Thursday, December 2, 2010

KLCI advances, 1,500-level still out of reach

KUALA LUMPUR:'' The FBM KLCI advanced on Thursday, Dec 2 in line with the gains at key regional markets following the firmer overnight close at Wall Street while global manufacturing picked up speed, boosted by China and Germany.

However, buying momentum was still insufficient for the KCLI to test the crucial 1,500 at the midday break. The 30-stock benchmark index was up 0.83% or 12.26 points to 1,497.68, lifted by gains including at Petronas Gas, BAT, PPB, CIMB and Maybank.

Gainers led losers by 423 to 211, while 293 counters traded unchanged. Volume was 508.73 million shares valued at RM825.62 million.

In Japan, the Nikkei 225 soared more than 1.8% as Japanese firms raised capital spending in July-September for the first time in more than three years. However, profit and sales growth slowed, as a dip in demand both at home and abroad, spurred by a strong yen, clouds the economic outlook.

The 5% rise in capital spending in the third quarter, led by auto makers and electronic device makers, followed a 1.7% drop the previous quarter, according to Reuters.


Nikkei 225 +1.84% 10,171.49 Shanghai Composite Index +1.60% 2,868.49 Hang Seng Index +0.94% 23,468.91 Kospi +0.88% 1,946.36 Taiex +0.81% 8,588.83 Straits Times Index +0.58% 3,200.34 ''


The ringgit weakened 0.07% to 3.1540 versus the US dollar; gold jumped US$3.55 an ounce to US$1,391.45, crude oil slipped nine cents to US$86.66 while crude palm oil futures for the third month delivery gained RM37 per tonne to RM3,490.

Among the gainers, Nestle and MTD rose 30 sen each to RM43.60 and RM6.95, Petronas Gas added 26 sen to RM11.40, IJM Corp up 23 sen to RM6.03, Batu Kawan and BAT up 22 sen each to RM15.98 and RM44.40.

Guinness and Tradewinds rose 20 sen each to RM9.30 and RM4.94, PPB up 18 sen to RM17.78, CIMB rose 14 sen to RM8.52, DiGi up 12 sen to RM24.94 and Maybank up six sen to RM8.50.

K-Star Sports was the most activel with 20.5 million shares done. It fell 4.5 sen to 52.5 sen, extending its plunge from Wednesday.

Other actives included Petronas Chemicals, Karambunai, DRB-Hicom, JCY and Sinotop, while decliners included Quality Concrete and Far East Corp.

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