Wednesday, 14 March 2012

KLCI jumps in early trade, boost from Wall St, regional mkts

KUALA LUMPUR (March 14): Stocks on Bursa Malaysia advanced in early trade as investors’ appetite for equities perked up following the strong overnight close on Wall Street and firmer regional markets.

Reuters reported that Asian shares rose, as upbeat US economic data boosted investors' risk appetite, while reduced expectations for further monetary easing from the Federal Reserve underpinned the dollar.

U.S. stocks rallied on Tuesday as stronger-than-expected retail sales and signs of easing in the euro zone were signals the global economy was gaining momentum. The Dow Jones industrial average was up 104.08 points, or 0.80 percent, at 13,063.74. The Standard & Poor's 500 Index was up 11.10 points, or 0.81 percent, at 1,382.19. The Nasdaq Composite Index was up 29.63 points, or 0.99 percent, at 3,013.29.

At Bursa Malaysia, the FBM KLCI was up 8.95 points to 1,572.97. Turnover was 94.76 million shares valued at RM72.11 million. There were 235 gainers, 41 losers and 123 stocks unchanged.

Among the gainers were Nestle, up 70 sen to RM57 while BAT added 58 sen to RM53.38, UMW 19 sen to RM7.30 while Public Bank and Genting advanced 10 sen each to RM13.76 and RM10.88. KLK rose eight sen to RM23.34 and Maxis seven sen to RM5.97.

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