Wednesday, January 4, 2012

KLCI rebounds in early trade as Asian stocks rise

KUALA LUMPUR (Jan 4): The FBM KLCI rebounded in early trade in line with the higher opening at regional markets following the firmer overnight close at Wall Street.

Asian stocks and the euro firmed on Wednesday, as investor risk appetite returned after upbeat U.S. and European economic data boosted global shares and commodities and hopes for improved growth outlook grew despite worries over the euro zone debt crisis, according to Reuters.

The FBM KLCI was up 11.60 points to 1,525.14 at 9.05am.

Gainers beat losers by 194 to 18, while 129 counters traded unchanged. Volume was 98.88 million shares valued at RM62.41 million.

Among the early gainers were KLK, BAT, Hong Leong Bank, Allianz, DiGi, Harvest Court, Scientex, IGB, IOI Corp and Cepat.

Meanwhile, Maxbiz was the most actively traded counter after it received a letter of intent (LOI) in respect of a fibre-to-the-home and fibre-to-the-office (FTTX) contract worth RM510 million.

Maxbiz gained one sen to 18.5 sen with 10.73 million shares done.

The company had received the LOI from Fiber-N Sdn Bhd on Dec 30, 2011 for the infrastructure works for 100,000 FTTX connections on high rise residential and office buildings in Klang Valley, Penang and Johor Bahru.

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