Thursday 27 October 2011

KL shares sharply higher at midday

Share prices ended the morning session higher today in line with the positive movement on regional markets as investors took fresh leads following progress on the eurozone debt plan, dealers said.

At 12.30pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 15.01 points to 1,472.81, after opening 3.75 points higher at 1,461.55.

The benchmark index moved between a high of 1,473.20 and fell to a low of 1,459.98.

Dealers said investors took cue from the decision by European leaders for a 50 per cent haircut by private sector investors in Greek bonds and boosted the firepower of the eurozone rescue fund to US$1.4 trillion.

"This gives some hope to players as the Greek Prime Minister also said Greece would able to return to the bond markets sooner than 2021, the year in which it is expected to do so, by the International Monetary Fund," a dealer said.

The Finance Index rose 124.61 points to 13,271.75, the Industrial Index added 21.69 points to 2,706.71 and the Plantation Index advanced 98.15 points to 7,484.71.

The FBM Emas gained 112.109 points to 10,040.30, the FBMT100 increased 110.37 points to 9,861.43 and the FBM Ace Index added 29.75 points to 4,003.44, while the FBM 70 Index increased 161.41 points to 10,820.09.

Advancers led decliners by 489 to 189 while 234 counters were unchanged, 594 untraded and 26 others suspended.

Trading was firmer with a total volume of 984.32 million shares worth RM1.073 billion.

Of the active counters, Dutaland fell 6.5 sen to 54.5 sen, The Media Shoppe was flat at 9.5 sen, UEM Land rose 12 sen to RM2.11 and SAAG Consolidated earned half-a-sen to seven sen.

Among heavyweights, Maybank and CIMB added two sen each to RM8.29 and RM7.28 respectively, Sime Darby was flat at RM8.85 and Petronas Chemicals earned 10 sen to RM6.29. - Bernama
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