Wednesday, July 21, 2010

Banks, blue chips prop up FBM KLCI at mid-morning

KUALA LUMPUR: Key regional markets, including Bursa Malaysia advanced on Wednesday, July 21 tracking the overnight gains at Wall Street.

US stocks rose for a second consecutive day on Tuesday, with the broader Standard & Poor's 500 Index up 12.23 points, or 1.14%, to 1,083.48.

The 30-stock Dow Jones Industrial Average rose 75.53 points, or 0.74%, to 10,229.96. The Nasdaq Composite Index added 24.26 points, or 1.10%, to 2,222.49.

The gains on Wall Street were powered by Goldman Sachs and bargain hunting for beaten-down homebuilders and raw materials companies, according to Reuters.

In Asia, Japan's Nikkei 225 added 0.23% to 9,321.65, the South Korean Kospi Index up 0.68% to 1,748.65, Singapore's Straits Times Index 0.27% to 2,956.48, Taiwan's Taiex Index 0.21% to 7,728.11 while Hong Kong's Hang Seng Index opened 0.6% higher at 20,375.05.

The Shanghai Composite Index, however, shed 0.18% to 2,524.14.

On Bursa Malaysia, the FBM KLCI rose 7 points to 1,344.67 at 10am, lifted by gains at banking stocks and key blue chips.

Gainers beat losers by 293 to 105, while 198 counters traded unchanged.

Volume was 195.75 million shares valued at RM192.85 million. Among the major gainers this morning, CIMB rose nine sen to RM7.23; AMMB, DiGi and Public Bank up eight sen each to RM5.13, RM23.74 and RM12.28, while Maybank gained four sen to RM7.71.

PLUS rose 12 sen to RM3.75, KLK up 26 sen to RM16.74, Nestle 48 sen to RM36.98, Shell 22 sen to RM10.90, Cocoaland 18 sen to RM2.74 while Tanjong was up 14 sen to RM17.78.

Panasonic, Kulim and Batu Kawan rose 10 sen each to RM18.90, RM7.85 and RM10.90, respectively.

Among the decliners, DFZ Capital fell 12 sen to RM3.42, United PLANTATION []s and Cycle & Carriage down 10 sen each to RM14.30 and RM7.50, while Sungei Bagan lost eight sen to RM2.23.

SAAG was the most actively traded stock with 20.7 million shares done. The counter rose half a sen to 8 sen. Other actives included Ramunia, Kumpulan Europlus, Timecom, London Biscuits and Inix.

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