Monday, August 1, 2011

Asian markets close higher as US lawmakers agree to raise debt limit

KUALA LUMPUR: Asian markets, including Bursa Malaysia, closed higher on the first trading day of August as investors breathed a sigh of relieve after US lawmakers reached a deal to raise the borrowing limit in the United States before it runs out of credit.

Regional stocks also gained as China's manufacturing expanded at a faster pace than consensus' estimates.

On Bursa Malaysia, the FBM KLCI snapped its three-day losing streak and added 0.59% or 9.20 points to 1,558.01, lifted by gains at select blue chips.

Gainers led losers by 553 to 225, while 300 counters traded unchanged. Volume was 1.01 billion shares valued at RM1.45 billion.

At the regional markets, Japan's Nikkei gave up some of its earlier gains slipped below the 10,000-point level to close 1.34% higher at 9,965.01.

South Korea's Kospi rose 1.83% to 2,172.31, Hong Kong's Hang Seng Index added 0.99% tp 22,663.37, Singapore's Straits Times Index was up 0.82% to 3,215.27, Taiwan's Taiex gained 0.66% to 8.701.38 and the Shanghai Composite Index edged up 0.08% to 2,703.78.

On Bursa Malaysia, Nestle rose 68 sen to RM47.78, Manulife up 25 sen to RM3.25, PPB 22 sen to RM17.58, Taliworks 16 sen to RM1.32, while Chin Teck, CIMB, Paramount and EPIC rose 15 sen each to RM8.78, RM8.42, RM2.05 and RM2.95 respectively.

Ingenuity Solutions was the most actively traded counter with 63.9 million shares done. The stock gave up half a sen to 4.5 sen.

Other actives included DVM, Jotech, E&O, CIMB, Prestariang and Bertam.

Among the decliners, Ann Joo fell 21 sen to RM2.78, Tahps lost 20 sen to RM4.30, United PLANTATION []s 14 sen to RM20.48, Vitrox 12 sen to RM1.28, Quality Concrete 10 sen to RM1.30, Mamee eight sen to RM4.13, Ya Horng seven sen to 61 sen while PCCS lost five sen to 50 sen.

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