Wednesday, October 19, 2011

KLCI opens higher, but gains could be limited

KUALA LUMPUR: The FBM KLCI opened higher on Wednesday, Oct 19 in line with the positive overnight close at Wall Street, and the slight uptrend at key regional markets.

At 9.05am, the FBM KLCI added 9.09 points to 1,449.03, lifted by gains at select blue chips.

Gainers led losers by 220 to 19, while 74 counters traded unchanged.

Among the early gainers were KLK, Batu Kawan, IJM Corp, MMHE, DiGi, Sime Darby, MSM, Genting Malaysia, AirAsia and Bursa Malaysia.

Wall Street received a jolt in the final hour of trading yesterday after the UK Guardian reported that France and Germany had agreed to increase the size of Europe's rescue package to more than EUR2 trillion ($2.7 trillion).

However, the report was almost immediately contradicted by Dow Jones Newswires, which said that European officials were still debating the size of the bailout fund and reports that an agreement has been reached to leverage it to EUR2 trillion are "totally wrong."

At the Asian markets this morning, gains were limited, indicating investors remained caution over the newsflow from the US and Europe.

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