Investors pick up oversold stocks, ringgit rises on bullish crude prices
KUALA LUMPUR: The local market experienced a slight rebound on Friday following three straight days of losses as investors regained some composure following news of possible outflows from Malaysia's bond market.
At 12.30pm, the FBM KLCI had reclaimed 2.63 points to 1,622.36. There were 1.33 billion shares valued at RM750.74mil. There were 435 gainers versus 220 decliners and 385 counters unchanged.
The local index fell as much as 11 points in the previous session although a retracement in the afternoon session reduced losses to only 1.17 points.
This morning, Kenanga research reiterated its expectations of a rebound despite the overall bearish technical outlook.
"Should a rebound happen, we look towards 1,660 (R1) and 1,700 (R2) as resistance levels. Conversely, downside supports can be found at 1,615 (S1) and 1,600 (S2)," it said.
Maybank gained eight sen to RM9.08 as investors picked up bargains following the stock's 21 sen slide on Tuesday.
IHH Healthcare also rose eight sen to RM5.56 on on an improved outlook. Affin Hwang Capital research raised its target price on the stock to RM6.49 from RM6.36 previously on expectations that earnings will improve moving forward.
"While we do not rule out the possibility of any adjustment or impairment on Fortis given the ongoing investigation, we think that the chances of goodwill impairment stemming from Fortis’ profitability are diminishing as management has taken several measures to enhance profitability i.e. lower borrowings cost and clinical establishment cost savings," it said.
Meanwhile, Public Bank slid another six sen to RM22.52 while Tenaga Nasional lost four sen to RM12.12.
Top active counters were IWCity, surging 9.5 sen to 95.5 sen, Ekovest jumping 5.5 sen to 64.5 sen and Sapura Energy
adding 0.5 sen to 32 sen.
Seacera was also in the spotlight in the morning session as it faced a potential debt default and a tussle for the boardroom picked up pace.
Asian shares were mixed on Thursday as certain markets have closed for the weekend due to the Good Friday holiday.
In China, the Shanghai Composite Index slipped 0.1% while the CSI300 Index was mostly flat.
Japan's Nikkei Index was up 0.4% and South Korea's Kospi Index edged up 0.2%.
Oil prices continued pushing higher as data showed Saudi Arabia's crude exports falling in February from the month before.
US crude gained 24 cents to US$64 a barrel while Brent crude rose 35 cents to US$71.97 a barrel.
The increase in oil prices helped to prop up the ringgit, which rebounded 0.25% against the greenback to 4.1322. It also rose 0.5% against the pound sterling to 5.3723 and 0.4% against the Singapore dollar to 3.0494.
At 12.30pm, the FBM KLCI had reclaimed 2.63 points to 1,622.36. There were 1.33 billion shares valued at RM750.74mil. There were 435 gainers versus 220 decliners and 385 counters unchanged.
The local index fell as much as 11 points in the previous session although a retracement in the afternoon session reduced losses to only 1.17 points.
This morning, Kenanga research reiterated its expectations of a rebound despite the overall bearish technical outlook.
"Should a rebound happen, we look towards 1,660 (R1) and 1,700 (R2) as resistance levels. Conversely, downside supports can be found at 1,615 (S1) and 1,600 (S2)," it said.
Maybank gained eight sen to RM9.08 as investors picked up bargains following the stock's 21 sen slide on Tuesday.
IHH Healthcare also rose eight sen to RM5.56 on on an improved outlook. Affin Hwang Capital research raised its target price on the stock to RM6.49 from RM6.36 previously on expectations that earnings will improve moving forward.
"While we do not rule out the possibility of any adjustment or impairment on Fortis given the ongoing investigation, we think that the chances of goodwill impairment stemming from Fortis’ profitability are diminishing as management has taken several measures to enhance profitability i.e. lower borrowings cost and clinical establishment cost savings," it said.
Meanwhile, Public Bank slid another six sen to RM22.52 while Tenaga Nasional lost four sen to RM12.12.
Top active counters were IWCity, surging 9.5 sen to 95.5 sen, Ekovest jumping 5.5 sen to 64.5 sen and Sapura Energy
adding 0.5 sen to 32 sen.Seacera was also in the spotlight in the morning session as it faced a potential debt default and a tussle for the boardroom picked up pace.
Asian shares were mixed on Thursday as certain markets have closed for the weekend due to the Good Friday holiday.
In China, the Shanghai Composite Index slipped 0.1% while the CSI300 Index was mostly flat.
Japan's Nikkei Index was up 0.4% and South Korea's Kospi Index edged up 0.2%.
Oil prices continued pushing higher as data showed Saudi Arabia's crude exports falling in February from the month before.
