Wednesday, July 13, 2011

Asian markets recover on China growth data

KUALA LUMPUR: Key regional markets rebounded on Wednesday, July 13 after China's economy slowed less sharply than expected in the second quarter of this year.

Second-quarter gross domestic product rose 9.5% from a year earlier, China reported on Wednesday, exceeding economists' forecasts for 9.4% growth, according to Reuters.

But that was still the slowest pace since the third quarter of 2009, when the world economy was pulling out of its worst recession in 80 years, it said.

The FBM KLCI, however, remained tepid, and was down 0.09% or 1.44 points to 1,576.66 at the mid-day break.

Losers edged gainers by 268 to 253, while 308 counters traded unchanged. Volume was 399.72 million shares valued at RM590.24 million.

The ringgit strengthened 0.16% to 3.0274 versus the US dollar; crude palm oil futures for the third month delivery rose RM41 per tonne to RM3,072; crude oil shed 28 cents per barrel to US$97.15 while gold dropped US$2.15 an ounce to US$1,565.55.

At the regional markets, the Shanghai Composite Index jumped 1.2% to 2,787.72, Hong Kong's Hang Seng Index added 0.95% to 21,868.81, South Korea's Kospi rose 0.75% to 2,125.59, Japan's Nikkei 225 was up 0.37% to 9,962.42, Singapore's Straits Times Index gained 0.28% to 3,085.83 while Taiwan's Taiex edged up 0.12% to 8,501.43.

On Bursa Malaysia, Tasek fell 20 sen to RM7.70, Hong Leong Bank down 18 sen to RM13.42, Fima Corp and Tradewinds 16 sen each to RM6.03 and RM10.18, KLK 14 sen to RM22.10, UMS 11 sen to RM1.67, Sunway City 10 sen to RM5, PLB and CI Holdings nine sen each to 84.5 sen and RM3.61, while APM Automotive fell seven sen to RM4.93.

Among the gainers, Dutch Lady added 26 sen to RM19.26, Nestle 18 sen to RM47.58, Wijaya 14.5 sen to 58.5 sen, GCE 11.5 sen to 80 sen, Petronas Dagangan 10 sen to RM17.54, Eng Kah and Sarawak Cable nine sen each to RM3.28 and RM1.68, while HLFG added eight sen to RM13.38.

Newly-listed OldTown was the most actively traded counter with 43.94 million shares done. The stock rose eight sen to RM1.33.

Other actives included TMS, Talam, Wijaya, Muda, XDL. Ingenuity Solutions and DVM.

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