|Globetronics likely to extend rebound|
Source : New Straits Times (26th April 2010)
SHARE prices on Bursa Malaysia continued to consolidate in range- bound trade last week. The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) continued to stay above its critical support of 1,300 points when it closed at 1,336.78 on Friday.
Key heavyweight index-linked counters led the market consolidation last week. The FBM KLCI rebounded from its intra-week low of 1,321.25 on Monday to its intra-week high of 1,339.15 on Wednesday, giving an intra-week trading range of 17.90 points.
The benchmark index posted a week-on-week gain of 4.01 points, or 0.30 per cent.
Among other indices, the FTSE Bursa Malaysia Small Cap Index gained 8.42 points, or 0.07 per cent, to 11,560.88 while the FTSE Bursa Malaysia ACE Market Index lost 32.97 points, or 0.78 per cent, to 4,174.35 on Friday.
On the foreign front, market sentiment on the New York Stock Exchange remained firm. The Dow Jones Industrial Average closed at 11,204.28 points on Friday, giving a week-on-week gain of 185.62 points, or 1.68 per cent.
The tech stock heavy Nasdaq Composite Index moved in tandem with the general market sentiment. The Nasdaq Composite Index closed higher at 2,530.15 on Friday, giving a week-on-week gain of 48.89 points, or 1.97 per cent.
The Hong Kong stock market, meanwhile, continued to consolidate its recent gains. The Hang Seng Index closed at 21,244.49 on Friday, posting a week-on-week loss of 620.77 points, or 2.84 per cent.
In Tokyo, the stock market continued to stay above its critical support of 10,000 last week. The Nikkei 225 Index closed lower at 10,914.46, giving a week-on-week gain of 187.72 points, or 1.69 per cent.
On Bursa Malaysia, Globetronics Technology Bhd staged a technical rebound last week. Its daily price trend rebounded to close at RM1.68 last Friday, posting a week-on-week gain of 18 sen, or 12 per cent.