US crude gained 24 cents to US$64 a barrel while Brent crude rose 35 cents to US$71.97 a barrel.
The increase in oil prices helped to prop up the ringgit, which rebounded 0.25% against the greenback to 4.1322. It also rose 0.5% against the pound sterling to 5.3723 and 0.4% against the Singapore dollar to 3.0494.
The local index fell as much as 11 points in the previous session although a retracement in the afternoon session reduced losses to only 1.17 points.
This morning, Kenanga research reiterated its expectations of a rebound despite the overall bearish technical outlook.
\"Should a rebound happen, we look towards 1,660 (R1) and 1,700 (R2) as resistance levels. Conversely, downside supports can be found at 1,615 (S1) and 1,600 (S2),\" it said.
Maybank gained eight sen to RM9.08 as investors picked up bargains following the stock's 21 sen slide on Tuesday.
IHH Healthcare also rose eight sen to RM5.56 on on an improved outlook. Affin Hwang Capital research raised its target price on the stock to RM6.49 from RM6.36 previously on expectations that earnings will improve moving forward.
\"While we do not rule out the possibility of any adjustment or impairment on Fortis given the ongoing investigation, we think that the chances of goodwill impairment stemming from Fortis’ profitability are diminishing as management has taken several measures to enhance profitability i.e. lower borrowings cost and clinical establishment cost savings,\" it said.
Meanwhile, Public Bank slid another six sen to RM22.52 while Tenaga Nasional lost four sen to RM12.12.
Top active counters were IWCity, surging 9.5 sen to 95.5 sen, Ekovest jumping 5.5 sen to 64.5 sen and Sapura Energy adding 0.5 sen to 32 sen.
Seacera was also in the spotlight in the morning session as it faced a potential debt default and a tussle for the boardroom picked up pace.
Asian shares were mixed on Thursday as certain markets have closed for the weekend due to the Good Friday holiday.
In China, the Shanghai Composite Index slipped 0.1% while the CSI300 Index was mostly flat.
Japan's Nikkei Index was up 0.4% and South Korea's Kospi Index edged up 0.2%.
Oil prices continued pushing higher as data showed Saudi Arabia's crude exports falling in February from the month before.
US crude gained 24 cents to US$64 a barrel while Brent crude rose 35 cents to US$71.97 a barrel.
The increase in oil prices helped to prop up the ringgit, which rebounded 0.25% against the greenback to 4.1322. It also rose 0.5% against the pound sterling to 5.3723 and 0.4% against the Singapore dollar to 3.0494.
This morning, Kenanga research reiterated its expectations of a rebound despite the overall bearish technical outlook.
\"Should a rebound happen, we look towards 1,660 (R1) and 1,700 (R2) as resistance levels. Conversely, downside supports can be found at 1,615 (S1) and 1,600 (S2),\" it said.
Maybank gained eight sen to RM9.08 as investors picked up bargains following the stock's 21 sen slide on Tuesday.
IHH Healthcare also rose eight sen to RM5.56 on on an improved outlook. Affin Hwang Capital research raised its target price on the stock to RM6.49 from RM6.36 previously on expectations that earnings will improve moving forward.
\"While we do not rule out the possibility of any adjustment or impairment on Fortis given the ongoing investigation, we think that the chances of goodwill impairment stemming from Fortis’ profitability are diminishing as management has taken several measures to enhance profitability i.e. lower borrowings cost and clinical establishment cost savings,\" it said.
Meanwhile, Public Bank slid another six sen to RM22.52 while Tenaga Nasional lost four sen to RM12.12.
Top active counters were IWCity, surging 9.5 sen to 95.5 sen, Ekovest jumping 5.5 sen to 64.5 sen and Sapura Energy adding 0.5 sen to 32 sen.
Seacera was also in the spotlight in the morning session as it faced a potential debt default and a tussle for the boardroom picked up pace.
Asian shares were mixed on Thursday as certain markets have closed for the weekend due to the Good Friday holiday.
In China, the Shanghai Composite Index slipped 0.1% while the CSI300 Index was mostly flat.
Japan's Nikkei Index was up 0.4% and South Korea's Kospi Index edged up 0.2%.
Oil prices continued pushing higher as data showed Saudi Arabia's crude exports falling in February from the month before.
US crude gained 24 cents to US$64 a barrel while Brent crude rose 35 cents to US$71.97 a barrel.
The increase in oil prices helped to prop up the ringgit, which rebounded 0.25% against the greenback to 4.1322. It also rose 0.5% against the pound sterling to 5.3723 and 0.4% against the Singapore dollar to 3.0494.
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