Wednesday, 25 April 2012

KLCI gains on US, Europe updates

KUALA LUMPUR (April 25) : Malaysians stocks rose in tandem with Asian peers following a stronger close across US markets in overnight trade. Global markets have responded positively to improving US corporate earnings and housing sector updates, apart from firm demand for European government bonds.

Analysts said investors will watch for clues of further quantitative easing (QE) by US policymakers to sustain the world’s largest economy. Signs of a further QE may spur global equities while an opposite indication could result in profit taking, they said.

“Selling pressures on Asian equities may abate today after Wall Street’s performance last night,” HwangDBS Vickers Research Sdn Bhd wrote in a note.

At 9.59am, the FBM KLCI added 1.13 points to 1,583.41. Across the exchange, some 372 million shares worth RM188 million were traded, leading to 222 gainers versus 138 decliners.

Top gainers UMW HOLDINGS BHD [] rose 18 sen to RM7.83, while Panasonic Manufacturing Malaysia Bhd was up 16 sen to RM22.30.

Among decliners, UMS HOLDINGS BHD [] fell 20 sen to RM1.60 while PPB GROUP BHD [] was down 12 sen to RM16.66.

Among actively-traded stocks, RAMUNIA HOLDINGS BHD [] added one sen to 41 sen with some 15 million shares done.

Across Asia, Japan’s Nikkei 225 rose 1% to 9,562.62 points while South Korea’s Kospi was up 0.34% to 1,970.11. The Australian exchange is closed for a public holiday.

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