Wednesday, November 30, 2011

KLCI firmer in early trade, above 1,450

KUALA LUMPUR (Nov 30): Hong Leong Bank and GENTING BHD [] led blue chips higher in early trade on Wednesday, as sentiment was reinforced by European officials' agreement to strengthen a bailout fund and seek more aid from the International Monetary Fund to help lend to troubled economies as Italy's borrowing costs hit fresh highs.

At 9.39am, the FBM KLCI was up 5.51 points to 1,450.23. Turnover was 193.44 million shares valued at RM120.62 million. There were 180 gainers, 118 losers and 174 stocks unchanged.

Hong Leong Bank rose 16 sen to RM10.56 while Genting added 14 sen to RM10.64.

United PLANTATION []s and Nestle added 50 sen each to RM19 and RM51.90 with only 100 shares done.

Guinness Anchor rose 16 sen to RM11.26 as investors were positive about its plans to issue commercial papers/ medium term notes (CP/MTN) with an aggregate nominal value of up to RM500 million. The proposed debt papers programme would provide it with an alternative source of financing and enable it to effectively plan and manage its funding costs and requirements.

Other gainers were Aeon Credit, up 12 sen to RM6 and Tradewinds 11 sen to RM9.44.

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