KUALA LUMPUR: Blue chips closed at a two-month high on Wednesday, July 14 while key regional markets recovered from the previous day's losses, as optimism returned to the markets after Intel's stronger-than-expected earnings.
At the close, the FBM KLCI was up 8.21 points to 1,341.08, making it the seventh straight day of gains. Turnover was 801.67 million shares valued at RM1.53 billion. Advancing counters beat decliners 506 to 194.
Sentiment was also upbeat in key regional markets.
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Nikkei 225 +2.71% 9,795.24 Hang Seng Index +0.64% 20,560.81 Shanghai's Composite Index +0.82% 2,470.44 Singapore's Straits Times Index +0.82% 2,952.81. Korea's Kospi +1.32% 1,758.01 Taiwan's Taiex +1.54% 7,714.51 ''
On Tuesday, after the U.S. market closed, Intel, posted margin and revenue forecasts that blew past Wall Street expectations, helping lift its shares 7.1% in extended trade. The upbeat earnings spillover to the key Asian markets, especially PC manufacturers.
Reuters said Dutch chip equipment maker ASML added to the optimism on Wednesday when it raised its full year sales outlook as it sees robust demand for its machines that produce chips for PCs and smartphones.
Light crude oil slipped to below US$77 a barrel, off its two-week high following a report that revealed an increase in U.S. crude inventories. US crude stockpiles rose by 1.7 million barrels, the American Petroleum Institute reported, while analysts had expected stocks to fall by 1.4 million barrels.
US crude fell 42 cents to US$76.73 a barrel. It reached a two-week intraday high of US$77.37 on Tuesday. Brent crude was down 27 cents to US$76.38.
At Bursa Malaysia, Sime Darby rose 13 sen to RM7.87, pushing the FBM KLCI up 1.9 points after the Prime Minister maintained that the general financial position of the conglomerate was strong, amidst ongoing concerns arising from huge cost overruns incurred by the conglomerate's energy and utilities division.
Tenaga Nasional adsded 13 sen to RM8.61. After market close, it announced net profit of RM1.11 billion in the third quarter ended May 31, 2010 versus RM1.02 billion a year ago. Revenue was RM7.72 billion versus RM7 billion a year ago. Earnings per share were 25.51 sen versus 23.6 sen.
Of the top gainers, Panasonic Manufacturing gained 58 sen to RM18.88, Nestle rose 34 sen to RM36.00 and LPI Capital was up by 32 sen to RM17.62.
Among active stocks, Scomi Marine added three sen to 52 sen and Time dotCom edged up two sen to 52 sen. Scomi Group, however, fell half sen to 40.5 sen.
Malaysian Mosaics closed 32 sen higher at RM2.20 after Gek Poh (Holdings) Sdn Bhd proposed to take MMosaics private at RM2.30 per share.
At the close, the FBM KLCI was up 8.21 points to 1,341.08, making it the seventh straight day of gains. Turnover was 801.67 million shares valued at RM1.53 billion. Advancing counters beat decliners 506 to 194.
Sentiment was also upbeat in key regional markets.
''
Nikkei 225 +2.71% 9,795.24 Hang Seng Index +0.64% 20,560.81 Shanghai's Composite Index +0.82% 2,470.44 Singapore's Straits Times Index +0.82% 2,952.81. Korea's Kospi +1.32% 1,758.01 Taiwan's Taiex +1.54% 7,714.51 ''
On Tuesday, after the U.S. market closed, Intel, posted margin and revenue forecasts that blew past Wall Street expectations, helping lift its shares 7.1% in extended trade. The upbeat earnings spillover to the key Asian markets, especially PC manufacturers.
Reuters said Dutch chip equipment maker ASML added to the optimism on Wednesday when it raised its full year sales outlook as it sees robust demand for its machines that produce chips for PCs and smartphones.
Light crude oil slipped to below US$77 a barrel, off its two-week high following a report that revealed an increase in U.S. crude inventories. US crude stockpiles rose by 1.7 million barrels, the American Petroleum Institute reported, while analysts had expected stocks to fall by 1.4 million barrels.
US crude fell 42 cents to US$76.73 a barrel. It reached a two-week intraday high of US$77.37 on Tuesday. Brent crude was down 27 cents to US$76.38.
At Bursa Malaysia, Sime Darby rose 13 sen to RM7.87, pushing the FBM KLCI up 1.9 points after the Prime Minister maintained that the general financial position of the conglomerate was strong, amidst ongoing concerns arising from huge cost overruns incurred by the conglomerate's energy and utilities division.
Tenaga Nasional adsded 13 sen to RM8.61. After market close, it announced net profit of RM1.11 billion in the third quarter ended May 31, 2010 versus RM1.02 billion a year ago. Revenue was RM7.72 billion versus RM7 billion a year ago. Earnings per share were 25.51 sen versus 23.6 sen.
Of the top gainers, Panasonic Manufacturing gained 58 sen to RM18.88, Nestle rose 34 sen to RM36.00 and LPI Capital was up by 32 sen to RM17.62.
Among active stocks, Scomi Marine added three sen to 52 sen and Time dotCom edged up two sen to 52 sen. Scomi Group, however, fell half sen to 40.5 sen.
Malaysian Mosaics closed 32 sen higher at RM2.20 after Gek Poh (Holdings) Sdn Bhd proposed to take MMosaics private at RM2.30 per share.
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