Wednesday, September 7, 2011

KLCI snaps losing streak, closes 0.7% higher

KUALA LUMPUR: The FBM KLCI closed higher on Wednesday, Sept 7 in line with the advance at key regional markets and positive opening at European markets.

World stocks steadied above a two-week low on Wednesday and the euro rebounded after some more positive data from the United States and Australia helped calm frayed market nerves, according to Reuters.

But investor sentiment could remain tepid from the outcome of Germany's Constitutional Court rejecting on Wednesday a series of lawsuits aimed at blocking Germany's participation in bailout packages for Greece and other euro zone countries.

The country's highest court in Karlsruhe said the German government must seek the approval of parliament's budget committee before granting such aid, a requirement which could further slow down Europe's response to the debt crisis, said Reuters.

The FBM KLCI rose 0.70% or 10.24 points to close at 1,464.61, lifted by gains at select blue chips.

Trading volume was thin with 650.39 million shares valued at RM1.25 billion. Gainers led losers by 439 to 240, while 251 counters traded unchanged.

At the regional markets, Japan's Nikkei 225 rose 2.01% to 8,763.41, Hong Kong's Hang Seng Index added 1.71% to 20,048.00, the Shanghai Composite Index gained 1.84% to 2,516.09, South Korea's Kospi jumped 3.78% to 1,833.46, Taiwan's Taiex rose 2.20% to 7,529.01 and Singapore's Straits Times Index up 2.08% to 2,832.13.

On Bursa Malaysia, Petronas Gas was the top gainer and added 40 sen to RM13.50; KLK rose 34 sen to RM21.64, PPB 28 sen to RM16.98, Bernas 23 sen to RM3.38, MISC and Genting 20 sen to RM7.15 and RM9.75, Uzma 19 sen to RM1.88, MNRB 18 sen to RM3.28, Bonia 15 sen to RM1.65, Telekom seven sen to RM4.39 and Axiata three sen to RM4.74.

Berjaya Corp was the most actively traded counter with 22 million shares done. The stock closed unchanged at RM1.

Other actives included E&O, Systech, Telekom, Axiata, Takaso, MUI, CIMB, DVM and AirAsia.

Among the decliners, Panasonic fell 38 sen to RM21.48, Tan Chong 31 sen to RM4.49, Perduren 24 sen to 76 sen, BHIC 15 sen to RM2.80, Cepco 14 sen to RM1.80, Shell and United PLANTATION []s 10 sen each to RM9.80 and RM17.90, while F&N fell eight sen to RM16.62.

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