Tuesday, September 27, 2011

KLCI stages mild rebound

KUALA LUMPUR: The FBM KLCI opened higher on Tuesday, Sept 27 in line with the overnight gains at Wall Street on optimism that European policy makers would find a solution to the euro zone debt crisis.

At 9,.15am, the FBM KLCI rose 15.71 points to 1,347.51, lifted by gains including at Public Bank, Maybank, CIMB, Genting, PPB and Digi.

Gainers led losers by 194 to 36, while 97 counters traded unchanged. Volume was 29.45 million shares valued at RM38.28 million.

Hwang DBS Vickers Research said the oversold FBM KLCI could stage a moderate technical rebound following a tumble of 142.3-point or 9.7% since the beginning of this month.

It said on Tuesday, Sept 27 that Wall Street closed on a firm note on Monday. Key U.S. stock indices rose between 1.3% and 2.5% at the closing bell lifted by hopes that policy makers would act to resolve the European sovereign debt crisis.

'However, it remains to be seen if there will be any positive spillover effects on Asia equities today, given the ongoing momentum of fund outflows from the region.

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