KUALA LUMPUR: Key Asian markets rose on Wednesday, Aug 10 following the Federal Reserve's pledge to keep rates near zero for another two years, as well as encouraging economic data from China.
However, sentiment remained cautious as the Federal Reserve's move could also be indicative of a weaker than expected US economy, and a longer period for recovery.
At 12.30pm, the FBM KLCI was up 13.92 points to 1,486.06 at the mid-day break, off its intra-morning high of 1,490.72. Gainers led losers by 633 to 183, while 211 counters traded unchanged. Volume was 895.51 million shares valued at RM1.61 billion.
The ringgit strengthened 0.52% to 3.0104 versus the US dollar; crude palm oil futures for the third month delivery rose RM48 per tonne to RM2,943, crude oil added US$2.20 per barrel to US$81.50 while gold gained US$16.60 an ounce to US$1,757.
, Japan's Nikkei 225 rose 1.29% to 9,060.04, Hong Kong's Hang Seng Index gained 3.27% to 19,963.60, the Shanghai Composite Index added 1.87% to 2,573.38, Taiwan's Taiex rose 3.04% to 7,721.05 and South Korea's Kospi edged up 0.43% to 1,809.17.'' Singapore's Straits Times Index shed 0.86% to 2,859.34.
AirAsia, which inked a tie-up with MAS, was the most active with 56.2 million shares done. The stock fell 45 sen to RM3.50 as investors were concerned about the impact on the low cost carrier.
UOB Kay Hian Malaysia Research downgraded Air Asia to a sell with a lower target price of RM3.50 (from RM4.60). It pointed out that while an alliance between AirAsia and MAS would benefit Khazanah Nasional Bhd, it did not see AirAsia getting any benefit.
Khazanah, which owns 69.5% in MAS, will take up a 10% of shares in AirAsia while Tune Air Sdn Bhd, which owns some 23% in AirAsia will hold 20.5% shares in MAS. Meanwhile, MAS added 15 sen to RM1.75 with 49 million shares traded.
Other actives included Ranhill, Axiata, Dutaland, Petronas Chemicals, Bumi Armada and UEM Land.
Among the gainers, Panasonic rose 60 sen to RM23.50, F&N 40 sen to RM18.40, BAT 38 sen to RM43.58, Batu Kawan 28 sen to RM15.38, Dutch Lady, LPI Capital and PPB added 26 sen each to RM17.96, RM12,94 and RM16.90 respectivley, Lafarge Malayan Cement 24 sen to RM6.64 while Bursa and Parkson added 20 sen each to RM6.82 and RM5.50.
Losers included Shell, Sarawak PLANTATION [], Hong Leong Industries and AirAsia shares and warrants.
However, sentiment remained cautious as the Federal Reserve's move could also be indicative of a weaker than expected US economy, and a longer period for recovery.
At 12.30pm, the FBM KLCI was up 13.92 points to 1,486.06 at the mid-day break, off its intra-morning high of 1,490.72. Gainers led losers by 633 to 183, while 211 counters traded unchanged. Volume was 895.51 million shares valued at RM1.61 billion.
The ringgit strengthened 0.52% to 3.0104 versus the US dollar; crude palm oil futures for the third month delivery rose RM48 per tonne to RM2,943, crude oil added US$2.20 per barrel to US$81.50 while gold gained US$16.60 an ounce to US$1,757.
, Japan's Nikkei 225 rose 1.29% to 9,060.04, Hong Kong's Hang Seng Index gained 3.27% to 19,963.60, the Shanghai Composite Index added 1.87% to 2,573.38, Taiwan's Taiex rose 3.04% to 7,721.05 and South Korea's Kospi edged up 0.43% to 1,809.17.'' Singapore's Straits Times Index shed 0.86% to 2,859.34.
AirAsia, which inked a tie-up with MAS, was the most active with 56.2 million shares done. The stock fell 45 sen to RM3.50 as investors were concerned about the impact on the low cost carrier.
UOB Kay Hian Malaysia Research downgraded Air Asia to a sell with a lower target price of RM3.50 (from RM4.60). It pointed out that while an alliance between AirAsia and MAS would benefit Khazanah Nasional Bhd, it did not see AirAsia getting any benefit.
Khazanah, which owns 69.5% in MAS, will take up a 10% of shares in AirAsia while Tune Air Sdn Bhd, which owns some 23% in AirAsia will hold 20.5% shares in MAS. Meanwhile, MAS added 15 sen to RM1.75 with 49 million shares traded.
Other actives included Ranhill, Axiata, Dutaland, Petronas Chemicals, Bumi Armada and UEM Land.
Among the gainers, Panasonic rose 60 sen to RM23.50, F&N 40 sen to RM18.40, BAT 38 sen to RM43.58, Batu Kawan 28 sen to RM15.38, Dutch Lady, LPI Capital and PPB added 26 sen each to RM17.96, RM12,94 and RM16.90 respectivley, Lafarge Malayan Cement 24 sen to RM6.64 while Bursa and Parkson added 20 sen each to RM6.82 and RM5.50.
Losers included Shell, Sarawak PLANTATION [], Hong Leong Industries and AirAsia shares and warrants.
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