KUALA LUMPUR (April 12): The FBM KLCI reversed its earlier losses and breached the 1,600-point level at the mid-day break on Thursday, as regional markets turned positive as well.
The FBM KLCI added 0.24% or 3.76 points to 1,600.93 at the mid-day break, lifted by gains at select blue chips.
Gainers trailed losers by 267 to 302, while 308 counters traded unchanged. Volume was 553.07 million shares valued at RM574.19 million.
Asian shares eked out small gains and the euro steadied on Thursday, reflecting investor caution over sovereign funding for troubled eurozone economies Spain and Italy, despite their declining yields that helped global equities rebound overnight, according to Reuters.
An encouraging start to the earnings season helped US stocks snap a five-day losing streak, spurring investors to scale back safe haven buying of gold and US and German government debt on Wednesday, but further selling of these perceived safe assets weakened in Asia on Thursday, its aid.
At the regional markets, the Shanghai Composite Inded added 0.40% to 2,318.16, Hong Kong's Hang Seng Index rose 0.36% to 20,212.83, Japan's Nikkei 225 gained 0.29% to 9,.485.52, Taiwan's Taiex edged up 0.04% to 7,659.70, Singapore's Straits Times Index rose 0.58% to 2,963.29 while South Korea's Kospi shed 0.90% to 1,976.83.
BIMB Securities Research in a note Thursday said that buoyed by Alcoa's better than expected earnings for the 1Q12 plus easing concerns over Europe, investors became less edgy thus the 89 points gain for the Dow Jones Industrial Average to surpass the 12,800 level.
The research house However said it still detected a hint of skepticism as Wall Street closed 40 points off its intra-day high.
As for Europe, successful sale of bonds by Germany, Italy and Spain had allayed fears of a deepening crisis, it said.
In response to indications of more bond purchases, yields for both Italy and Spain declined hence pushed European bourses all higher.
It was a rather mixed day for Asian markets as most are still coping with indications from both the US and Europe.
"Malaysia was closed for public holiday (on Wednesday) after another interesting day on Tuesday with the FBM KLCI adding almost 6 points to inch closer to 1,600 again.
"We reckon buying on the local bourse to persist supporting any weaknesses. Today, we may see the 1,600 mark to be breached again," it said.
On Bursa Malaysia, BAT was the top gainer in the morning session and rose 86 sen to RM55.56, SMPC 34 sen to RM1.48, Genting PLANTATION []s up 21 sen to RM9.73, Timwell up 14 sen to 95 sen, Tradewinds Plantations up 12 sen to RM5.83, CyberTowers up 11.5 sen to 70.5 sen, MSC up 11 sen to RM4.72, Kluang up 10 sen to RM2.90, while Tenaga and Advanced Packaging added nine sen each to RM6.46 and RM1.39 respectively.
The decliners included Dutch Lady, Manulife, GAB, Chin Teck, Toyo Ink, BLD Plantations, Top Glove, Pansonic and KLK, while the actives included Asia Bio, Tiger Synergy, Metronic, Asia Global, DGSB and Tambun.
The FBM KLCI added 0.24% or 3.76 points to 1,600.93 at the mid-day break, lifted by gains at select blue chips.
Gainers trailed losers by 267 to 302, while 308 counters traded unchanged. Volume was 553.07 million shares valued at RM574.19 million.
Asian shares eked out small gains and the euro steadied on Thursday, reflecting investor caution over sovereign funding for troubled eurozone economies Spain and Italy, despite their declining yields that helped global equities rebound overnight, according to Reuters.
An encouraging start to the earnings season helped US stocks snap a five-day losing streak, spurring investors to scale back safe haven buying of gold and US and German government debt on Wednesday, but further selling of these perceived safe assets weakened in Asia on Thursday, its aid.
At the regional markets, the Shanghai Composite Inded added 0.40% to 2,318.16, Hong Kong's Hang Seng Index rose 0.36% to 20,212.83, Japan's Nikkei 225 gained 0.29% to 9,.485.52, Taiwan's Taiex edged up 0.04% to 7,659.70, Singapore's Straits Times Index rose 0.58% to 2,963.29 while South Korea's Kospi shed 0.90% to 1,976.83.
BIMB Securities Research in a note Thursday said that buoyed by Alcoa's better than expected earnings for the 1Q12 plus easing concerns over Europe, investors became less edgy thus the 89 points gain for the Dow Jones Industrial Average to surpass the 12,800 level.
The research house However said it still detected a hint of skepticism as Wall Street closed 40 points off its intra-day high.
As for Europe, successful sale of bonds by Germany, Italy and Spain had allayed fears of a deepening crisis, it said.
In response to indications of more bond purchases, yields for both Italy and Spain declined hence pushed European bourses all higher.
It was a rather mixed day for Asian markets as most are still coping with indications from both the US and Europe.
"Malaysia was closed for public holiday (on Wednesday) after another interesting day on Tuesday with the FBM KLCI adding almost 6 points to inch closer to 1,600 again.
"We reckon buying on the local bourse to persist supporting any weaknesses. Today, we may see the 1,600 mark to be breached again," it said.
On Bursa Malaysia, BAT was the top gainer in the morning session and rose 86 sen to RM55.56, SMPC 34 sen to RM1.48, Genting PLANTATION []s up 21 sen to RM9.73, Timwell up 14 sen to 95 sen, Tradewinds Plantations up 12 sen to RM5.83, CyberTowers up 11.5 sen to 70.5 sen, MSC up 11 sen to RM4.72, Kluang up 10 sen to RM2.90, while Tenaga and Advanced Packaging added nine sen each to RM6.46 and RM1.39 respectively.
The decliners included Dutch Lady, Manulife, GAB, Chin Teck, Toyo Ink, BLD Plantations, Top Glove, Pansonic and KLK, while the actives included Asia Bio, Tiger Synergy, Metronic, Asia Global, DGSB and Tambun.
