NST Online Business Times : latest
NST Online Business Times : latest |
| FBM KLCI expected to enter bull camp Posted: 16 Dec 2011 07:09 PM PST Bursa Malaysia is expected to trend higher next week on oversold situation, technical buying and year-end window-dressing, dealers said. They said the other positive factors to support the local index were a stable euro, well-subscribed Spanish bond auction and a short-covering rally in the European stocks. Affin Investment Bank head of retail research, Dr Nazri Khan, said all these factors would help push the key FTSE Bursa Malaysia KLCI (FBM KLCI) into the bull camp with resistance at 1,480 and then at 1500. He said the fact that three major FBM KLCI averages -- 20-, 50- and 100-day -- were converging suggested that the short-term trend could reverse upwards soon.
Nazri said investors were keeping an eye on the prospects of trade spat between the world's two biggest economies after China imposed a tax on US-made car imports. He said investors should continue to accumulate defensive stocks in telco and consumer sectors which were expected to do well near the year-end festive season. For the week just-ended, the key FBM KLCI fell 6.09 points to 1,466.22 from 1,460.13 a week earlier, as European leaders and the US Fed failed to convince investors on their strategies to prevent the financial crisis from widening. The Finance Index rose 217.7 points to 13,158.59, Plantation Index increased 3.42 points to 7,864.11 and the Industrial Index was 0.44 point lower at 2,649.52. The FBM Emas Index added 54.94 points to 10,054.49 and the FBM Ace Index lost 41.2 points to 4,133.25. Weekly volume decreased to 8.274 billion shares worth RM6.181 from 9.596 billion shares worth RM6.641 billion last Friday. The Main Market turnover declined to 3.881 billion units valued at 5.384 billion from 5.726 billion units valued at RM6.016 billion previously. Warrants rose to 2.358 billion shares worth RM443.937 million from 1.603 billion shares worth RM306.100 million last week. Volume on the ACE Market fell to 1.980 billion units valued at RM340.510 from 2.255 billion units valued at RM314.099 million last Friday. -- Bernama |
| Ringgit seen strengthening next week Posted: 16 Dec 2011 07:11 PM PST The ringgit is expected to see positive trading against the US dollar next week due to the increase in investor appetite for emerging currencies, dealers said. A dealer said the local unit was expected to move between 3.12 and 3.13 against the greenback. However, he said, the investors were still cautious amid the brittle global economic outlook and hoped the European leaders could come out with solid pact to avoid double-dip recession. For the week just-ended, the ringgit suffered four straight days of losses against the US dollar. It, however, bounced back on Friday.
It weakened against the Singapore dollar to 2.4360/4394 from 2.4193/4242 previously and fell against the yen to 4.0767/0809 from 4.0486/0559 last week. Against the British pound, the ringgit was lower at 4.9320/9360 from 4.9172/9244 previously but strengthened against the euro to 4.1377/1419 from 4.1975/1034 last week. -- Bernama |
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