Thursday, 8 March 2012

Tenaga, Sime power KLCI higher

KUALA LUMPUR (March 8): Key regional markets snapped out of their losing streak on Thursday, with all indices in positive territory including Bursa Malaysia’s FBM KLCI, as investors pinned their hopes on Greece avoiding a default and the promising jobs data from the US.

At 12.30pm, the FBM KLCI was up 3.28 points to 1,578.11, underpinned by gains in Tenaga and Sime Darby again. Turnover was 969.98 million shares valued at RM775.44 million. There were 333 gainers, 277 losers and 321 stocks unchanged.

The ringgit was firmer against the US dollar at 3.0157 vs 3.0292 overnight. Brent crude was steady above US$124 a barrel while US light crude added 18 cents to US$106.34.

The Nikkei 225 rose 1.4% to 9,709.68, Hang Seng Index 0.9% to 20,813.40, Shanghai Composite Index 1.04% to 2,419.68, and Singapore’s Straits Times Index 1.21% higher at 2,948.87.

Reuters reported Greece has set a Thursday 2000 GMT deadline for investors to sign up to a debt restructuring designed to trim 100 billion euros off the country's public debt.

News that Japan's economy shrank less than initially estimated in the fourth quarter, as companies ramped up spending, also supported oil prices. The revision to GDP showed a 0.2 percent contraction as companies look to an increase in demand due to reCONSTRUCTION [] of the country's tsunami-battered northeast coast.

In the United States, data showed an accelerated pace of job creation in the private sector in February, raising optimism about Friday's government employment report for that month. The private sector added 216,000 jobs last month, according to the ADP National Employment Report, topping economists' expectations for a gain of 208,000, and raising hopes the labour market recovery was moving at a faster clip.

At Bursa Malaysia, Nestle was the top gainer, up 24 sen to RM56.24, Carlsberg 10 sen to RM10.50 and Dutch Lady eight sen to RM29.98.

Crude palm oil futures rose RM19 to RM3,278 per tonne. Among PLANTATION []s, Sungei Bagan added 12 sen to RM3 and United Plantations eight sen to RM24.48.

The gains on the KLCI were driven by Tenaga and Sime Darby, which pushed the index up 0.896 of a point and 0.852 of a point respectively. Tenaga rose seven sen to RM6.26 and Sime six sen to RM9.86.

Among the banks, CIMB added four sen to RM7.35, Public Bank two sen to RM13.76 while GENTING BHD [] added eight sen to RM10.82 and Genting Malaysia three sen to RM3.86.

Naim Indah Corp was the most active again, up 4.5 sen to 70 sen to 252.37 million shares done and accounted for about one-quarter of the trading volume.

China Stationery Ltd lost six sen to RM1.04 in active trade. It had surged to a high of RM1.39 on Feb 28 after its listing on Feb 24 at an offer price of 95 sen.

Lysaght was the top loser, down 20 sen to RM2.29 while Berjaya Media shed 8.5 sen to 45.5 sen and HLFG eight sen to RM12.02.

Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or for more details.
Related Posts Plugin for WordPress, Blogger...