Tuesday, October 25, 2011

Late buying nudges KLCI up nearly 8pts

KUALA LUMPUR: Late fund buying of selected key stocks nudged the FBM KLCI to a strong close on Tuesday, Oct 25 after a lacklustre trading performance throughout the day.

The KLCI closed up 7.78 points or 0.54% to 1,457.80 after spending half the day in the red.'' Volume traded was 850.64 million shares valued at RM1.076 billion.'' The broader market sentiment improved, with 299 gainers versus 373 losers and 289 counters unchanged.

Shanghai's Composite Index closed up 1.66% at 2,409.67 led by financials and energy counters. Hong Kong's Hang Seng rose 1.05% to 18,968.20 and Singapore's Straits Index 0.33% to 2,769.94.

However, South Korea's Kospi fell 0.51%to 1,888.65 and Japan's Nikkei 225 fell 0.92% to 8,762.31 as some Japanese market players were sceptical on whether European policymakers were doing enough to contain the debt crisis.

Reuters reported investors were cautious as fresh political uncertainties a day ahead of the eurozone leaders meeting to resolve the region's two year old debt crisis.

At Bursa Malaysia, Malaysia Airports Holdings Bhd's strong 3Q11 results saw the share price climb 33 sen to RM5.88.

Other index-linked stocks which closed higher were Sime Darby, up 21 sen to RM8.85, Tenaga Nasional 19 sen to RM5.78 and Malaysia Marine and Heavy Engineering 14 sen to RM6.08.

Meanwhile, crude palm oil futures for January rose RM61 or 2.1% to RM2,951 a tonne, the highest since Sept 26. IOI Corp rose seven sen to RM5.10,

KLK rose four sen to RM20.62 but KLK's major shareholder Batu Kawan lost 18 sen to RM15.32.

The worst performer was TAHPS, down 40 sen to RM4.10, Fima Corp 18 sen to RM5.55, MFlout 15 sen to RM7.15 and Yahorng 12 sen to 50 sen.

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