Wednesday, November 30, 2011

KLCI in late surge to close at 2-wk high of 1,472

KUALA LUMPUR (Nov 30): The FBM KLCI surged in late trade to close at a two-week high of 1,472 on Wednesday, supported by some fund buying of index-linked stocks including Genting, bucking the key regional markets and European bourses.

The KLCI was up 27.38 points to 1,472.10, which was the highest since Nov 16. There were 1.53 billion shares valued at RM2.02 billion. The broader market improved, with 417 gainers to 352 losers and 283 stocks unchanged.

However, European markets fell and the euro weakened after Standard & Poor's hit some of the world's leading banks with a credit downgrade and euro zone leaders' move to ramp up the regional bailout fund drew a tepid response, Reuters reported.

Weighing further on the single currency, the head of Italy's market authority said there was a real risk of euro break-up if the European Central Bank's role in fighting the two-year-old crisis remains unchanged.

At Bursa Malaysia, Tradewinds surged 65 sen to RM9.98 while Genting added 46 sen to RM10.96 and IJM 32 sen to RM5.91.

Consumer stocks shone, with BAT up 60 sen to RM46.50, Nestle 50 sen to RM51.90, GAB 48 sen to RM11.68 and Dutch Lady 32 sen to RM24.10.

Other top gainers were Lafarge, up 46 sen to RM6.94, Aeon Credit 40 sen to RM6.28 and Sarawak Oil Palms 35 sen to Rm5.10.

Compugates was the most active with 109.20 million shares done, adding 0.5 sen to nine sen.

Versatile added eight sen to 37.5 sen with 52.89 million shares done, which prompted a query from Bursa Malaysia Securities about the sharp rise in price and volume.

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