The FBM KLCI index lost 6.84 points or
0.41% on Tuesday. The Finance Index fell 0.18% to 14175.85 points,
the Properties Index dropped 0.29% to 1161.52 points and the
Plantation Index down 0.48% to 7563.36 points. The market fluctuated
between a high of 1666 and low of 1660 throughout the trading session
on Tuesday. The KLCI extended its mid-day
losses by ending lower at 1661.42 points amid overnight losses in US
market. The performance of our benchmark index was bogged down by
selling in heavyweight counters such Genting, KLCC and SapuraKencana. Top 5 Stocks for Tomorrow
Market forecast for KLCI:
The FBMKLCI opened at the
level of 1666 on Tuesday and closed in the red at level of 1661. The
trading session on Tuesday saw a low of 1660;
The market traded within a
range of 6.48 points between an intra-day high of 1666.99 and a low
of 1660.51 during the session.
Market moved side ways as
the two day U.S. Federal Reserve's meeting started on Tuesday along
with Bank of Japan supposed to happen on coming Friday. Fed meeting
had an impact on the market as traders would be cautious before
entering the market and would wait for the results to be announced.
Expecting less movement in the market it could breach the support
level of 1657 and come down to the level of 1647.
KLCI COUNTER
SPECIFIC NEWS :
- Bank Islam Malaysia Bhd has inked an agreement with Perbadanan Wakaf Selangor subsidiary Urus Maju Ehsan (M) Sdn Bhd (UME) to provide RM15.5 million in financing for two waqf land development projects in Klang, Selangor.
- Felda Global Ventures Holdings Bhd (FGV) saw its share price surge 5.06% yesterday after news of it aborting plans to acquire a stake in Indonesia's PT Eagle High Plantations Tbk.
- YTL Corp Bhd has proposed to take its information technology unit, YTL e-Solutions Bhd, private at 55 sen per share through a voluntary share exchange offer. This will enable YTL e-Solutions shareholders to exchange their stake in the company for shares in YTL Corp.
- Wah Seong Corp Bhd’s order book replenishment rate despite the US$18.23 million (RM73.87 million) pipe shipping and related services contract win.GLOBAL FACTORS AND WORLD INDICES:
- Hong Kong stocks rallied Tuesday thanks to a surge in casino shares, while investors await key central bank meetings in the United States and Japan. Hang Seng Index rose 0.62 per cent, or 136.29 points, to end at 22,129.73.
- Tokyo shares slumped for a third session Tuesday as a yen rally and worries about a global oil supply glut hit sentiment ahead of US and Japanese central bank meetings. Nikkei 225 index dropped 1.43 per cent, or 237.25 points, to close at 16,383.04
- Wall Street opened slightly lower on Monday as investors braced for another set of corporate earnings and awaited the Federal Reserve's monetary policy meeting.
- Gold inched up early Tuesday as the dollar slipped and equities eased ahead of central bank meetings in the United States and Japan this week.
- The dollar index, which tracks the greenback against a basket of six major rivals, edged down 0.1 percent, below the previous session's high of 97.569, its loftiest peak since March.
- Oil were down again on Monday as investor concerns about a supply glut showed no sign of letting up.
- Crude lost US$1.06 sinking to US$43.13, its lowest level in three months.
- Brent crude hit its lowest price since May, sinking 97 cents to US$44.72.
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