Friday, 27 April 2012

KLCI edges up in early trade on positive US data, but gains limited

KUALA LUMPUR (April 27): The FBM KLCI edged up in early trade on Friday in line with the overnight gains at Wall Street and higher opening at regional markets.

However gains were limited as the positive US data was overshadowed by after Standard & Poor's downgrade of Spain's rating, as well as investors staying on the sidelines ahead of this weekend’s planned Bersih 3.0 rally.

At 9.00am, the FBM KLCI rose 0.49 of point to 1,580.18, lifted by gains at select blue chips.

Gainers led losers by 26 to 9, while 25 counters traded unchanged. Volume was 4.73 million shares valued at RM7.7 million.

Asian shares inched up on Friday, tracking U.S. stocks which jumped overnight on strong U.S. housing data and earnings, but concerns over the health of European banks weighed on investor risk appetite after Standard & Poor's downgraded Spain's rating, according to Reuters.

Standard & Poor's on Thursday cut its credit rating on Spain to BBB-plus from A , a two-notch downgrade, citing its expectation the government's budget deficit will deteriorate even more than previously thought due to economic contraction.

On Bursa Malaysia, the gainers in early trade included NCB, Aeon, KP Healthcare, Petronas Chemicals, UMW, Genting, Maxis,Sime Darby, Tenaga and RHB Capital.

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