Tuesday, 17 April 2012

World economic concerns weigh on KLCI

KUALA LUMPUR (April 17) : The Malaysian equities barometer rose on Tuesday morning against a backdrop of mixed global economic updates. These include news on European sovereign debt woes which offset the effects of improved retail sales in the US.

Analysts said the FBM KLCI could take the cue from the mixed overnight performance of US equity benchmarks against concerns on the impact of Europe’s debt crisis on world financial markets.

“In the absence of fresh market leads, our Malaysian bourse will probably continue to be range-bound for the time being,” HwangDBS Vickers Research Sdn Bhd wrote in a note.

At 10am, the FBM KLCI added 2.19 points to 1,599.7. Across the exchange, some 476 million shares worth RM183 million were traded, leading to 93 gainers versus 139 decliners.

Among top gainers, PETRONAS GAS BHD [] added 10 sen to RM16.88 while GUAN CHONG BHD [] was up eight sen to RM2.95.

Decliners include NESTLE (M) BHD [] which fell 18 sen to RM55.82 while SARAWAK OIL PALMS BHD [] was down 14 sen to RM6.80.

Among Asian bourses, Japan’s Nikkei 225 climbed 0.38% to 9,506.47 points while Australia’s S&P/ ASX 200 rose 0.32% to 4,315.9. South Korea’s Kospi was up 0.2% to 1,996.6.

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