Thursday, December 2, 2010

Stocks rebound, KLCI surges past 1,500

KUALA LUMPUR: Key Asian markets rebounded on Thursday, Dec 2, as expectations grew the European Central Bank might deliver measures to alleviate worries over euro zone debt, closing with gains up to 3.7%.

At Bursa Malaysia, the FBM KLCI surged 17.8 points or 1.2% to close at 1,503.22. Turnover was 979.25 million shares valued at RM1.78 billion. Advancers beat losers more than two to one. The upbeat mood reflected also the large liquidity in the market as investors were quick to snap up riskier assets like equities on any sign of positive news, especially after the volatile and downbeat November.

Sentiment was upbeat in key regional markets while European marketswere also up in early trade.'' The main Philippine share index surged 3.7% to its highest since Nov 25.

Jakarta's Composite Index climbed more than 2%,'' the Nikkei 225 1.81% to 10,168.52, Hong Kong's Hang Seng Index 0.86% to 23,448.78 and Shanghai Composite Index 0.71% to 2,843.61. Singapore's Straits Times Index added 0.5% to 3,197.96,

Reuters reported investors piled into palm planters in the region as Malaysian palm oil futures hit a 28-month high before closing at RM3,500 a tonne.

The CPO futures tracked firmer global commodity markets, where there were concerns about low production during the monsoon season.

At Bursa, Sime Darby climbed 20 sen to RM8.83, adding2.85 points to the 30-stock FBM KLCI, Axiataand CIMB rose 13 sen each to Rm4.74 and RM8.51, nudging the index by a total of 4.88 points.

Aside from PLANTATION [] heavyweight Sime Darby, the other main gainers were plantation stocks including KL Kepong, up 42 sen to RM20.98, United Plantations 30 sen to RM17.30 and Batu Kawan 26 sen to RM16.02.

Infrastructure-based IJM rallied 33 sen to Rm6.13 with 10.8 million and Gamuda 26 sen to RM3.90 on as they were the frontrunners for the infrastructure jobs under the Economic Transformation Programme.

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