Wednesday, June 23, 2010

Share prices end firmer after late rebound

KUALA LUMPUR: Share prices on Bursa Malaysia ended firmer on Wednesday, June 23, with the benchmark index recouping its earlier losses as large cap stocks staged a late rebound, dealers said.

The benchmark FBM KLCI rose 0.5% or 6.26 points to close at 1,329.70, after trading at an intra-day low of 1,318.52. The key index had opened 1.39 points lower at 1,322.05.

A dealer said the market saw some bargain hunting activities on key heavyweights like British American Tobacco, DiGi and Hong Leongl, which helped to erase most of the earlier losses.

"Overall, stocks managed to do a trend reversal with quite a modest close today. The immediate trend for the FBM KLCI is still up at the moment as it is still trading at above its uptrend line of 1,320," he said.

However, most investors are still cautious over the external sentiment, particularly in the eurozone and the US stocks, which are currently on a downward trend due to the US poor housing sales data in May, added the dealer.

At close, the FBM Emas Index shored up 46.81 points to 8,981.54, the FBM70 [] Index improved 79.41 points to 8,969.12 and the FBM Ace Index advanced 34.42 points to 3,920.70.

The Finance Index meanwhile, rose 25.29 points to 11,986.32 and the INDUSTRIAL INDEX [] increased 26.0 points to 2,671.09.

However, the PLANTATION [] Index declined 14.04 points to 6,275.03.

Advancers led decliners by 360 to 275 while 271 counters were unchanged, 456 untraded and 26 others suspended.

Overall volume was slightly improved to 684.400 million shares worth RM1.118 billion compared with Tuesday's 672.603 million shares worth RM1.099
billion. -- Bernama

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