money

SHARIDAN M.ALI

Quiet trading due Chinese New Year holiday

KUALA LUMPUR: Asian markets were mixed in morning trade despite positive development in the US market.

The US stocks were driven higher on Wednesday due to stronger-than-expected corporate results and upbeat economic data.

Industrial production in the US rose more than anticipated in January with 0.9% increase in production at factories, mines and utilities.

Wall Street extending its rebound where key U.S. equity indices were up between 0.4% and 0.5% in overnight trading.

FBM KLCI gained 0.87 points or 0.07% to 1,259.94 at 10 a.m with 171 gainers and 165 losers meanwhile 159 counters remained unchanged.

Heavyweight Tenaga gained 14 sen to RM7.99 while Tanjong gained 20 sen to RM17.96. Other top gainers were Sunrise that increased by 18 sen to RM2.28 and KLK gained 14 sen to RM16.70.

HWANGDBS Vickers Research said stocks would likely to show an upward bias too given the positive external backdrop.

“Nonetheless, trading activity (which stood at just 545 million shares yesterday) is expected to remain thin as some investors are still away due to the Chinese New Year festival.

“FBM KLCI will probably strive to protect its recent gains by staying above the resistance-turned support level of 1,255 ahead.

Immediate upside, however, is seen to be relatively limited at the moment,” it said in its note today.

Upward regional bourses include Jakarta Composite Index that added 22.84 points to 2,581.34 while Japan’s Nikkei 225 gained 15.09 points or 0.15% to 10,321.92.

Other regional bourses namely Singapore Straits Times Index lost 9.77 points to 2,784.29 and Seoul’s Kospi Index was down by 0.22 points to 1,627.21. Nymex crude oil futures lost 0.26 cents to US$77.07 per barrel while rinngit stood at 3.4 to the US dollar