Wednesday, December 1, 2010

KLCI barely higher, China factory data lifts Asian markets

KUALA LUMPUR: The FBM KLCI closed barely higher on Wednesday, Dec 1 as the China's encouraging factory data shored up risk appetite for equities at key regional markets.

The FBM KLCI closed just 0.01% or 0.19 points higher at 1,485.42, lifted by a late recovery in blue chips, including Petronas Dagangan, DiGi, KL Kepong, Genting and Petronas Chemicals. Losers edged gainers by 366 to 364, while 296 counters traded unchanged. Volume was 886.25 million shares valued at RM1.59 billion.

Hong Kong's Hang Seng Index rose 1.05% to 23,249.80, Japan's Nikkei 225 added 0.51% to 9,988.05, Taiwan's Taiex jumped 1.76% to 8,520.11, the South Korean Kospi advanced 1.3% to 1,929.32, the Shanghai Composite Index gained 0.12% to 2,823.45 and Singapore's Straits Times Index gained 1.18% to 3,181.94.

Reuters reported China's official purchasing managers' index (PMI) in November rose to a seven-month high of 55.2, and helped reverse the slide at the regional markets.

European shares rose nearly 1% in early trade, according to Reuters, after German and United Kingdom PMI data also showed an increase.

Germany's PMI came in at 58.1 in November, its highest level since August, up from 56.6 in October. Meanwhile, the UK headline PMI rose to 58.0 in November, its highest since Sept 1994, and well above October's 55.4.

At Bursa Malaysia, Petronas Dagangan rose 40 sen to RM11.70; Tradewinds rose 39 sen to RM4.74, Kulim was up 38 sen to RM12.52, DiGi added 36 sen to RM24.82 and KLK up 34 sen to RM20.56.

Keck Seng's one for two bonus issue saw the shares advance 33 sen to RM6.33, HLFG 20 sen to'' RM8.95, BLD PLANTATION []s up 19 sen to RM5 while Genting gained eight sen to RM10.18.

Petronas Chemicals was among the most active with 35.33 million shares done, up three sen to RM5.38.

Losers included Tasek, PPB, QSR, DFZ Capital, Sunway City, Southern Steel and UMW.

JCY fell to a fresh low since its listing, down 6.5 sen to 83 sen with 18.95 million shares done after the disappointing fourth quarter losses and analysts downgrade.

Bursa Malaysia Securities queried K-Star Sports Ltd after the share price plunged in late afternoon trade. K-Star Sports was down 32.5 sen to 57 sen with 26.77 million shares done.


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