KLCI rebounds at noon as Asian markets jump

Business & Markets 2012
Written by Surin Murugiah of theedgemalaysia.com
Friday, 07 September 2012 12:45
KUALA LUMPUR (Sept 7): The FBM KLCI rebounded at the mid-day break on Friday, in line with the gains at regional markets that rose after the European Central Bank (ECB) outlined its bond-buying scheme to help calm the eurozone’s debt crisis. At 12.30pm, the FBM KLCI rose 6.63 points to 1,624.62, lifted by gains including at Genting and Axiata. Gainers led losers by 407 to 217, while
277 counters traded unchanged. Volume was 583.48 million shares valued at RM771.89 million.
The ringgit rose 0.16% to RM3.1119 versus the US dollar; crude palm oil (CPO) futures for the third month delivery fell RM6 per tonne to RM2,983; crude oil lost 67 US cents per barrel to US$94.86 (RM295.16); while gold was down US$8.43 an ounce to US$1,691.85.
Asian shares looked set for their biggest daily gain in nearly five weeks on Friday after the ECB bond-buying scheme outline, while firm US data fed speculation of a strong jobs report later in the day, according to Reuters. MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 1.3%, and was set for a weekly gain of 0.3% after European shares rallied to six-month highs and US stocks closed at multi-year highs on Thursday, it said.
At the regional markets, the Shanghai Composite Index jumped 4.2% to 2,138.02; Japan’s Nikkei 225 rose 1.97% to 8,851.83, Hong Kong’s Hang Seng Index gained 2.37% to 19,663.90; Taiwan’s Taiex up 1.46% to 7,433.68; South Korea’s Kospi added 2.33% to 1,925.905; and Singapore’s Straits Times Index gained 0.87% to 3,015.12.
Among the gainers in the morning session, Aeon Credit added 26 sen to RM12.30; Malpac jumped 22 sen to RM1.78; Genting rose 19 sen to RM8.89; Pharmaniaga grew 16 sen to RM7.72; Tan Chong and Top Glove increased 15 sen each to RM4.58 and RM5.35 respectively; Hartalega was up 14 sen to RM4.56l and Axiata gained 12 sen to RM6.14.
Nextnation was the most actively-traded counter, with 38.59 million shares done. The stock fell half a sen to 13 sen. Other actives included Scomi, Asia Bio, JCY, Globaltec, CSL, KNM and Ingenuity Solutions. Decliners in the morning session included F&N, PetDag, Tasek, KLK, BLD PLANTATION’s, NestlĂ©, MAHB, Bat and Far East.
Source: The Edge Malaysia 

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