Monday, May 9, 2011

FBM KLCI extends gains at mid-day

KUALA LUMPUR: The FBM KLCI extended its gains at the mid-day break on Monday, May 9 in line with key regional markets.

At 12.30pm, the 30-stock index rose 0.18% or 2.79 points to 1,518.29, lifted by gains at select blue chips including Genting, Digi and Hong Leong Bank.

Market breadth however turned slightly negative with losers edging gainers by 315 to 269, while 263 counters traded unchanged. Volume was 334.99 million shares valued at RM411.82 million.

The ringgit strengthened 0.69% to 2.9865 versus the US dollar; crude palm oil for the third month delivery rose RM13 per tonne to RM3,200, crude oil gained US$1.52 per barrel to US$98.70 while gold jumped US$6.95 an ounce to US$1,502.55.

Energy and materials plays led a broad market rebound in Hong Kong and China on Monday morning, boosted by the rebound in global crude prices, but gains were capped by concern over key economic data due from Beijing on Wednesday, according to Reuters.

At the regional markets, Singapore's Straits Times Index jumped 1.27% to 3,138.97, Hong Kong's Hang Seng Index added 0.92% to 23,373.22, the Shanghai Composite Index rose 0.37% to 2,874.48, Taiwan's Taiex was up 1% to 9,067.29 and South Korea's Kospi edged up 0.35% to 2,155.00.

Meanwhile, Japan's Nikkei 225 slipped 0.58% to 9,801.79, weighed by losses in Chubu Electric after Japan's Prime Minister Naoto Kan called for the closure of its nuclear plant due worries that a large earthquake could trigger another nuclear crisis.

Among the gainers on Bursa Malaysia this morning, F&N rose RM1 to RM19.70, Hong Leong Bank up 74 sen to RM11.18, HLFG rose 46 sen to RM10.80, DiGi 36 sen to RM29.40, United PLANTATION []s 34 sen to RM17.98, Nestle 20 sen to RM48.40, Malayan Flour 15 sen to RM6.30, Amway and EON Capital 10 sen each to RM9.38 and RM7.50, while Genting gained eight sen to RM11.20.

Ingenuity Solutions was the most actively traded counter this morning with 16.3 million shares done. The stock fell 8.5 sen to 31 sen.

Other actives included Smartag, Boilermech, Omedia, PJI and Hubline.

Panasonic was the top loser and fell 18 sen to RM22.72. Other losers included Southern Steel, MBSB, Hap Seng, MAHB, QSR and LPI Capital.

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