KUALA LUMPUR: Blue chips closed higher on Wednesday, July 7, lifted by late buying of index-linked counters after trading in the negative territory in the morning session.
There was selected buying of PPB, Tanjong and Sime Darby, believed to be from local funds, which helped Bursa Malaysia buck the regional markets.
The FBM KLCI ended 4.67 points higher at 1,311.75, off the intra-day low of 1,304.61. Volume was 539.61 million shares worth RM919.14 million. Losers led gainers 307 to 275 while 272 counters were unchanged.
Overall market sentiment was cautious as investors were unconvinced of the global economic recovery.
PPB rose 16 sen to RM16.10, Tanjong added 16 sen to RM17.66 and Sime Daby added 14 sen to RM7.64. Also closing higher were
Genting PLANTATION []s, adding 22 sen to RM6.66 while F&N gained 16 sen to RM12.64.
Meanwhile, Reuters reported major Southeast Asian stock markets trod water on Wednesday, with late selling pulling down Singapore and Indonesia, amid worries global growth was faltering and as a drop in crude prices weighed on commodity shares.
Equities in the region failed to sustain early gains as investors turned cautious over a weak outlook on Wall Street on Wednesday after the previous session's tepid gains. U.S. stock index futures were down 0.6 percent at 0944 GMT.
However, Credit Suisse said it expected positive economic and earnings cycles to remain supportive of Asian equities and recommended staying overweight on China and Hong Kong, while upgrading Japan to overweight.
"Supported by robust macro and fiscal fundamentals, favourable secular growth drivers, attractive valuations and easing policy-tightening fears, the Asian equity markets are poised for a rebound in H2 2010 when global risk aversion
fades," it said.
"Investors should start slowly deploying excess cash to add strategic positions in our favorite Asian markets and sectors," it said. It forecast 23 percent gains for Asian markets in 12 months.
The MSCI index of Asian shares outside Japan, which has fallen nearly 9 percent this yar, was down 0.98 percent by 0945 GMT.
Singapore's benchmark stock index ended down 0.2 percent. The market climbed to a one-week high in early trade amid optimism about the economy.
Stronger-than-expected export and manufacturing data in April and May prompted economists to significantly revise up their gross domestic product (GDP) growth forecast for Singapore for 2010.
Indonesia, which also hit a one-week high in early trade, lost 0.3 percent, Thailand was off 0.1 percent.
The Philippines rose for a third day, ending up 0.4 percent, at one point hitting the highest since June 29, while Vietnam fell for a second day, losing 0.8 percent.
Commodities and related sectors tracked crude prices, which fell below $72 on Wednesday. Singapore's Golden Agri fell 1.9 percent, Indonesia's Adaro Energy slid 1.7 percent and Thailand's top energy firm, PTT, dropped 1.2 percent.
Investors also cashed in recent gains in banks, with Singapore's DBS Group off 1.2 percent, Thailand's Bangkok Bank down 1.2 percent and Indonesia's Bank Mandiri 2.2 percent lower.
Among bright spots, Thai conglomerate Berli Jucker rose 9.6 percent. It surged nearly 30 percent at one point on speculation the company might offer to buy the Thai business of French retailer Carrefour.
TMB Bank, Thailand's sixth-largest lender, rose 7.1 percent after the bank told Reuters its Dutch partner ING wanted to raise its stake in it.
Indonesia's PT Skybee, which makes low-cost phones and webcams, jumped as much as 44 percent from its initial public offering (IPO) price as it made its debut on the Jakarta market.
There was selected buying of PPB, Tanjong and Sime Darby, believed to be from local funds, which helped Bursa Malaysia buck the regional markets.
The FBM KLCI ended 4.67 points higher at 1,311.75, off the intra-day low of 1,304.61. Volume was 539.61 million shares worth RM919.14 million. Losers led gainers 307 to 275 while 272 counters were unchanged.
Overall market sentiment was cautious as investors were unconvinced of the global economic recovery.
PPB rose 16 sen to RM16.10, Tanjong added 16 sen to RM17.66 and Sime Daby added 14 sen to RM7.64. Also closing higher were
Genting PLANTATION []s, adding 22 sen to RM6.66 while F&N gained 16 sen to RM12.64.
Meanwhile, Reuters reported major Southeast Asian stock markets trod water on Wednesday, with late selling pulling down Singapore and Indonesia, amid worries global growth was faltering and as a drop in crude prices weighed on commodity shares.
Equities in the region failed to sustain early gains as investors turned cautious over a weak outlook on Wall Street on Wednesday after the previous session's tepid gains. U.S. stock index futures were down 0.6 percent at 0944 GMT.
However, Credit Suisse said it expected positive economic and earnings cycles to remain supportive of Asian equities and recommended staying overweight on China and Hong Kong, while upgrading Japan to overweight.
"Supported by robust macro and fiscal fundamentals, favourable secular growth drivers, attractive valuations and easing policy-tightening fears, the Asian equity markets are poised for a rebound in H2 2010 when global risk aversion
fades," it said.
"Investors should start slowly deploying excess cash to add strategic positions in our favorite Asian markets and sectors," it said. It forecast 23 percent gains for Asian markets in 12 months.
The MSCI index of Asian shares outside Japan, which has fallen nearly 9 percent this yar, was down 0.98 percent by 0945 GMT.
Singapore's benchmark stock index ended down 0.2 percent. The market climbed to a one-week high in early trade amid optimism about the economy.
Stronger-than-expected export and manufacturing data in April and May prompted economists to significantly revise up their gross domestic product (GDP) growth forecast for Singapore for 2010.
Indonesia, which also hit a one-week high in early trade, lost 0.3 percent, Thailand was off 0.1 percent.
The Philippines rose for a third day, ending up 0.4 percent, at one point hitting the highest since June 29, while Vietnam fell for a second day, losing 0.8 percent.
Commodities and related sectors tracked crude prices, which fell below $72 on Wednesday. Singapore's Golden Agri fell 1.9 percent, Indonesia's Adaro Energy slid 1.7 percent and Thailand's top energy firm, PTT, dropped 1.2 percent.
Investors also cashed in recent gains in banks, with Singapore's DBS Group off 1.2 percent, Thailand's Bangkok Bank down 1.2 percent and Indonesia's Bank Mandiri 2.2 percent lower.
Among bright spots, Thai conglomerate Berli Jucker rose 9.6 percent. It surged nearly 30 percent at one point on speculation the company might offer to buy the Thai business of French retailer Carrefour.
TMB Bank, Thailand's sixth-largest lender, rose 7.1 percent after the bank told Reuters its Dutch partner ING wanted to raise its stake in it.
Indonesia's PT Skybee, which makes low-cost phones and webcams, jumped as much as 44 percent from its initial public offering (IPO) price as it made its debut on the Jakarta market.
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