Wednesday, October 12, 2011

KLCI claws back to black as regionals rise

KUALA LUMPUR: The FBM KLCI reversed its earlier losses and was up at the mid-day break on Wednesday, Oct 12, in line with most regional markets that turned positive on mild bargain hunting.

A rebound in Hong Kong and Shanghai shares helped lift most Asian stocks into positive territory on Wednesday, but concerns that Europe's debt crisis has hurt confidence in the global economy and is weighing on corporate earnings limited gains, according to Reuters.

The strength in Chinese shares also trimmed losses in Japan, but growth-sensitive Asian shares remained weak and an uncertain outlook for demand dragged industrial commodities such as oil lower, it said.

The FBM KLCI rose 0.57% or 7.99 points to 1,419.64 at the mid-day break.

Gainers overtook losers by 390 to 155, while 256 counters traded unchanged. Volume was 517.75 million shares valued at RM498.75 million.

The ringgit weakened 0.29% to 3.1535 versus the US dollar; crude palm oil futures for the third month delivery rose RM50 per tonne to RM2,863, crude oil fell 58 cents per barrel to US$85.23 while gold gained US$3.50 an ounce to US$1,665.90.

At the regional markets, the Shanghai Composite Index reversed earlier losses and jumped 2.16% to 2,399.18, Hong Kong's Hang Seng Index rose 0.63% to 18,255.23, South Korea's Kospi gained 0.67% to 1,807.09 and Singapore's Straits Times Index added 0.25% to 2,699.82.

Meanwhile, Japan's Nikkei 225 was down 0.34% to 8,744.20 and Taiwan's Taiex shed 0.09% to 7,391.81.

On Bursa Malaysia, gainers included RHB Capital that rose 48 sen to RM7.20, Tasek up 39 sen to RM7.50, Affin 34 sen to RM3.01, Petronas Dagangan and DiGi 30 sen each to RM16.40 and RM30.50, Asia File 29 sen to RM3.79, GAB 20 sen to RM10.40, Dutch Lady and Panasonic 18 sen each to RM18.80 and RM20, while Guan Chong added 14 sen to RM2.39.

GPRO was the most actively traded counter with 18 million shares done. The stock shed half a sen to 16 sen.

Other actives included Borneo Oil, Ramunia, Dutaland, Affin and KNM.

Decliners included Jaya Tiasa, Nakamichi, Esso, Apollo, Perstima and Texchem.

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