KUALA LUMPUR: Fund buying of GENTING BHD [] and Sime Darby following their strong earnings and positive developments in the Eurozone pushed the FBM KLCI to its highest level in six months.
At the close, the FBM KLCI was up 12.92 points or 0.83% to close at 1,569.65, its highest since July 2011. Turnover was 1.94 billion shares valued at RM2.694 billion. Gainers beat losers 535 to 297, while 300 counters traded unchanged.
Regionally, markets closed on a positive note except for Shanghai's Composite Index which fell 0.95% to 2,428.49. Japan's Nikkei 225 closed up 0.01% to 9,723.24, South Korea's Kospi 1.33% to 2,030.25, Taiwan's Taiex 2.04% to 8,121.44, Hong Kong's Hang Seng Index 0.52% to 21,680.08 and Singapore's Straits Index 0.57% to 2,986.65.
Genting rose 22 sen to RM10.76, Sime Darby 12 sen to RM9.69 and Tenaga Nasional 13 sen to RM6.33 which helped push the KLCI by 5.28 points.
Sime Darby announced a 42% increase in net profit of RM2.2 billion for the six months ended Dec 31, 2011, on the back of higher crude palm oil (CPO) prices which boosted its PLANTATION [] division's profit. Genting reported its earnings jumped 66% to RM772.9 million in its fourth quarter compared to RM465.4 million a year ago.
While TNB said its second quarter would perform better after it received the RM2 billion compensation from Petroliam Nasional Bhd and the government as part of the the fuel cost sharing mechanism.
However, gains on the KLCI may be short-lived as Reuters reported that the European markets were supported by news of the European Central Bank's latest cheap loan offer on Wednesday, Feb 29.
It said that the markets are expecting a large number of banks to borrow around 500 billion euros ($671 billion) of the three-year money, and that a lot of this liquidity will find its way into riskier assets as well as easing pressure on bank balance sheets.
On Bursa Malaysia, consumer stocks were among top gainers after stocks such as Dutch Lady Industries Bhd rose RM1.00 to RM29.98, Nestle was up 90 sen to RM55.80 and AEON Credit Services was up 63 sen to RM8.82.
YTL Bhd rose 17 sen to RM1.75, with 109.77 million shares traded in, making it the most active stock on the bourse.
Meanwhile, top losers included Tawin down 25 sen to 30 sen, Tradewinds 21 sen to RM9.89 and Shell down 20 sen to RM9.70.
At the close, the FBM KLCI was up 12.92 points or 0.83% to close at 1,569.65, its highest since July 2011. Turnover was 1.94 billion shares valued at RM2.694 billion. Gainers beat losers 535 to 297, while 300 counters traded unchanged.
Regionally, markets closed on a positive note except for Shanghai's Composite Index which fell 0.95% to 2,428.49. Japan's Nikkei 225 closed up 0.01% to 9,723.24, South Korea's Kospi 1.33% to 2,030.25, Taiwan's Taiex 2.04% to 8,121.44, Hong Kong's Hang Seng Index 0.52% to 21,680.08 and Singapore's Straits Index 0.57% to 2,986.65.
Genting rose 22 sen to RM10.76, Sime Darby 12 sen to RM9.69 and Tenaga Nasional 13 sen to RM6.33 which helped push the KLCI by 5.28 points.
Sime Darby announced a 42% increase in net profit of RM2.2 billion for the six months ended Dec 31, 2011, on the back of higher crude palm oil (CPO) prices which boosted its PLANTATION [] division's profit. Genting reported its earnings jumped 66% to RM772.9 million in its fourth quarter compared to RM465.4 million a year ago.
While TNB said its second quarter would perform better after it received the RM2 billion compensation from Petroliam Nasional Bhd and the government as part of the the fuel cost sharing mechanism.
However, gains on the KLCI may be short-lived as Reuters reported that the European markets were supported by news of the European Central Bank's latest cheap loan offer on Wednesday, Feb 29.
It said that the markets are expecting a large number of banks to borrow around 500 billion euros ($671 billion) of the three-year money, and that a lot of this liquidity will find its way into riskier assets as well as easing pressure on bank balance sheets.
On Bursa Malaysia, consumer stocks were among top gainers after stocks such as Dutch Lady Industries Bhd rose RM1.00 to RM29.98, Nestle was up 90 sen to RM55.80 and AEON Credit Services was up 63 sen to RM8.82.
YTL Bhd rose 17 sen to RM1.75, with 109.77 million shares traded in, making it the most active stock on the bourse.
Meanwhile, top losers included Tawin down 25 sen to 30 sen, Tradewinds 21 sen to RM9.89 and Shell down 20 sen to RM9.70.
