KUALA LUMPUR: With oil again at a fresh record high of US$143.67 and political concerns at home, the market continued to stay cautious at the start of the third quarter Tuesday.
At 10am, the KL Composite Index was just up 0.36 of a point to 1,186.53. Turnover was 39.52 million shares valued at RM62.64mil. There were 100 gainers, 137 losers and 119 counters were unchanged.
Asian markets were lacklustre. Japan’s Nikkei 225 rose 48.85 points or 0.36% to 13,530.23 while Singapore’s Straits Times Index added 0.29% to 2,956.11 but Shanghai’s A Share Index fell 0.41% to 2,858.23.
In New York, the Dow and S&P 500 ended almost unchanged Monday on the final trading day of the second quarter as record oil boosted energy shares, offsetting weak financial stocks amid nagging concerns of further credit losses.
Reuters reported that even with the pause on Monday, the Dow and S&P posted their worst one-month drop since September 2002. The Dow also suffered its worst first half since 1970.
Oil jumped to a record of US$143.67 a barrel on rising Israeli-Iranian tensions but then pulled back to trade only slightly higher.
The Dow Jones industrial average gained 3.50 points, or 0.03%, to end at 11,350.01. The Standard & Poor's 500 Index was up 1.62 points, or 0.13%, at 1,280.00. The Nasdaq composite index was down 22.65 points, or 0.98%, at 2,292.98.
For the month, the Dow fell 10.2%, the S&P 500 fell 8.6% and the Nasdaq ended down 9.1%. For the quarter, the Dow dropped 7.4%, the S&P 500 lost 3.2% and the Nasdaq ended up 0.6%. The Dow ended 19.8% down from its October high, just short of a bear market.
On the Bursa Malaysia, OSK Investment Research said it was cautious about the outlook for the market.
“Our technical view towards the near-term market remains the same as there has been no major change in the KLCI’s technical landscape. We are still sticking to our bearish bias as the market is at great risk of re-testing the 1157.47 level,” it said.
Gopeng jumped 26.5 sen to RM1 with only 200 shares. There was some buying activity of laggards like Prinsiptek, Tien Wah and Box-Pax but also in thin volume. Prinsiptek rose 25 sen to 97 sen, Tien Wah added 14 sen to RM1.52 and Box-Pax 11 sen to 93 sen.
Kulim and Tanjong added 20 sen each to RM9.90 and RM13.90. AirAsia rose one sen to 88 sen and it was the most active with 2.8 million shares done.
BCHB was the top loser, down 15 sen to RM7.85, Supermax fell 14 sen to RM1.31 while down 10 sen each were LPI, Batu Kawan and KNM to RM11.70, RM10.50 and RM6.25 respectively.
By JOSEPH CHIN
The Star
At 10am, the KL Composite Index was just up 0.36 of a point to 1,186.53. Turnover was 39.52 million shares valued at RM62.64mil. There were 100 gainers, 137 losers and 119 counters were unchanged.
Asian markets were lacklustre. Japan’s Nikkei 225 rose 48.85 points or 0.36% to 13,530.23 while Singapore’s Straits Times Index added 0.29% to 2,956.11 but Shanghai’s A Share Index fell 0.41% to 2,858.23.
In New York, the Dow and S&P 500 ended almost unchanged Monday on the final trading day of the second quarter as record oil boosted energy shares, offsetting weak financial stocks amid nagging concerns of further credit losses.
Reuters reported that even with the pause on Monday, the Dow and S&P posted their worst one-month drop since September 2002. The Dow also suffered its worst first half since 1970.
Oil jumped to a record of US$143.67 a barrel on rising Israeli-Iranian tensions but then pulled back to trade only slightly higher.
The Dow Jones industrial average gained 3.50 points, or 0.03%, to end at 11,350.01. The Standard & Poor's 500 Index was up 1.62 points, or 0.13%, at 1,280.00. The Nasdaq composite index was down 22.65 points, or 0.98%, at 2,292.98.
For the month, the Dow fell 10.2%, the S&P 500 fell 8.6% and the Nasdaq ended down 9.1%. For the quarter, the Dow dropped 7.4%, the S&P 500 lost 3.2% and the Nasdaq ended up 0.6%. The Dow ended 19.8% down from its October high, just short of a bear market.
On the Bursa Malaysia, OSK Investment Research said it was cautious about the outlook for the market.
“Our technical view towards the near-term market remains the same as there has been no major change in the KLCI’s technical landscape. We are still sticking to our bearish bias as the market is at great risk of re-testing the 1157.47 level,” it said.
Gopeng jumped 26.5 sen to RM1 with only 200 shares. There was some buying activity of laggards like Prinsiptek, Tien Wah and Box-Pax but also in thin volume. Prinsiptek rose 25 sen to 97 sen, Tien Wah added 14 sen to RM1.52 and Box-Pax 11 sen to 93 sen.
Kulim and Tanjong added 20 sen each to RM9.90 and RM13.90. AirAsia rose one sen to 88 sen and it was the most active with 2.8 million shares done.
BCHB was the top loser, down 15 sen to RM7.85, Supermax fell 14 sen to RM1.31 while down 10 sen each were LPI, Batu Kawan and KNM to RM11.70, RM10.50 and RM6.25 respectively.
By JOSEPH CHIN
The Star
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