Friday, 13 April 2012

KLCI gains on European debt sale and China outlook

KUALA LUMPUR (April 13) : Malaysian shares gained on Friday morning in tandem with Asian markets following overnight gains across US equity markets.

Global markets had found support from updates that Italian government bonds had seen better than expected demand, apart from the anticipation of China’s first quarter gross domestic product numbers on Friday. Analysts said overnight gains across US stock markets is expected lend to support to Asian equities.

“Back home, the benchmark FBM KLCI will probably show an extended upward bias following a cumulative two-day gain of 10 points. The immediate resistance barrier for the bellwether is currently seen at 1,610,” HwangDBS Vickers Research Sdn Bhd wrote in a note.

At 10am, the FBM KLCI added 2.12 points to 1,603.39. Across the exchange, some 300 million shares worth RM145 million were traded, leading to 262 gainers versus 122 decliners.

Top gainers JAYA TIASA HOLDINGS BHD [] added three sen to RM9.29 while AMWAY (M) HOLDINGS BHD [] was up 24 sen to RM10.

Decliners SARAWAK OIL PALMS BHD [] fell 27 sen to RM6.61 while TRADEWINDS (M) BHD [] was down 10 sen to RM10.10

Most active was INGENUITY SOLUTIONS BHD [] which added one sen to 10 sen with some 73 million shares done.

Among Asian bourses, Japan’s Nikkei 225 rose 1.64% to 9,680.85 points while Australia’s S&P/ ASX 200 added 1.03% to 4,324.6. South Korea’s Kospi was up 1.2% to 2,010.49.

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