KLCI sustains momentum, closes at fresh all-time high

KUALA LUMPUR (APRIL 3): The FBM KLCI maintained its momentum and closed at a fresh all-time high above the psychologically-crucial 1,600-point level on Tuesday, in line with the generally positive sentiment at most global markets.

Asian shares on Tuesday sustained momentum from an overnight rally in global equities, with solid manufacturing data from the United States offsetting signs of mild recession in Europe, according to Reuters.

However, European shares and Brent crude oil prices dipped in early trade on Tuesday following recent sharp gains, as investors sought further signs of improvement in the global economy before chasing risky assets higher, it said.

The FBM KLCI closed 2.85 points to 1,606.63, lifted by gains at select blue chips including CIMB, Axiata, and BAT.

Gainers, however, trailed losers by 354 to 379, while 344 counters traded unchanged. Volume was 1.25 billion shares valued at RM1.36 billion.

At the regional markets, Hong Kong’s Hang Seng Index rose 1.31% to 20,790.98, the Shanghai Composite index added 0.47% to 2,262.79, South Korea’s Kospi gained 0.99% to 2,049.28, and Singapore’s Straits Times Index edged up 0.04% to 3,014.98 while Taiwan’s Taiex fell 1.3% to 7,760.85 and Japan’s Nikkei 225 lost 0.59% to 10,050.39.

On Bursa Malaysia, Dutch lady was the top gainer and rose 44 sen to RM35.94, Carlsberg added 34 sen to RM10.80, Jaya Tiasa 20 sen to RM8.72, HLFG 18 sen to RM12.50, BAT 16 sen to RM56.22, Sarawak PLANTATION []s 15 sen to RM3.24, MBM Resources 14 sen to RM4.77, APFT 12 sen to 79 sen, Voir 11.5 sen to 64.5 sen, Hightec 11 sen to 87 sen, Axiata nine sen to RM5.28 and CIMB two sen to RM7.81.

Metronic was the most actively traded counter with 134.23 million shares done. The stock fell 2.5 sen to 16 sen.

Other actives included Ingenuity Solutions, Ariantec, SuperComnet, Naim Indah Corp, Carotech, Utopia, Axiata and CIMB.

Meanwhile, decliners included Genting Plantations, SMPC, PPB, Warisan, Cepco, Can-One, Petronas Dagangan, Takaful and United Plantations.



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KLCI stays above 1,600-level at mid-day break

KUALA LUMPUR (April 3): The FBM KLCI stayed above the 1,600-level at the mid-day break on Tuesday, in line with the generally overall positive sentiment at key regional markets.

Asian shares rose on Tuesday on the back of strong gains in global equities overnight, after solid manufacturing data from the United States, and as leading Asian exporters offset signs of mild recession in Europe, according to Reuters.

The stronger-than-expected U.S. factory data pushed U.S. stocks to four-year highs, while European shares recorded their biggest daily gain in three weeks despite sluggish factory activity in the euro zone, it said.

The FBM KLCI rose 3.55 points to 1,607.33 at the mid-day break.

Gainers trailed losers by 323 to 294, while 319 counters trade unchanged. Volume was 591.10 million shares valued at RM55.31 million.

The ringgit strengthened 0.27% to 3,0463 versus US dollar; crude palm oil futures for the third month delivery gained RM27 per tonne to RM3,528, crude oil slipped 34 cents per barrel tp US$104.89 and godl rose US$2.15 an ounce to US$1,679.82.

At the regional markets, Hong Kong’s hamng Seng Idnex rose 0.48% to 20,621.40, the Shanghai Composite Index addd 0.47% to 2,262.79, Taiwan’s Taiex rose 1.65% to 7,733.08, South Korea’s Kosp added 0.85% to 2,046.58, whiel Japan’s Nikkei 225 fell 0.60% to 10,048.70 and Singapore’s Straits Times edged down 0.10% to 3,013.18.

Maybank Investment Bank Bhd research maintained its year-end KLCI target of 1,565 points, based on 13.3 times one-year forward earnings.

In a staretegy report released April 3, Maybank IB Research said while external conditions had improved and global financial markets continue to receive liquidity support, Malaysia was not out of the woods yet as the eurozone debt crisis had yet to fully play out, and there were still downside risks to the global economy.

“On the domestic front, an early 13th General Election (13GE), to be followed by the UMNO party elections this year-end, may lend to cautiousness in trading over the next few months,” it said.

On Bursa Malaysia, Dutch lady was the top gainer in the morning session on Tuesday and rose 52 sen top RM36.02, BAT added 42 sen to RM56.48, Carlsberg up 28 sen to RM10.74, Guan Chong 13 sen to RM2.82, United Malacca, Voir and Sarawak Planatations up 12 sen each to RM7.52, 66 sen and RM3.21 rspectively, while Jaya Tiasa and Nestle rose 11 sen each to RM8.63 and RM56.

Ingenuity Solutions was the most actively traded counter with 85.15 million shares done. The stock fell half a sen to 10 sen.

Other actives included Metronic, Naim Indah Corp, SuperComnet, Hubline, Araintec, Carotech, CIMB and Karambunai.

Decliners included Tahps, Genting PLANTATION []s, Cepco, United Plantations, SMPC, PPB, Petronas Dagangan and Can One.



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