KUALA LUMPUR (March 27): The FBM KLCI rebounded at mid-morning on Tuesday, in line with the overnight gains at Wall Street and improved sentiment at the key regional markets.
At 10.05am, the FBM KLCI added 6.76 points to 1,589.74, lifted by gains at select blue chips including Petronas-linked stocks and index-linked PLANTATION [] counters.
Gainers led losers by 275 to 186, while 258 counters traded unchanged. Volume was 434.91 million shares valued at RM221.33 million.
Wall Street stock rose more than 1% on Monday, as Federal Reserve Chairman Ben Bernanke's comments supported views that easy monetary policy would remain in place for some time and fanned expectations for more asset purchases by the U.S. central bank, according to Reuters.
Asian stocks rebounded on Tuesday and the dollar eased after Federal Reserve Chairman Ben Bernanke said ultra-loose monetary policy was still needed to reduce unemployment even though the U.S. economy has shown signs of improvement, it said.
At the regional markets, Hong Kong’s Hang Seng Index rose 1.26% to 20,929.10, the Shanghai Composite Index added 0.42% to 2,360.44, Taiwan’s Taiex gained 0.30% to 7,991.17, South Korea’s Kospi rose 0.73% to 2,034.01 and Singapore’s Straits Times Index was up 0.67% to 2,994.38.
Meanwhile, Japan’s Nikkei 225 fell 1.69% to 10,187.40.
BIMB Securities Research in a note March 27 said Ben Bernanke’s encouraging statement on the US job market acted as a confidence booster that propped the Dow Jones Industrial Average 161 points higher to convincingly breach its resistances of 13,150 and 13,200.
Over in Europe, more commitment (if required) would be available by Eurozone policy makers enhanced equities participation with almost all closed on positive territory.
The research house said that regionally, most Asian bourses ended Monday’s session on a weaker note as the developments in the west were missed.
Domestically, the FBM KLCI finally corrected with a marginal 2.9 point dip to 1,583 after fighting really hard to stay above the 1,585 level, it said.
“Nonetheless, with the positives all round overnight, we would reckon this to sway trading on a more positive note and the index should trend between the 1,585/90 range.
“We noticed foreign buying was apparent again yesterday with a net participation of RM233 million pushing total inflow of foreign monies surpassing the RM4 billion mark year-to-date,” it said.
On Bursa Malaysia, Dutch lady was the top gainer and rose 46 sen to RM31.86, Petronas Dagangan was up 22 sen to RM18.70, Petronas Gas and F&N rose 14 sen each to RM16.88 and RM18.40, Ta Ann and MPI up 11 sen each to RM6.11 and RM3.24, while Hong Leong Industries, BAT, PPB and KLK gained 10 sen each to RM4.17, RM54.10, RM16.74 and RM23.96 respectively.
Oversea Enterprise was the most actively trade counter with 25.18 million shares done. The stock rose six sen to 20.5 sen.
Other actives included Supercomnet, TMS, Eduspec, Iris Corp, Carotech and Flonic.
Meanwhile, the decliners included Supercomnet, Hartalega, MSM, CHHB, AirAsia, SMPC, PUC, Favelle Favco and Chin Well.
At 10.05am, the FBM KLCI added 6.76 points to 1,589.74, lifted by gains at select blue chips including Petronas-linked stocks and index-linked PLANTATION [] counters.
Gainers led losers by 275 to 186, while 258 counters traded unchanged. Volume was 434.91 million shares valued at RM221.33 million.
Wall Street stock rose more than 1% on Monday, as Federal Reserve Chairman Ben Bernanke's comments supported views that easy monetary policy would remain in place for some time and fanned expectations for more asset purchases by the U.S. central bank, according to Reuters.
Asian stocks rebounded on Tuesday and the dollar eased after Federal Reserve Chairman Ben Bernanke said ultra-loose monetary policy was still needed to reduce unemployment even though the U.S. economy has shown signs of improvement, it said.
At the regional markets, Hong Kong’s Hang Seng Index rose 1.26% to 20,929.10, the Shanghai Composite Index added 0.42% to 2,360.44, Taiwan’s Taiex gained 0.30% to 7,991.17, South Korea’s Kospi rose 0.73% to 2,034.01 and Singapore’s Straits Times Index was up 0.67% to 2,994.38.
Meanwhile, Japan’s Nikkei 225 fell 1.69% to 10,187.40.
BIMB Securities Research in a note March 27 said Ben Bernanke’s encouraging statement on the US job market acted as a confidence booster that propped the Dow Jones Industrial Average 161 points higher to convincingly breach its resistances of 13,150 and 13,200.
Over in Europe, more commitment (if required) would be available by Eurozone policy makers enhanced equities participation with almost all closed on positive territory.
The research house said that regionally, most Asian bourses ended Monday’s session on a weaker note as the developments in the west were missed.
Domestically, the FBM KLCI finally corrected with a marginal 2.9 point dip to 1,583 after fighting really hard to stay above the 1,585 level, it said.
“Nonetheless, with the positives all round overnight, we would reckon this to sway trading on a more positive note and the index should trend between the 1,585/90 range.
“We noticed foreign buying was apparent again yesterday with a net participation of RM233 million pushing total inflow of foreign monies surpassing the RM4 billion mark year-to-date,” it said.
On Bursa Malaysia, Dutch lady was the top gainer and rose 46 sen to RM31.86, Petronas Dagangan was up 22 sen to RM18.70, Petronas Gas and F&N rose 14 sen each to RM16.88 and RM18.40, Ta Ann and MPI up 11 sen each to RM6.11 and RM3.24, while Hong Leong Industries, BAT, PPB and KLK gained 10 sen each to RM4.17, RM54.10, RM16.74 and RM23.96 respectively.
Oversea Enterprise was the most actively trade counter with 25.18 million shares done. The stock rose six sen to 20.5 sen.
Other actives included Supercomnet, TMS, Eduspec, Iris Corp, Carotech and Flonic.
Meanwhile, the decliners included Supercomnet, Hartalega, MSM, CHHB, AirAsia, SMPC, PUC, Favelle Favco and Chin Well.
