BURSA MALAYSIA: KL Shares End Mixed

A mild technical rebound prompted share prices to close mixed on Bursa Malaysia Tuesday as investors awaited positive news out of the United States.

The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) ended 4.64 points lower at 1,164.41, after opening 8.21 points easier at 1,160.84 this morning. Phua Kwee Hock of SJ Securities said although sentiment was mixed prices recovered slightly supported by gains in the FBMACE index. However, he said, the upside was expected to be capped at the 1,172 points level with resistance support expected to hover around the 1,142 points level k amid lack of fresh catalyst.

The technical analyst said investors were awaiting for U.S housing data to be released tonight and the employment figures later this week for fresh leads on the health of the US economy. "The housing data is expected to be better but if it turns out to be negative, we would see fresh sell-off," he said, adding that the local market was also void of direction. "We have to wait for the rest of this week. If the downtrend continues, the market will undergo significant correction. "But if the market recovers, the FMB KLCI may test the 1,200 points level," said Pong Teng Siew of Jupiter Securities Sdn Bhd.

At the close, the Finance Index was down 6.92 points to 9,448.39, the Plantation Index dipped 79.74 points to 5,859.64 while the Industrial Index decreased 5.48 points to 2,570.35. The FBM Emas Index slipped 7.76 points to 7,891.32, the FBM Top 100 eased 20 points to 7,651.14 but the FBM ACE Index gained 26.70 points to end at 4,243.34. Gainers led losers 403 to 249 with 206 counters unchanged and 402 others untraded. Turnover decreased to 1.003 billion shares worth RM1.525 billion from 1.022 billion shares valued at RM1.435 billion on Monday. Volume leader, KNM Group rose four sen to 79 sen, MRCB gained two sen to RM1.35, Telekom Malaysia eased four sen to RM3.04 and Bumiputra-Commerce dropped six sen to RM10.44.IOI Corp slipped 11 sen to RM5.09 sen while UEM Land and TA each added four sen to RM1.60 and RM1.20 respectively.

Among heavyweights, Sime Darby declined seven sen to RM8.23, Maybank shed four sen to RM6.43, Tenaga lost 10 sen to RM8.00 while Axiata gained eight sen to RM3.08. Main market volume was higher at 912.388 million shares worth RM1.508 billion from Monday's 904,397 million shares valued at RM1.435 billion. The ACE market volume dipped to 50.911 million shares valued at RM7.708 million from 72.808 million shares worth RM11.237 million yesterday. Warrants declined to 36.144 million units worth RM7.427 million from 41.008 million units valued at RM8.121 million previously.

Consumer products accounted for 33.835 million shares traded on the Main Market, industrial products 232.258 million, construction 67.475 million, trade/services 338.296 million, technology 18.565 million, infrastructure 13.340 million, finance 88.131 million, hotels 2.026 million, properties 82.998 million, plantations 34.369 million, mining nill, REITs 1.072 million and closed/fund 22,300.