KUALA LUMPUR: ''The FBM KLCI extended its gains at mid-morning on Monday, July 4 in line with the advance at key regional markets after an emergency tranche of funding for Greece was approved, offering a lifeline to the debt-stricken nation while strong US data also boosted demand for risky assets.
Euro zone finance ministers on Saturday approved a 12 billion euro instalment of Greece's bailout and said details of a second aid package for Athens would be finalised by mid-September, according to Reuters.
The FBM KLCI rose 6.47 points to 1,589.41 at 10am, lifted by gains at select blue chips.
Gainers led losers by 224 to 180, while 199 counters traded unchanged. Volume was 132.99 million shares valued at RM145.71 million.
At the regional markets, Hong Kong's Hang Seng Index jumped 1.65% to 22,767.65, Japan's'' Nikkei 225 rose 1.05% to 9,971.59, the Shanghai Composite Index added 0.87% to 2,783.36, South Korea's Kospi was up 0.95% to 2,145.84 while Taiwan's Taiex and Singapore's Straits Times Index gained 0.65% each to 8,796.57 and 3,159.35.
MIDF Research in its 3Q2011 Outlook strategy report said that earnings performance in the quarter ended March 2011 was slightly negative but there were some positive surprises that help supported the aggregate performance of its stock universe.
The research house maintained its FBM KLCI targets of 1,650 and 1,715 respectively for 2011 and 2012 respectively.
It said on July 4 it was upgrading its recommendation to Positive from Neutral for the power sector while maintaining POSITIVE for semiconductor, telecommunications, PLANTATION [], oil & gas, banking, healthcare and CONSTRUCTION [] sector.
"On the other hand, we are downgrading the automotive and glove sector to Negative from Neutral. Meanwhile, we are maintaining Negative on the steel sector in general.
'We are maintaining our Neutral view on the property, consumer, aviation, shipping, toll, tobacco and media sector. At the same time, our recommendation on seaports sector is upgraded to Neutral,' it said.
On Bursa Malaysia, KLK led the gainers and was up 74 sen to RM22.96; HLFG added 20 sen to RM13.36, Fima Corp 19 sen to RM6.27, NCB and DiGi 18 sen each to RM4.45 and RM29.40, Batu Kawan, Hong Leong Bank and MISC 16 sen each to RM17.22, RM13.66 and RM7.65 respectively, Petronas Gas 14 sen to RM13.40 and Ann Joo 12 sen to RM2.92.
XDL was the most actively traded counter with 7.68 million shares done. The stock added two sen to 43.5 sen.
Other actives included Lion Corp, Karambunai, Asia Media, HWGB, TMS, Time and Eversendai.
Among the decliners, BAT fell 14 sen to RM45.56, Taliworks down 13 sen to RM1.16. UMW 12 sen to RM7.36, NSOP 10 sen to RM5.42, Notion nine sen to RM2.04, Malayan Flour Mills seven sen to RM8.20 and Ekovest six sen to RM3.
Euro zone finance ministers on Saturday approved a 12 billion euro instalment of Greece's bailout and said details of a second aid package for Athens would be finalised by mid-September, according to Reuters.
The FBM KLCI rose 6.47 points to 1,589.41 at 10am, lifted by gains at select blue chips.
Gainers led losers by 224 to 180, while 199 counters traded unchanged. Volume was 132.99 million shares valued at RM145.71 million.
At the regional markets, Hong Kong's Hang Seng Index jumped 1.65% to 22,767.65, Japan's'' Nikkei 225 rose 1.05% to 9,971.59, the Shanghai Composite Index added 0.87% to 2,783.36, South Korea's Kospi was up 0.95% to 2,145.84 while Taiwan's Taiex and Singapore's Straits Times Index gained 0.65% each to 8,796.57 and 3,159.35.
MIDF Research in its 3Q2011 Outlook strategy report said that earnings performance in the quarter ended March 2011 was slightly negative but there were some positive surprises that help supported the aggregate performance of its stock universe.
The research house maintained its FBM KLCI targets of 1,650 and 1,715 respectively for 2011 and 2012 respectively.
It said on July 4 it was upgrading its recommendation to Positive from Neutral for the power sector while maintaining POSITIVE for semiconductor, telecommunications, PLANTATION [], oil & gas, banking, healthcare and CONSTRUCTION [] sector.
"On the other hand, we are downgrading the automotive and glove sector to Negative from Neutral. Meanwhile, we are maintaining Negative on the steel sector in general.
'We are maintaining our Neutral view on the property, consumer, aviation, shipping, toll, tobacco and media sector. At the same time, our recommendation on seaports sector is upgraded to Neutral,' it said.
On Bursa Malaysia, KLK led the gainers and was up 74 sen to RM22.96; HLFG added 20 sen to RM13.36, Fima Corp 19 sen to RM6.27, NCB and DiGi 18 sen each to RM4.45 and RM29.40, Batu Kawan, Hong Leong Bank and MISC 16 sen each to RM17.22, RM13.66 and RM7.65 respectively, Petronas Gas 14 sen to RM13.40 and Ann Joo 12 sen to RM2.92.
XDL was the most actively traded counter with 7.68 million shares done. The stock added two sen to 43.5 sen.
Other actives included Lion Corp, Karambunai, Asia Media, HWGB, TMS, Time and Eversendai.
Among the decliners, BAT fell 14 sen to RM45.56, Taliworks down 13 sen to RM1.16. UMW 12 sen to RM7.36, NSOP 10 sen to RM5.42, Notion nine sen to RM2.04, Malayan Flour Mills seven sen to RM8.20 and Ekovest six sen to RM3.
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