KUALA LUMPUR (March 9): Asian equity markets rose on Friday on improved sentiment on the back of successful attempt by Greece to close the bond swap offer on Thursday.
The bond swap offer was to reduce its huge debt pile and averting a chaotic default that would pitch the euro zone into a fresh crisis, according to Reuters.
BIMB Securities Research in a note Friday said that news on Thursday that Greece had managed to garner almost 90% of its bondholders to swap for new securities filtered through the market thus the broad based gains.
Improved employment outlook in the US provided further positive vibes thus pushing the DJI Average 71 points higher to above the 12,900 mark, it said.
“With Eurozone’s outlook on a stabilisation path, major European bourses ended up mostly in positive territory. “Regionally, there were across the board buying momentum pushing almost all Asian markets up.
“The FBM KLCI made minor inroads with a modest 3.53 point gain to hang around the 1,580 level. We expect the index to see more upside judging by the net inflow of foreign funds into the market over the past two weeks amounting to almost RM1.3bn and may surpass the immediate resistance of 1,585,” it said.
On Bursa Malaysia, the FBM KLCI edged up 2.67 points to 1,581.03 ay 10am, lifted by gains at select blue chips.
Gainers led losers by 234 to 128, while 246 counters traded unchanged. Volume was 339.49 million shares valued at RM196.50 million.
At the regional markets, Japan’s Nikkei 225 rose 1.03% to 9,869.78, Hong Kong’s Hang Seng Index added 0.33% to 20,970.30, the Shanghai Composite Index added 0.43% to 2430.73, Taiwan’s Taiex gained 0.37% to 8,013.72, South Korea’s Kospi was up 0.40% to 2,008.72 and Singapore’s Straits Times Index added 0.07% to 2,972.44.
Among the gainers on Bursa Malaysia, BAT rose 38 sen to RM52.40, Deleum 17 sen, Petronas Gas 14 sen to RM16.92, KLK 12 sen to RM23.38, CIMB, Tenaga and Johore Tin nine sen each to 7.35, 6.35 and RM1.22 respectively, CAB 6.5 sen to 44 sen while Astral Asia and Padini added six sen each to RM1.29 and RM1.54.
Naim Indah Corp was the most actively traded counter with 36.1 million shares done. The stock gained one sen to 64 sen.
Other actives included Sumatec, CSL, SILK Holdings, Olympia, KeyWest and HWGB.
Decliners included Dutch Lady, Petronas Dagangan, Fat East, PPB, Lafarge Malayan Cement, Quality Concrete, Brahim's and Iretex.
The bond swap offer was to reduce its huge debt pile and averting a chaotic default that would pitch the euro zone into a fresh crisis, according to Reuters.
BIMB Securities Research in a note Friday said that news on Thursday that Greece had managed to garner almost 90% of its bondholders to swap for new securities filtered through the market thus the broad based gains.
Improved employment outlook in the US provided further positive vibes thus pushing the DJI Average 71 points higher to above the 12,900 mark, it said.
“With Eurozone’s outlook on a stabilisation path, major European bourses ended up mostly in positive territory. “Regionally, there were across the board buying momentum pushing almost all Asian markets up.
“The FBM KLCI made minor inroads with a modest 3.53 point gain to hang around the 1,580 level. We expect the index to see more upside judging by the net inflow of foreign funds into the market over the past two weeks amounting to almost RM1.3bn and may surpass the immediate resistance of 1,585,” it said.
On Bursa Malaysia, the FBM KLCI edged up 2.67 points to 1,581.03 ay 10am, lifted by gains at select blue chips.
Gainers led losers by 234 to 128, while 246 counters traded unchanged. Volume was 339.49 million shares valued at RM196.50 million.
At the regional markets, Japan’s Nikkei 225 rose 1.03% to 9,869.78, Hong Kong’s Hang Seng Index added 0.33% to 20,970.30, the Shanghai Composite Index added 0.43% to 2430.73, Taiwan’s Taiex gained 0.37% to 8,013.72, South Korea’s Kospi was up 0.40% to 2,008.72 and Singapore’s Straits Times Index added 0.07% to 2,972.44.
Among the gainers on Bursa Malaysia, BAT rose 38 sen to RM52.40, Deleum 17 sen, Petronas Gas 14 sen to RM16.92, KLK 12 sen to RM23.38, CIMB, Tenaga and Johore Tin nine sen each to 7.35, 6.35 and RM1.22 respectively, CAB 6.5 sen to 44 sen while Astral Asia and Padini added six sen each to RM1.29 and RM1.54.
Naim Indah Corp was the most actively traded counter with 36.1 million shares done. The stock gained one sen to 64 sen.
Other actives included Sumatec, CSL, SILK Holdings, Olympia, KeyWest and HWGB.
Decliners included Dutch Lady, Petronas Dagangan, Fat East, PPB, Lafarge Malayan Cement, Quality Concrete, Brahim's and Iretex.
