Published: Wednesday January 30, 2013 MYT 9:49:00 AM
China Auto under spotlight; drives trading volume
By Joseph Chin
KUALA LUMPUR: China Automobile Parts surged in very active trade on its first day on Wednesday, as its trading volume accounted for one-third of the total turnover in the first half-hour.
The FBM KLCI rose 2.27 points to 1,639.61. Turnover was 153.27 million shares valued at RM111.44mil. There were 128 gainers, 83 losers and 162 counters unchanged.
China Auto was the top gainer and most active. Its share price surged 44 sen to RM1.12 and it saw 55.06 million shares done.
Meanwhile, Maybank KE Research said in its technical outlook that while the KLCI gained 0.21 of a point to close at 1,637.34, its resistance level of 1,635 and 1,674 would cap market gains, whilst weaker support areas were at 1,602 and 1,630.
“The KLCI made a key all-time high of 1,699.68 on Jan 4, 2013. A spell of persistent price weakness will now emerge. Despite the US markets' mixed tone last night, we expect the local index to be weaker on heavy foreign liquidation activities,” said the research house.