Wednesday, 2 May 2012

Malaysian stocks gain on US economic data

KUALA LUMPUR (May 2) : Malaysian shares gained on Wednesday morning in tandem with Asian peers following a stronger close across US stock markets in overnight trade.

World markets have reacted positively to better US manufacturing data in April, during which, the growth rate was the strongest in 10 months , according to the Institute for Supply Management.

In technical terms, analysts, however, foresee downside possibilities for Malaysia’s stock benchmark FBM KLCI as the index had failed to close above the 50-day moving average of 1,584 points as of last Monday. As such, it will be interesting to see if the 30-stock FBM KLCI will be able to sustain its gains on Wednesday.

At 9.59am, the gauge added 6.07 points to 1,576.88. Across the exchange, some 269 million shares worth RM161 million were traded, leading to 222 gainers versus 126 decliners.

Top gainers NESTLE (M) BHD [] rose 62 sen to RM55.92 while AEON CREDIT SERVICE (M) BHD [] added 30 sen to RM11.

Among decliners, BRITISH AMERICAN TOBACCO (M) [] Bhd fell 44 sen to RM55.10, while DUTCH LADY MILK INDUSTRIES BHD [] was down 30 sen to RM33.10.

Among actively-traded stocks, ASTRAL SUPREME BHD [] added one sen to 34 sen with some 14 million shares done.

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