KUALA LUMPUR (Dec 12): The FBM KLCI rose 0.80% at the mid-day break on Monday, in line with most key regional markets that advanced after a European leaders’ summit over the weekend offered a glimmer of hope of a solution to the eurozone debt crisis.
Analysts however said that the deal reached at the summit was not an adequate measure the address the region’s long-term debt crisis.
The FBM KLCI was up 11.72 points to 1,471.85, lifted by gains at banking stocks and select blue chips.
Gainers led losers by 336 to 250, while 290 counters traded unchanged. Volume was 874.85 million shares valued at RM493.64 million.
The ringgit weakened 0.14% to 3.1518 versus the US dollar; crude palm oil futures for the third month delivery lost RM34 per tonne to RM3,052, crude oil fell 12 cents per barrel to US$99.29 while gold slumped US$17.45 an ounce to US$1,694.15.
MIDF Research chief economist Anthony Dass in a note Monday said he was fairly sceptical over the outcome although he acknowledged that there had been progress.
However, he cautioned that there still remained inadequate satisfactory resolution over the debt crisis.
“Risk of downgrading by rating agencies remains since it did not address the increasingly shaky banks or go far enough to shore up the euro-zone battered debt markets remains.
“What turned out to be a disappointment is when ECB remains as ‘lender of last resort’ to only banks not governments,” he said.
At the regional markets, Japan’s Nikkei 225 rose 1.63% to 8,675.54, Hong Kong’s Hang Seng Index gained 1.42% to 18,850.70, South Korea’s Kospi was up 0.92% to 1,891.96, Singapore’s Straits Times Index added 0.75% to 2,714.86 and Taiwan’s Taiex edged up 0.67% to 6,939.55.
Meanwhile, the Shanghai Composite Index shed 0.45% to 2,304.80.
On Bursa Malaysia, the gainers were led by Dutch Lady that rose 98 sen to RM25.90; Nestle was up 62 sen to RM55, GAB 42 sen to RM12.42, KLK 28 sen to RM22.56, Proton 27 sen to RM4.26, Shell 21 sen to RM9.51 while PPB, NSOP and Inno gained 20 sen each to RM16.50, RM5.62 and RM1.50 respectively.
Among banks, RHB Capital rose 15 sen to RM6.95, AMMB 14 sen to RM5.88, CIMB 11 sen to RM7, Public Bank, Hong Leong Bank and HLFG added six sen each to RM12.68, RM11.54 and RM10.68 respectively, Maybank three sen to RM8.18 while Affin added two sen to RM2.81.
Decliners this morning included Lafarge Malayan Cement, APM Automotive, Quality Concrete, Tahps, Suria, Malpac, DKSH and Lingui.
The actives included Utopia, Proton, Compugates, LFE Corp, Flonic, Sersol and SYF Resources.
Analysts however said that the deal reached at the summit was not an adequate measure the address the region’s long-term debt crisis.
The FBM KLCI was up 11.72 points to 1,471.85, lifted by gains at banking stocks and select blue chips.
Gainers led losers by 336 to 250, while 290 counters traded unchanged. Volume was 874.85 million shares valued at RM493.64 million.
The ringgit weakened 0.14% to 3.1518 versus the US dollar; crude palm oil futures for the third month delivery lost RM34 per tonne to RM3,052, crude oil fell 12 cents per barrel to US$99.29 while gold slumped US$17.45 an ounce to US$1,694.15.
MIDF Research chief economist Anthony Dass in a note Monday said he was fairly sceptical over the outcome although he acknowledged that there had been progress.
However, he cautioned that there still remained inadequate satisfactory resolution over the debt crisis.
“Risk of downgrading by rating agencies remains since it did not address the increasingly shaky banks or go far enough to shore up the euro-zone battered debt markets remains.
“What turned out to be a disappointment is when ECB remains as ‘lender of last resort’ to only banks not governments,” he said.
At the regional markets, Japan’s Nikkei 225 rose 1.63% to 8,675.54, Hong Kong’s Hang Seng Index gained 1.42% to 18,850.70, South Korea’s Kospi was up 0.92% to 1,891.96, Singapore’s Straits Times Index added 0.75% to 2,714.86 and Taiwan’s Taiex edged up 0.67% to 6,939.55.
Meanwhile, the Shanghai Composite Index shed 0.45% to 2,304.80.
On Bursa Malaysia, the gainers were led by Dutch Lady that rose 98 sen to RM25.90; Nestle was up 62 sen to RM55, GAB 42 sen to RM12.42, KLK 28 sen to RM22.56, Proton 27 sen to RM4.26, Shell 21 sen to RM9.51 while PPB, NSOP and Inno gained 20 sen each to RM16.50, RM5.62 and RM1.50 respectively.
Among banks, RHB Capital rose 15 sen to RM6.95, AMMB 14 sen to RM5.88, CIMB 11 sen to RM7, Public Bank, Hong Leong Bank and HLFG added six sen each to RM12.68, RM11.54 and RM10.68 respectively, Maybank three sen to RM8.18 while Affin added two sen to RM2.81.
Decliners this morning included Lafarge Malayan Cement, APM Automotive, Quality Concrete, Tahps, Suria, Malpac, DKSH and Lingui.
The actives included Utopia, Proton, Compugates, LFE Corp, Flonic, Sersol and SYF Resources.
