KUALA LUMPUR (Feb 8): The Malaysian market staged a strong start on Wednesday after an extended weekend, with heavy speculative trade in penny stocks especially Naim Indah while volume surged to 2.56 billion units with analysts saying the local market was playing catch up with other regional bourses.
The FBM KLCI rose 9.87 points to 1,548.64, pushed by strong gains in Sime Darby and Public Bank. Turnover was 2.56 billion units valued at RM1.54 billion. Advancing counters beat decliners 486 to 286 while 344 were unchanged.
Among key regional markets, Japan’s Nikkei 225 rose 0.76% to 8,985.31, Hong Kong’s Hang Seng Index rose 0.59% to 20,822 and Shanghai’s Composite Index added 0.38% to 2,300.59.
Taiwan’s Taiex rose 1.53% to 7,825.34 and Singapore’s Straits Times Index 0.44% higher at 2,970.77.
Front-month Brent fell 21 cents to $116.02 a barrel by 0301 GMT, snapping seven straight days of gains. U.S. March crude rose 43 cents to $98.84 a barrel.
Crude palm oil third-month futures rose RM42 to RM3,124 per tonne.
Hopes of an agreement on details of a new Greek bailout package saw investors picking up riskier assets including equities, despite further delays.
At Bursa Malaysia, Sime Darby rose 22 sen to RM9.68 and Public Bank also 22 sen to RM13.98, nuding up the index by 3.12 points and 2.45 points CIMB added nine sen to RM7.09, Petronas Chemical also nine sen to RM6.88 and Maybank five sen to RM8.38.
Batu Kawan was the top gainer, adding 40 sen to RM19.80, Aeon Credit 37 sen to RM7.50 and BAT 34 sen to RM50.04 and Hartalega 31 sen to RM7.96.
Naim Indah hit limit-up, surging 30 sen to 48 sen with 261.15 million shares done.
Penny stocks like Frontken, Trinity, SAAG, Ecofirst and Hubline notched gains in active trade.
United PLANTATION []s fell the most, down 70 sen to RM21.10, F&N 30 sen to RM17.30 and Genting 16 sen to RM10.84.
The FBM KLCI rose 9.87 points to 1,548.64, pushed by strong gains in Sime Darby and Public Bank. Turnover was 2.56 billion units valued at RM1.54 billion. Advancing counters beat decliners 486 to 286 while 344 were unchanged.
Among key regional markets, Japan’s Nikkei 225 rose 0.76% to 8,985.31, Hong Kong’s Hang Seng Index rose 0.59% to 20,822 and Shanghai’s Composite Index added 0.38% to 2,300.59.
Taiwan’s Taiex rose 1.53% to 7,825.34 and Singapore’s Straits Times Index 0.44% higher at 2,970.77.
Front-month Brent fell 21 cents to $116.02 a barrel by 0301 GMT, snapping seven straight days of gains. U.S. March crude rose 43 cents to $98.84 a barrel.
Crude palm oil third-month futures rose RM42 to RM3,124 per tonne.
Hopes of an agreement on details of a new Greek bailout package saw investors picking up riskier assets including equities, despite further delays.
At Bursa Malaysia, Sime Darby rose 22 sen to RM9.68 and Public Bank also 22 sen to RM13.98, nuding up the index by 3.12 points and 2.45 points CIMB added nine sen to RM7.09, Petronas Chemical also nine sen to RM6.88 and Maybank five sen to RM8.38.
Batu Kawan was the top gainer, adding 40 sen to RM19.80, Aeon Credit 37 sen to RM7.50 and BAT 34 sen to RM50.04 and Hartalega 31 sen to RM7.96.
Naim Indah hit limit-up, surging 30 sen to 48 sen with 261.15 million shares done.
Penny stocks like Frontken, Trinity, SAAG, Ecofirst and Hubline notched gains in active trade.
United PLANTATION []s fell the most, down 70 sen to RM21.10, F&N 30 sen to RM17.30 and Genting 16 sen to RM10.84.
