KUALA LUMPUR (Dec 1): The FBM KLCI extended its gains for the third day running on Thursday, in line with the strong close at Wall Street and firmer start at key regional markets.
Asian markets were buoyed on Thursday after central banks stepped up moves to prevent a global credit crunch, and China, the biggest consumer of Australian resources, cut the cash banks must keep as reserves, according to Reuters.
The FBM KLCI rose 18.16 points to 1,490.26 at mid-morning, lifted by gains at blue chip stocks.
Gainers led losers by 460 to 102, while 192 counters traded unchanged. Volume was 433.23 million shares valued at RM384.94 million.
At the regional markets, Hong Kong’s Hang Seng Index surged 5.17% to 18,919.24, South Korea’s Kospi jumped 3.72% to 1,916.23, Taiwan’s Taiex added 3.31% to 7,132.35, Singapore’s Straits Times Index was up 2.39% to 2,767.16, Japan’s Nikkei 225 gained 2.15% to 8,615.57 and the Shanghai Composite Index rose 2.14% to 2,383.39.
Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients said that due to the US markets’ surge last night, it would be another firm day for the local index.
Some local nibbling of beaten-down blue chips stocks (like finance stocks) would be obvious today, he said.
From the recent 1,310.53 low to the 1,493.28 high, the index had managed to hold above the key 38.2% retracement level of 1,424.18, he said.
This would be a platform for the index to rebound in the coming weeks, he said.
“The present price move is set-up for a firm test of 1,493.28 again.
“If the index can exceed 1,493.28, then a test of the 1,500 level and 1,510.54 would follow,” said Lee.
On Bursa Malaysia, BAT was the top gainer at mid-morning and rose RM1.46 to RM47.96; PPB added 68 sen to RM16.74, Shell 63 sen to RM9.98, Nestle 60 sen to RM52.50, HLFG 40 sen to RM11.80, United PLANTATION []s 34 sen to RM18.94, Hong Leong Bank and KLK 28 sen each to RM10.74 and RM21.78, MISC 25 sen to RM6.13 while Dutch Lady added 22 sen to RM24.32.
Extol was the most actively traded counter with 27.5 million shares done. The stock added 2.5 sen to 20 sen.
Other actives included Hubline, YGL, PJI, Compugates, GPRO, Patimas and Karambunai.
Meanwhile, the decliners at mid-morning included P.I.E., Lafarge Malayan Cement, Axiata, Genting, IJM Corp, MSM and Malaysia Smelting Corp.
Asian markets were buoyed on Thursday after central banks stepped up moves to prevent a global credit crunch, and China, the biggest consumer of Australian resources, cut the cash banks must keep as reserves, according to Reuters.
The FBM KLCI rose 18.16 points to 1,490.26 at mid-morning, lifted by gains at blue chip stocks.
Gainers led losers by 460 to 102, while 192 counters traded unchanged. Volume was 433.23 million shares valued at RM384.94 million.
At the regional markets, Hong Kong’s Hang Seng Index surged 5.17% to 18,919.24, South Korea’s Kospi jumped 3.72% to 1,916.23, Taiwan’s Taiex added 3.31% to 7,132.35, Singapore’s Straits Times Index was up 2.39% to 2,767.16, Japan’s Nikkei 225 gained 2.15% to 8,615.57 and the Shanghai Composite Index rose 2.14% to 2,383.39.
Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients said that due to the US markets’ surge last night, it would be another firm day for the local index.
Some local nibbling of beaten-down blue chips stocks (like finance stocks) would be obvious today, he said.
From the recent 1,310.53 low to the 1,493.28 high, the index had managed to hold above the key 38.2% retracement level of 1,424.18, he said.
This would be a platform for the index to rebound in the coming weeks, he said.
“The present price move is set-up for a firm test of 1,493.28 again.
“If the index can exceed 1,493.28, then a test of the 1,500 level and 1,510.54 would follow,” said Lee.
On Bursa Malaysia, BAT was the top gainer at mid-morning and rose RM1.46 to RM47.96; PPB added 68 sen to RM16.74, Shell 63 sen to RM9.98, Nestle 60 sen to RM52.50, HLFG 40 sen to RM11.80, United PLANTATION []s 34 sen to RM18.94, Hong Leong Bank and KLK 28 sen each to RM10.74 and RM21.78, MISC 25 sen to RM6.13 while Dutch Lady added 22 sen to RM24.32.
Extol was the most actively traded counter with 27.5 million shares done. The stock added 2.5 sen to 20 sen.
Other actives included Hubline, YGL, PJI, Compugates, GPRO, Patimas and Karambunai.
Meanwhile, the decliners at mid-morning included P.I.E., Lafarge Malayan Cement, Axiata, Genting, IJM Corp, MSM and Malaysia Smelting Corp.
