Friday, November 4, 2011

KLCI snaps three-day losses, up 15 pt

KUALA LUMPUR (Nov 4): Blue chips snapped their three straight days of losses on Friday, with the FBM KLCI surging on late buying of selected stocks in line with the positive European and key regional markets.

Reports said Greece had scrapped its referendum plan while the European Central Bank's move to cut interest rates had helped shore up investors' risk appetite.

Greek Prime Minister George Papandreou bowed to cabinet rebels and agreed to step down and make way for a negotiated coalition government if his Socialists back him in a confidence vote on Friday, government sources told Reuters.

The KLCI closed up 15.14 points or 1.04% to 1,477.51. Turnover surged to 2.30 billion shares valued at RM1.51 billion. ''The broader market was firm with advancers beating decliners 591 to 194 while 248 stocks were unchanged.

Japan's Nikkei 225 rose 1.86% to 8,801.40, Hong Kong's Hang Seng Index jumed 3.12% to 19,842.79, Shanghai's Composite Index 0.81% higher at 2,528.29, Taiwan's Taiex 1.92% to 7,603.23, South Korea's Kospi 3.13% to 1,928.41 and Singapore's Straits Times Index 1.36% to 2,848.24.

At Bursa Malaysia, the strong export numbers for September also supported investors' appetite for equities.

DiGi rose the most, up 82 sen to RM33.30, Tasek 60 sen to RM8.30, Nestle 50 sen to RM50, HLFG 40 sen to RM11.80 and Dutch Lady 32 sen to RM20.28 while RHB Cap added 24 sen to RM7.53 and MISC 21 sen to RM6.89.

Genting advanced 44 sen to RM10.80, pushing the KLCI up 3.77 points while CIMB's 17 sen gain to RM7.36 nudged the index up 2.93 points while a 16 sen gain by Tenaga to RM5.88 enabled the index o chalk up 2.0 points.

Harvest jumped 23.5 sen to 87.5 sen with 94.51 million shares and the warrants 16.5 sen to 75 sen with 110.49 million units as speculators ignored Bursa Malaysia Securities Bhd's query over the unusual market activity regarding its shares and warrants.

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