Friday, June 11, 2010

Asian markets up at mid-morning

KUALA LUMPUR: Asian markets advanced on Friday, June 11 after the overnight higher closing on Wall Street in response to signs of health in the euro debt market and as investors snapped up energy shares crushed in the previous day's sell-off.

The energy sector led a broad advance with all but four stocks in the S&P 500 finishing the day higher, according to Reuters.

The S&P energy sector gained 4.9%. New York-traded shares of BP plc jumped 12.3% to US$32.78 a day after posting a near 16% decline. Baker Hughes Inc shot up 10.6% to $42.42 after a JPMorgan upgrade.

The Dow Jones industrial average jumped 273.28 points, or 2.76%, to 10,172.53. The Standard & Poor's 500 Index rose 31.15 points, or 2.95%, to 1,086.84. The Nasdaq Composite Index gained 59.86 points, or 2.77%, to 2,218.71.

At the regional markets at mid-morning Friday, Japan's Nikkei 225 was up 2% to 9,733.06, South Korea's Kospi added 1.05% to 1,668.98, Taiwan's TAIEX Index rose 1.76% to 7,308.17, the Shanghai Composite Index up 1.07% to 2,589.90 while Hong Kong's Hang Seng Index added 1.85% to 19,995.64.

At Bursa Malaysia, the FBM KLCI added 6.99 points to 1,298.30 at 10am. Gainers led losers by 271 to 59, while 127 counters traded unchanged. Volume was 131.54 million shares valued at RM145.17 million.

Among the gainers, PPB and BAT added 18 sen each to RM16 and RM44.18, DiGi up 14 sen to RM22.72, Axiata up 10 sen to RM3.87, MISC nine sen to RM8.43 and CIMB up three sen to RM6.93.

CIMB and Axiata were also among the most actively traded stocks on Friday morning.

Other gainers at mid-morning included LPI Capital, Rimbunan Sawit, Toyo Ink, Supermax and Shell.

Among the decliners, Crest Builder, Bandar Raya Developments, Maybulk and Amway fell five sen each to 70 sen, RM1.60, RM2.95 and RM7.50, respectively. Other losers included Kumpulan Europlus, Dolomite, UBG, Petronas Gas and QSR.

Talam was the most actively traded stock in early trade with 21.42 million shares done. The counter was unchanged at 14 sen. Other actives included Denko, Kenmark and LCL.

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