Friday, July 9, 2010

Asian markets rally

KUALA LUMPUR: Asian markets rallied in the morning session on Friday, July 9 after the US reported positive data and hopes were boosted of a recovery in euro zone.

At 12.30pm, the FBM KLCI rose 7.2 points to 1,323.23. Turnover was 306.44 million shares valued at RM601 million. Advancing counters beat decliners 293 to 209.

The ringgit strengthened to 3.1985 to the US dollar from 3.2035 the previous day after Bank Negara raised the overnight policy rate (OPR) by 25 basis points to 2.75%.

RHB Research Institute said it believed Bank Negara would likely hold the OPR at 2.75% for the rest of this year, "given that there is no urgency to raise interest rates rapidly and the country's economy will likely slow down in the 2H of the year, as the global economy weakens".

Light crude oil rose 37 cents to US$75.81 while crude palm oil futures rose RM25 to RM2,300.

Nikkei 225 +0.58% 9,591.24 Hang Seng Index +1.45% 20,341.61 Shanghai Composite Index +1.31% 2,446.80 Singapore's Straits Times Index +0.52% 2,912.16 ''

At Bursa Malaysia, among the key 30 stocks in the FBM KLCI, PPB rose 52 sen to RM16.78 while HLFG added 17 sen to RM8.47 and Hong Leong Bank 11 sen to RM8.72. Petronas Gas added 15 sen to RM10 and MISC 15 sen also to RM8.83. Maybank inched up four sen to RM7.60.

LPI rose 30 sen to RM16.58 after announcing a stronger set of earnings in 2Q, declared an interim dividend and proposed a bonus issue.

Kenmark fell one sen to 9.5 sen with 13.6 million shares done following the latest development in the company after Bursa Malaysia Securities Bhd'' commenced enforcement proceedings against the company, its managing director and executive director.

Scomi rose two sen to 40.5 sen and Scomi-WA one sen to 20 sen. Sunway REIT was unchanged at 88.5 sen.

Tanjong fell 20 sen to RM17.60, Allianz-PR 21 sen to 40 sen and Allianz 11 sen to RM3.68.


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