Thursday, September 9, 2010

FBM KLCI rises ahead of holidays

KUALA LUMPUR: The FBM KLCI snapped its losing streak on Thursday, Sept 9, and rose in line with most key regional markets after the higher overnight closing at Wall Street.Market sentiment improved after a successful auction of Portuguese debt eased concerns about the credit-worthiness of weaker European economies, according to Reuters.

Portugal raised ?1.04 billion (RM4.12 billion), helping soothe fears about government funding in Europe. Poland's sale of five-year bonds also saw solid demand, it said.US stocks rose as banking shares gained ground, while a key European index, the FTSEurofirst 300, rose 1% to a four-month closing high, said Reuters.At the regional markets, Japan's Nikkei 225 was up 0.79% to 9,095.52, Taiwan's Taiex added 0.25% to 7,871.15, the South Korean Kospi Index gained 0.41% to 1,786.46, Singapore's Straits Times Index was up 0.18% to 3,016.76 while Hong Kong's Hang Seng Index opened 0.4% higher 21,166.17.

On Bursa Malaysia, the FBM KLCI rebounded in early trade and was up 2.41 points to 1,436.55 at 10am, snapping its four-day losing streak.

Gainers led losers by 246 to 98, while 195 counters traded unchanged. Volume was 132.17 million shares valued at RM183.97 million.

Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi said that the FBM KLCI could be in a quiet mode today with some blue chip bargain hunting movements apparent ahead of the Hari Raya holidays. "Trade with a relevant stop-loss on each stock for a short to medium-term time frame. Blue chip stocks may remain firm despite the pre-Hari Raya holiday profit taking activities. "However, mid-cap and lower stocks may be weaker ahead of this week's extended holiday weekend," Lee said in a note to clients on Sept 9. Among the top gainers at mid-morning, BAT rose 30 sen to RM47.50, Cycle Carriage Bintang was up 13 sen to RM4.98, KFCH added 12 sen to RM2.93 while Century and Tan Chong rose 11 sen each to RM1.73 and RM5.14. Meanwhile, MAHB, PPB and Hap Seng Plantations added 10 sen each RM5.50, RM16.88 and RM2.36, respectively. Among the decliners, Cahya Mata Sarawak and QSR Brands fell nine sen each to RM2.44 and RM4.31, Poly Glass Fibre fell six sen to 30 sen, YTL Corp down five sen to RM7.49, Hunza Properties down four sen to RM1.35 while New Hoong Fatt fell three sen to RM2.32.

Linear was the most actively traded stock with 6.91 million shares done. The counter rose four sen to 27.5 sen.

Other actives included LCL Corp, Ramunia, TMC Life Sciences, Transmile and IOI Corp.

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