KUALA LUMPUR: Asian markets advanced on Friday, March in line with the gains at the Nikkei 225 as well as the stronger overnight close at Wall Street.
Japanese shares jumped nearly 3% and the yen tumbled on Friday after the G7 group of rich nations agreed on joint intervention to curb the Japanese currency's rise, showing its support as the country struggles with a nuclear crisis, according to Reuters.
The G7 move comes a day after the yen soared to a record 76.25 in chaotic trading, and a week after Japan was struck by a 9.0 magnitude earthquake and devastating tsunami that crippled the Fukushima nuclear power plant, it said.
The FBM KLCI rose 1.52 points to 1,493.61 at mid-morning, lifted by gains including at BAT, DiGi and MISC.
Gainers led losers by 299 to 102, while 173 counters traded unchanged. Volume was 283.89 million shares valued at RM212.39 million.
At the regional markets, Japan's Nikkei 225 rose 1.77% to 9,120.93, Hong Kong's Hang Seng Index added 0.27% to 22,344.84, the Shanghai Composite Index up 0.72% to 2,918.21, Taiwan's Taiex gained 0.92% to 8,359.08, South Korea's Kospi rose 0.66% to 1,971.92 while Singapore's Straits Times Index edged up 0.31% to 2,952.15.
BIMB Securities Research in a note March 18 said Wall Street staged a rebound yesterday as investors picked up beaten down shares while at the same time trying hard to allay fears over the Japan nuclear crisis.
The market was also helped by encouraging data, with the labor Department reporting a drop in initial claims for unemployment benefits, it said.
'Above all, there is still some negative tone in the investors' sentiment as the positive momentum of the benchmark index may be temporary as the nuclear crisis in Japan is far from over and the impact from the aftermath of the recent earthquake to its economy may be bigger than expected.
'Nevertheless, as the current share prices are trading at attractive valuations, we expect the local and regional market to assume its buying momentum today albeit with cautious tone,' it said.
The main gainer at mid-morning was BAT that added 98 sen to RM45.98; Pharmaniaga added 27 sen to RM5.67, Subur Tiasa 19 sen to RM2.80, Ta Ann 18 sen to RM5.66, Kluang and DiGi up 16 sen to RM2.69 and RM27.50, MISC 13 sen to RM7.65, Bernas up 12 sen to RM2.69 and Kulim 11 sen to RM3.44.
Among the actives, Karambunai rose 1.5 sen to 21.5 sen with 30.49 million shares. Cambodia's China Central Asia Group (CCAG) is teaming up with Karambunai in a beachfront mixed development project in Kamabunai, Sabah which would see CCAG pumping in RM310 million and the latter providing the land.
Newly-listed APFT added 7.5 sen to 57.5 sen with 22.7 million shares done.
Other actives included Mieco, Leweko, Scomi and Kulim.
Meanwhile, decliners included Sungei Bagan, Faber, GAB, Aturmaju, Ann Joo, Maybank, Johore Tin and Glenealy.
Japanese shares jumped nearly 3% and the yen tumbled on Friday after the G7 group of rich nations agreed on joint intervention to curb the Japanese currency's rise, showing its support as the country struggles with a nuclear crisis, according to Reuters.
The G7 move comes a day after the yen soared to a record 76.25 in chaotic trading, and a week after Japan was struck by a 9.0 magnitude earthquake and devastating tsunami that crippled the Fukushima nuclear power plant, it said.
The FBM KLCI rose 1.52 points to 1,493.61 at mid-morning, lifted by gains including at BAT, DiGi and MISC.
Gainers led losers by 299 to 102, while 173 counters traded unchanged. Volume was 283.89 million shares valued at RM212.39 million.
At the regional markets, Japan's Nikkei 225 rose 1.77% to 9,120.93, Hong Kong's Hang Seng Index added 0.27% to 22,344.84, the Shanghai Composite Index up 0.72% to 2,918.21, Taiwan's Taiex gained 0.92% to 8,359.08, South Korea's Kospi rose 0.66% to 1,971.92 while Singapore's Straits Times Index edged up 0.31% to 2,952.15.
BIMB Securities Research in a note March 18 said Wall Street staged a rebound yesterday as investors picked up beaten down shares while at the same time trying hard to allay fears over the Japan nuclear crisis.
The market was also helped by encouraging data, with the labor Department reporting a drop in initial claims for unemployment benefits, it said.
'Above all, there is still some negative tone in the investors' sentiment as the positive momentum of the benchmark index may be temporary as the nuclear crisis in Japan is far from over and the impact from the aftermath of the recent earthquake to its economy may be bigger than expected.
'Nevertheless, as the current share prices are trading at attractive valuations, we expect the local and regional market to assume its buying momentum today albeit with cautious tone,' it said.
The main gainer at mid-morning was BAT that added 98 sen to RM45.98; Pharmaniaga added 27 sen to RM5.67, Subur Tiasa 19 sen to RM2.80, Ta Ann 18 sen to RM5.66, Kluang and DiGi up 16 sen to RM2.69 and RM27.50, MISC 13 sen to RM7.65, Bernas up 12 sen to RM2.69 and Kulim 11 sen to RM3.44.
Among the actives, Karambunai rose 1.5 sen to 21.5 sen with 30.49 million shares. Cambodia's China Central Asia Group (CCAG) is teaming up with Karambunai in a beachfront mixed development project in Kamabunai, Sabah which would see CCAG pumping in RM310 million and the latter providing the land.
Newly-listed APFT added 7.5 sen to 57.5 sen with 22.7 million shares done.
Other actives included Mieco, Leweko, Scomi and Kulim.
Meanwhile, decliners included Sungei Bagan, Faber, GAB, Aturmaju, Ann Joo, Maybank, Johore Tin and Glenealy.
No comments:
Post a Comment