Thursday, October 13, 2011

Plantations, Genting group lift FBM KLCI at mid-day

KUALA LUMPUR: Gains at select blue chip stocks and the overall positive sentiment at key regional markets gave the FBM KLCI a boost, as the benchmark index extended its positive run for the third day.

Asian shares rose on Thursday on growing hopes that Europe is taking concrete steps to contain the region's debt woes and head off a systemic banking crisis, according to Reuters.

Strengthening investor confidence in the euro zone underpinned the single currency, while receding concerns about the banks' problems threatening the wider financial system sharply tightened Asian credit markets, it said.

The FBM KLCI rose 11.06 points to 1,439.56 at mid-morning.

The broader market sentiment was positive with 395 gainers and 87 losers, while 182 counters traded unchanged. Volume was 401.4 million shares valued at RM413.81 million.

BIMB Securities Research in a note Oct 13 said that a swing in sentiments to the positive on equities was rather apparent in line with a clearer picture on the Euro zone.

The stronger closing on major European bourses and Wall Street which ended 105 points higher had pointed a more sanguine outlook for equities going forward, it said.

The research house said barring any nasty surprises, it expects that investors would trickle back to the stock markets after what was a confidence trashing 3 months.

Most Asian bourses also fared better hence a more improved performance by the FBM KLCI, it said.

'The benchmark index jumped almost 17 points to close at almost 1,430 with the next resistance seen at the 1,450 mark.

'With most of the negative news already discounted, seems like the equities markets are now waiting for further positive news before more investors flock back. A false dawn, let's hope not!' it said.

On Bursa Malaysia, ''DiGi led the gainers and rose 36 sen to RM30.84, CI Holdings and Amway 22 sen each to RM4.74 and RM8.80, Pasdec 19 sen to 55 sen, Ta Ann and Genting 16 sen each to RM4.61 and RM9.96, UOA Development 15 sen to RM1.43, while Batu Kawan, Petronas Chemicals and Sime Darby added 14 sen each to RM15, RM5.94 and RM8.69 respectively.

Among the decliners were RHB Capital, Notion Vtec, Kheesan, Tenaga, Tradewinds PLANTATION []s, MBMR, Padini and Top Glove.

Meanwhile, the actives included Sanichi, Timecom, UOA Development, Dutaland, CIMB and MBSB.

Plantations, Genting group lift FBM KLCI at mid-day

KUALA LUMPUR: The FBM KLCI extended its gains at the mid-day break on Thursday, Oct 13, lifted by gains at index-linked plantation counters and the Genting stable of companies.

Asia stocks also rose today on growing hopes that Europe is taking concrete steps to contain the region's debt woes and head off a systemic banking crisis.

The FBM KLCI rose 0.98% or 14.01 points to 1,442.51 at 12.30pm.

Gainers led losers by 589 to 149, while 225 counters traded unchanged. Volume was 914.58 million shares valued at RM1.01 billion.

The ringgit strengthened 0.13% to 3.1285 versus the US dollar; crude palm oil futures for the third month delivery fell RM4 per tonne to RM2,874, crude oil shed 52 cents per barrel to US$85.05 while gold rose US$4.33 an ounce to US$1,680.35.

At the regional markets, Hong Kong's Hang Seng Index rose 1.91% to 18,680.08, Japan's Nikkei 225 added 1.11% to 8,836.33, South Korea's Kospi Index gained 1.13% to 1,829.86, the Shanghai Composite Index was up 0.50% to 2,432.19, Taiwan's Taiex up 0.61% to 7,427.25 and Singapore's Straits Times Index edged up 0.50% to 2,751.35.

Among the gainers on Bursa Malaysia, PPB added 44 sen to RM16.74, Chin Teck 35 sen to RM8.25, IOI Corp 15 sen to RM5.15, KLK 14 sen to RM20.72, Sime Darby nine sen to RM8.64 and Genting Plantations eight sen to RM7.19.

Other gainers included BAT that rose 84 sen to RM44.44, DiGi and Ta Ann 28 sen each to RM30.76 and RM4.73, CI Holdings 24 sen to RM4.76, Jaya Tiasa 22 sen to RM5.40, MSM 21 sen to RM4.94, HLFG 20 sen to RM11.12, Genting 18 sen to RM9.98 and Genting Malaysia 13 sen to RM3.73.

UOA Development was the most actively traded counter with 28.4 million shares done. The stock rose 17 sen to RM1.45.

Other actives included Malton, Timecom, Dutaland, Sanichi, GPRO and Karambunai.

Meanwhile, decliners included Asia File, Glenealy, Tenaga, Brahims, Top Glove, Kheesan, CHHB and TSM.

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