Tuesday, January 4, 2011

FBM KLCI advances into unchartered territory, new high of 1,547

KUALA LUMPUR:'' Investors' increasing risk appetite for equities pushed key regional markets higher on Tuesday, Jan 4, with the Malaysian market posting solid gains as the 30-stock FBM KLCI advanced into unchartered territory.

Investors' sentiment was underpinned by encouraging data from the US that suggested a recovery was gathering pace in the world's largest economy. The US reported manufacturing grew at its fastest clip in seven months in December, sending US stocks to new two-year highs.

The next big test for the US economy comes later this week when the government will publish its December jobs report, it said.

At Bursa Malaysia, the FBM KLCI rose 0.89% or 13.58 points to a fresh high of 1,547.00, lifted by gains including at key blue chips, banking and PLANTATION []-related stocks. Market breadth was positive with gainers beating losers by 429 to 239, while 290 counters traded unchanged. Volume was 1.03 billion shares valued at RM1.28 billion.

Credit Suisse Research said it remained positive on the Malaysian outlook for 2011 as it believed the stock market will be driven by liquidity. Among the factors were robust economic growth of 7.5% in 2010 and 5.2% in 2011, buoyant commodity prices, stronger ringgit and pump-priming activities.

The ringgit strengthened 0.04% to 3.0625 versus the US dollar; crude palm oil shed RM25 per tonne to RM3,809, crude oil gained four cents to US$91.59 per barrel while gold rose US$1.25 per troy ounce to US$1,416.05.

Japan's Nikkei 225 surged to hit a 7-1/2 month high of 10,400.45 on Tokyo's first trading session of the New Year.

Nikkei 225 +1.68% 10,400.45 Shanghai Composite Index +1.27% 2,843.86 Singapore's Straits Times Index +0.65% 3,256.72 Hang Seng Index +0.50% 23,552.50 South Korea's Kospi +0.38% 2,077.87 Taiwan's Taiex +0.08% 9,032.49 ''


At Bursa Malaysia, Sime Darby rose 52 sen to RM9.47, Kulim 38 sen to RM12.86, KLK gained 36 sen to RM22.74, Chin Teck 25 sen to RM8.80, IOI Corp 24 sen to RM6.07 and Far East Corp 20 sen RM7.80.

Among banks, Maybank rose six sen to RM8.61, CIMB was up four sen to RM8.66 and Public Bank added two sen to RM13.06.

Other gainers were BAT, up 38 sen to RM46.18, Cycle & Carriage 29 sen to RM4.78, Ekovest 21 sen to RM2.58 and LPI Capital 20 sen each to RM13.82.

Petra Energy rose 11 sen to RM1.66 after The Edge Financial Daily reported that the company was close to securing a RM100 million hook-up and commissioning contract from Murphy Oil. Meanwhile, Petra Perdana shares rose six sen to RM1.16 and its warrants eight sen to 74.5 sen.

Decliners this morning included United Plantations, MAHB, DiGi, The Store, MISC and Metrod.

Karambunai was the most actively traded counter with 76 million shares done. The stock rose five sen to 22 sen. Other actives included Borneo Oil, Petra Perdana, Daya Materials, Sime Darby, Maxbiz and Mulpha.

No comments:

Post a Comment