Aug 29 said many were wondering if Wall Street would be affected by Hurricane Irene battering New York.

It added that the Dow Jones rose 135 points but left investors wondering of Bernanke’s ultimate game plan.

Nonetheless many generally felt positive from his address. Regional bourses are expected to see some upward momentum following the gains on Wall Street, it said.

“We expect the local bourse to remain weak with selling on key component stocks to persist notwithstanding at a slower pace.

“Having broken the 1,460 support level last week, market undertone is jittery and may see a quiet half trading day on Bursa with dissipating selling pressure on the FBM KLCI,” it said.

On Bursa Malaysia, Nestle rose 40 sen to RM48.50, DiGi 22 sen to RM30.24, Carlsberg 17 sen to RM6.85, Allianz 14 sen to RM4.78, MISC 12 sen to RM6.90, Tradewinds and Rapid 11 sen each to RM9 and RM1.86, Bina Goodyear 10.5 sen to 83 sen, S P Setia 10 sen to RM3.80, Petronas Chemicals seven sen to RM6.10 and CIMB four sen to RM7.08.(theedgemalaysia.com)