Wednesday, July 14, 2010

FBM KLCI at 2-month high

KUALA LUMPUR:'' The FBM KLCI rallied to a two-month high at the midday break on Wednesday, July 14 powered by gains in heavyweights and banks while key Asian markets rebounded, underpinned by the strong overnight close at Wall Street.

Helping drive sentiment was a strong start to the US corporate earnings season this week and easing concerns about the euro zone's sovereign debt and the financial sector, according to Reuters.

After the close on Wall Street, Intel Corp, the world's top chip maker, reported second-quarter earnings that blew past analysts' expectations, allaying fears that companies may be slowing down their spending on TECHNOLOGY [], it said.

At Bursa Malaysia, the FBM KLCI gained 7.60 points to 1,340.47, lifted by gains including at Sime Darby, Tenaga, Maybank and Public Bank. Overall market breadth was positive with gainers outnumbering losers by 429 to 168, while 249 counters traded unchanged. Volume was 425.62 million shares valued at RM733.18 million.

Crude palm oil for the third month delivery rose RM17 per tonne to RM2,352; crude oil shed 25 cents per barrel to US$76.90 while gold declined 90 cents per ounce to US$1,211.45.

Nikkei 225 +2.62% 9,786.74 Kospi +1.37% 1,758.78 Taiex Index +1.19% 7,687.56 Hang Seng Index +0.98% 20,632.25 Singapore Straits Times Index +0.47% 2,942.43 Shanghai Composite Index +1.05% 2,476.10 ''


The rally at the regional markets was led by Japan's Nikkei 225 that jumped 2.62% to 9,786.74; the South Korean Kospi Index rose 1.37% to 1,758.78, Taiwan's Taiex Index 1.19% to 7,687.56, the Shanghai Composite Index 1.05% to 2,476.10, Hong Kong's Hang Seng Index 0.98% to 20,632.25 and the Singapore Straits Times Index 0.47% to 2,942.43.

On Bursa Malaysia, among the major gainers Sime Darby added 15 sen to RM7.89, Tenaga 13 sen to RM8.61, RHB Capital seven sen to RM6.10 while Maybank and Public Bank were up six sen each to RM7.70 and RM12.04.

Malaysian Mosaics jumped 32 sen to RM2.20 after it received a privatisation proposal from its major shareholder Gek Poh (Holdings) Sdn Bhd at RM2.30 cash per share.

This is a premium of 30% and 41% over the five-day and three-month volume weighted average market price of MMosaics shares up to and including July 9 of RM1.77 and RM1.63 respectively.

KFCH continued its uptrend and added 30 sen to RM10.92; Plenitude rose 27 sen to RM3.45, LPI Capital 26 sen to RM17.56 while F&N and Top Glove rose 24 sen each to RM13.60 and RM14.36, respectively.

Other gainers included AMMB, Panasonic, Edaran, K-Star Sports and Gamuda.

Scomi Marine was the most actively traded counter this morning with 25.16 million shares done. The stock edged up 2.5 sen to 51.5 sen.

Other actives included Time dotCom, Scomi, Maybank, Gamuda, Nam Fatt and SunREIT.

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