Regional markets slump, KLCI falls more than 25 points
Ringgit set for worst day in six months; Greek woes hit Asia FX
Tradewinds Plantations 1Q net profit tumbles 91.1% to RM4.34m
MISC falls on widening losses, grim outlook
M'sians abroad keen to vote with transparent process and secure mechanism
Squash: Nicol advances into British Open second round
Dr M: Bar Council has become political party
DPM: Over 24,000 teachers to be considered for promotion
Categories
| FBM KLCI surges above 1,200 |
| Business & Market 2009 | |||
| Written by InsiderAsia | |||
| Tuesday, 08 September 2009 17:36 | |||
 Share prices on Bursa Malaysia, particularly blue chips, rose strongly on Tuesday, Sept 8 with the FBM KLCI closing above the psychologically important 1,200-level for the first time this year. There were no major leads from overseas, where Wall Street was closed for the Labour day holiday on Monday. Regional markets were generally steady on Tuesday, although with more modest gains. Investor confidence has been boosted recently by China’s strong stock market recovery over the last week after earlier sharp falls, and Wall Street’s relative resilience – and indeed ability to chart continued gains – despite having risen substantially over the past few months. Even last week’s August US poor jobs report – where unemployment unexpectedly rose to a 26-year high of 9.7% did little to dampen sentiment as investors looked towards the broad range of US economic indicators, which point to a recovery in process, especially in the manufacturing and housing sectors. Nonetheless, a weak labour market suggest US consumer spending, which accounts for 70% of the economy and much of Asia’s exports, will remain weak. Similarly for the strength of the economic recovery ahead – even though the recession is likely over. On Tuesday, the FBM KLCI was in positive territory throughout the day, with much of the gains coming in after 3pm. The index closed 11.7 points higher at 1,202.1. Gainers beat losers by a roughly 3-to-2 ratio on volume of 791 million shares. Blue chips were the centre of attention, and accounted for most of the actively traded stocks. These include Genting Malaysia, Axiata, Gamuda, YTL Power, Genting and AMMB. Genting Malaysia’s shares saw active trading on news that its integrated casino resort in Singapore will open ahead of schedule, in 1Q2010 although some expect it to open at the end of this year. Major gainers include Sime Darby, Proton, Tanjong plc and IOI Corp. Losers include Padini and NCB.
|
|||
|
|