KUALA LUMPUR: Asian stocks, including at Bursa Malaysia, recovered in early trade on Wednesday, April 20 after the overnight rebound at Wall Street.
Asian markets had fallen on Tuesday after rating agency Standard & Poor's lowered its US credit outlook to negative, prompting a global flight to other assets.
At 10am, the FBM KLCI rose 7.84 points to 1,529.37, lifted by gains including at DiGi, Genting, BAT and RHB Capital.
Gainers beat losers 324 to 95, while 198 counters traded unchanged. Volume was 311.71 million shares valued at RM216.72 million.
Asian stocks rose on Wednesday, following a rebound on Wall Street and in Europe on upbeat corporate results, and commodity-linked currencies such as the Australian dollar also gained as momentum returned to metals markets, according to Reuters.
A clutch of US TECHNOLOGY [] heavyweights, led by chip maker Intel Corp, reported strong results after the Wall Street close. Earlier, healthy profits from healthcare and materials companies had helped lift the S&P 500 0.6%, it said.
At the regional markets, Japan's Nikkei 225 jumped 1.43% to 9,575.64, Hong Kong's Hang Seng Index added 1.07% to 23,771.42, Taiwan's Taiex added 1.31% to 8,751.56, South Korea's Kospi was up 1.72% to 2,159.20, the Shanghai Composite Index gained 0.43% to 3,011.82 and Singapore's Straits Times Index edged up 0.37% to 3,136.89.
Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients on April 20 said that due to the Dow Jones Industrial Average's marginally positive tone last night, the FBM KLCI would be meandering today.
A recent secondary high of 1,565.53 (4 April 2011) had been seen and a major downward retracement phase has now emerged.
'Failure to hold above 1,529.41 last Tuesday implies a very bearish outlook for the FBM KLCI.
'Sell on any and every rebound rally that emerges,' he said.
Among the gainers on Bursa Malaysia, DiGi was up 70 sen to RM29.48, Genting 28 sen to RM11.38, BAT 22 sen to RM47.92, RHB Capital 17 sen to RM8.58, S P Setia and AMMB 4.51 and RM6.39 while Subur Tiasa added 10 sen to RM3.18.
Emas Kiara surged 12.5 sen to 86 sen after it declared a special tax exempt interim dividend of 12 sen per 50 sen for the financial year ending Dec 31, 2011.
Meanwhile, Aeon Credit rose 10 sen to RM4.20 after it declared a final gross dividend of 15 sen per share for FY ended Feb 20, 2011.
Karambunai was the most actively traded counter at mid-morning, and was unchanged at 25.5 sen with 40.72 million shares done.
Other actives included Smartag, Focus, Perisai, SAAG, Petaling Tin and Alam Maritim.
Losers included Lafarge Malayan Cement, KLCC Property, Esso, Hong Leong Bank. Hap Seng, United Malacca, Kossan and Genting PLANTATION []s.
Asian markets had fallen on Tuesday after rating agency Standard & Poor's lowered its US credit outlook to negative, prompting a global flight to other assets.
At 10am, the FBM KLCI rose 7.84 points to 1,529.37, lifted by gains including at DiGi, Genting, BAT and RHB Capital.
Gainers beat losers 324 to 95, while 198 counters traded unchanged. Volume was 311.71 million shares valued at RM216.72 million.
Asian stocks rose on Wednesday, following a rebound on Wall Street and in Europe on upbeat corporate results, and commodity-linked currencies such as the Australian dollar also gained as momentum returned to metals markets, according to Reuters.
A clutch of US TECHNOLOGY [] heavyweights, led by chip maker Intel Corp, reported strong results after the Wall Street close. Earlier, healthy profits from healthcare and materials companies had helped lift the S&P 500 0.6%, it said.
At the regional markets, Japan's Nikkei 225 jumped 1.43% to 9,575.64, Hong Kong's Hang Seng Index added 1.07% to 23,771.42, Taiwan's Taiex added 1.31% to 8,751.56, South Korea's Kospi was up 1.72% to 2,159.20, the Shanghai Composite Index gained 0.43% to 3,011.82 and Singapore's Straits Times Index edged up 0.37% to 3,136.89.
Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients on April 20 said that due to the Dow Jones Industrial Average's marginally positive tone last night, the FBM KLCI would be meandering today.
A recent secondary high of 1,565.53 (4 April 2011) had been seen and a major downward retracement phase has now emerged.
'Failure to hold above 1,529.41 last Tuesday implies a very bearish outlook for the FBM KLCI.
'Sell on any and every rebound rally that emerges,' he said.
Among the gainers on Bursa Malaysia, DiGi was up 70 sen to RM29.48, Genting 28 sen to RM11.38, BAT 22 sen to RM47.92, RHB Capital 17 sen to RM8.58, S P Setia and AMMB 4.51 and RM6.39 while Subur Tiasa added 10 sen to RM3.18.
Emas Kiara surged 12.5 sen to 86 sen after it declared a special tax exempt interim dividend of 12 sen per 50 sen for the financial year ending Dec 31, 2011.
Meanwhile, Aeon Credit rose 10 sen to RM4.20 after it declared a final gross dividend of 15 sen per share for FY ended Feb 20, 2011.
Karambunai was the most actively traded counter at mid-morning, and was unchanged at 25.5 sen with 40.72 million shares done.
Other actives included Smartag, Focus, Perisai, SAAG, Petaling Tin and Alam Maritim.
Losers included Lafarge Malayan Cement, KLCC Property, Esso, Hong Leong Bank. Hap Seng, United Malacca, Kossan and Genting PLANTATION []s.
No comments:
Post a Comment