Tuesday, June 8, 2010

Asian markets stage mild rebound

KUALA LUMPUR: Asian markets staged a mild rebound at midday on Tuesday, June 8 after US Federal Reserve chairman Ben Bernanke said European leaders were committed to ensuring the survival of the euro and have enough money to meet obligations of heavily indebted member countries.

In remarks to the Woodrow Wilson Center in Washington on Monday, Bernanke said a euro stabilisation package of nearly US$1 trillion was "a lot of money" and enough to protect Greece, Portugal and Spain from volatile credit markets for a number of years, according to Reuters.

He also said the US economy appeared to have enough momentum to avoid a "double-dip" recession, citing strengthening consumer and business spending, said Reuters.

At noon, Japan's Nikkei 225 was up 0.16% to 9,536.48, Hong Kong's Hang Seng Index up 0.35% to 19,445.59, the Shanghai Composite Index added 0.37% to 2,520.95, the South Korean Kospi Index 0.91% to 1,652.82, the Singapore Straits Times Index 0.21% to 2,757.72 while the Taiwan TAIEX Index was flat at 7,157.95.

At Bursa Malaysia, the FBM KLCI added 0.13% or 1.67 points to 1,287.94, boosted by gains including at Maybank, Axiata, Genting, Tenaga and Public Bank.

Gainers trailed losers by 199 to 259, while 211 counters traded unchanged. Volume was 195.02 million shares valued at RM276.57 million.

Crude palm oil for the third-month delivery was unchanged at RM2,419 per tonne while crude oil rose 27 cents per barrel to US$71.71.

Among the major gainers, Maybank added eight sen to RM7.39, Axiata and Genting rose four sen each to RM3.78 and RM6.85, Tenaga up three sen to RM8.29 while Public Bank added two sen to RM11.52.

Other gainers included Bintulu Port, Supermax, Sitt Tatt, SBC Corp, Milux and Hong Leong Financial Group.

EON Capital was the top loser at midday and fell 21 sen to RM6.99; KLK and Taliworks lost 14 sen each to RM15.90 and RM1.53, Handal down 11 sen to 69 sen and Perduren shed 10 sen to RM1.05.

Berjaya Corp came under selling pressure and lost nine sen to RM1.37 with 9.1 million shares done after Prime Minister Datuk Seri Najib Razak said on Monday the government had yet to issue a sports betting licence to Ascot Sports Sdn Bhd.

Kumpulan Europlus was the most actively trade counter with 12.14 million shares done. The counter added eight sen to 90 sen.

Other actives in morning trade included Berjaya Corp, Transmile, KNM, Axiata, Talam and Ramunia.

No comments:

Post a Comment