Market To Remain Weak

By Fintan Ng


KUALA LUMPUR: The local bourse will remain weak ahead with volatile trading.

In the region, the Bank of Japan’s Tankan business survey showed confidence among the country’s biggest manufacturers fell to minus 58 in the first three months to March compared to the previous quarter, which fell to minus 24.

In South Korea, the ministry of knowledge economy said today that the country’s exports fell for a fifth straight month in February on weak demand from the US and Japan while imports dropped 36%.

HwangDBS Vickers Research Sdn Bhd said in a report that investors would have to exercise judgement on whether what they see or hear “is for real or just a false event”.

OSK Research Sdn Bhd analyst Shin Kao Jack said the market would remain bearish in the near-term. “We’re still eyeing the 835-point level as the immediate support followed by the 800/801-point level,” he added.

Meanwhile OSK Research head Chris Eng said the market would remain volatile in April with early strength on the handover of the Prime Minister’s position giving way to uncertainty after the three by-elections and selling pressure ahead due to the new rights shares of Maybank and TM International.

At 9.15am, the KLCI was 0.48% higher at 876.77 while Singapore’s Straits Times Index was down 0.21% to 1,696.40.

Tokyo’s Nikkei 225 rose 1.76% to 8,252.02, Taipei’s Taiex Index gained 1.40% to 5,283.87 while Seoul’s Kospi Index added 1.11% to 1,219.65.

Meanwhile, at Bursa Malaysia, 61 counters were up, 25 were down and 53 others were traded unchanged. There were 29.05 million shares traded with a total value of RM24.81 million.

Among bank stocks, Maybank was 8 sen higher at RM3.94 while BCHB added 10 sen to RM6.95. Resorts was up 3 sen to RM2.17 and Genting added 6 sen to RM3.74.

Plantation stocks IOI Corp was up 4 sen to RM3.84, Sime was unchanged at RM5.70 and KL Kepong gained 10 sen to RM10.70.

TNB was up 5 sen to RM6.15 while Tanjong rose 30 sen to RM13.50.

Nymex crude oil was down US$1.25 to US$48.1 per barrel.

Spot Gold was US$1.83 higher at US$921.04 per ounce.

The ringgit was quoted at 3.649 to the US dollar.