Tuesday, July 20, 2010

Asian stocks on firmer footing

KUALA LUMPUR:'' Asian markets, including at Bursa Malaysia rose by the midday break on Tuesday, July 20 after Wall Street closed higher overnight in anticipation of the earnings of International Business Machines and Texas Instruments.

Despite both firms failing to impress given disappointing revenue growth, and further worrisome data on falling housing market numbers, Asian stock markets continued to pare down some of their earlier losses.

At Bursa Malaysia, the FBM KLCI rose 4.32 points to 1,337.67 at 12.30pm, lifted by gains art banking stocks and key heavyweights. Gainers beat losers by 422 to 205 while 236 counters traded unchanged. Volume was 672.93 million shares valued at RM623.06 million.

Crude palm oil for the third month delivery fell RM8 per tonne to RM2,446; crude oil added 22 cents per barrel to US$76.76 while gold rose 60 cents per ounce to US$1,183.55.

The MSCI index of Asia Pacific ex-Japan stocks rose 1%, led by gains in resources and financials, it said.

Hang Seng Index +1.42% 20,375.35 Shanghai's Composite Index +1.45% 2,511.24 Taiex Index +0.94% 7,721.79 Kospi +0.30% 1,737.16 Singapore's Straits Times Index +0.19% 2,951.04 Nikkei 225 -0.36% 9,374.85. ''

Among the major gainers, Public Bank added 10 sen to RM12.20, CIMB four sen to RM7.15 and RHB Capital three sen to RM6.18.

Genting, Tenaga, PLUS and KLK rose six sen each to RM7.59, RM8.62, RM3.66 and RM16.32, respectively; PPB up 16 sen to RM17.28, Genting Malaysia five sen to RM2.72, MMC Corp four sen to RM2.46, and IOI Corp two sen to RM5.04.

Newly-listed EA Holdings surged 158% or 39.5 sen to 64.5 sen with 14.1 million shares traded.

Consumer stocks Dutch Lady added 38 sen to RM14.54 and Nestle 20 sen to RM36.50. Education stocks HELP advanced 29 sen to RM4.34 and SEGi 21 sen to RM2.39.

Other gainers included Plenitude, Tasek and Keck Seng.

Cycle & Carriage was the top loser and fell 35 sen to RM7.55; DFZ Capital lost 15 sen to RM3.41, Malayan Flour Mills 11 sen to RM4.40 while Perduren, Padini and Jetson lost seven sen each to RM1.01, RM3.90 and RM1.55.

Talam was the most actively traded stock with 65 million shares done. The counter gained one sen to 11.5 sen. Other actives included SAAG, Timecom, Time, Scomi, Sinotop and Transmile.

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