KLCI rises for third day, but gains limited

KUALA LUMPUR (Dec 29): The FBM KLCI rose for the third day on Thursday and closed above the 1,500-point level, as the slight recovery at most regional markets and bargain hunting activities lifted the local bourse.

The FBM KLCI closed 2.58 points higher at 1,506.69.

Gainers led losers by 492 to 254, while 335 counters traded unchanged. Volume was 1.59 billion shares valued at RM1.16 billion.

At the regional markets, the Shanghai Composite Index rose 0.16% to 2,173.56, Taiwan's Taiex gained 0.26% to 7,074.82, South Korea's Kospi added 0.03% to 1,825.74 and Singapore's Straits Times Index edged up 0.24% to 2,672.78.

Hong Kong's Hang Seng Index fell 0.65% to 18,397.92 and Japan's Nikkei 225 shed 0.29% to 8.398.89.

Meanwhile, European shares rose on Thursday in low volume, recovering from the previous session falls, on hope there would be demand at an Italian auction of long-term sovereign debt after the European Central Bank's three-year funding operation last week, according to Reuters.

On Bursa Malaysia, BAT rose 40 sen to RM49.60, RCI added 33 sen to RM1.80, Cocoaland gained 18 sen to RM2.18, RHB Capital and Sarawak Oil Palms added 17 sen each to RM7.30 and RM5.59, Panasonic gained 16 sen to RM20.02, JT International and Faber rose 15 sen each to RM7.15 and RM1.62, while Batu Kawan gained 14 sen to RM17.44.

Among the decliners, Nestle fell 70 sen to RM56, Box-Pak lost 24 sen to RM2.23, Chin Teck down 20 sen to RM8.79, Southern Acids and Tasek fell 15 sen each to RM2.15 and RM7.80, HLFG lost 12 sen to RM11.56, Perduren fell 10.5 sen 74.5 sen, while UMW and Supermax lost 10 sen each to RM6.85 and RM3.79.

Utopia was the most actively traded counter with 197.45 million shares done. The stock fell one sen to 6.5 sen.

Other actively traded stocks included Sanichi, Mulpha, JCY, KNM, Flonic and LFE Corp.

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