Wednesday, 2 May 2012

KLCI edges up in early trade in line with regional gains

KUALA LUMPUR (May 2): The FBM KLCI edged up in early trade on Wednesday in line with the gains at most key regional markets and the firmer overnight close at Wall Street.

At 9.06am, the FBM KLCI was up 6.14 points to 1,576.75.

Gainer s led losers by 103 to 35, while 75 counters traded unchanged. Volume was 38.81 million shares valued at RM19.39 million.

Asian shares edged higher and the dollar recovered against the yen on Wednesday after strong U.S. factory activity data eased concerns about a loss of momentum in the world's biggest economy, according to Reuters.

Most markets in Asia and Europe were closed on Tuesday to mark the May Day holiday. Japanese financial markets will be closed for public holidays on Thursday and Friday, it said.

U.S. factory activity grew in April at the strongest rate in 10 months, with the Institute for Supply Management's index rising to 54.8 from 53.4 in March, beating forecasts and easing worries the economy had lost momentum at the start of the second quarter, said Reuters.

On Bursa Malaysia, the early gainers included Harissons, BHIC, Tasek, Petronas Gas, MPI, KLK, UMW, Kim Loong and Sarawak PLANTATION []s.

Meanwhile, trading in the securities of Malaysian Arline System Bhd and AIRASIA BHD [] was halted from 9am on Wednesday at the request of the two airlines pending a material announcement.

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