BURSA MALAYSIA: KL Shares Up As Wall Street Rallies

Souces: Bernama.Com

KUALA LUMPUR, July 14 (Bernama) -- Share prices on Bursa Malaysia ended firmer Tuesday on technical rebound with finance stocks among the major gainers, as the overnight rally on Wall Street helped to boost market sentiment locally, dealers said.

The benchmark FTSE Bursa Malaysia KLCI rose 15.97 points or 1.50 percent to close at 1,079.63, off its trading low of 1,063.66. The key index had opened unchanged at 1,063.66.

In lifting the key index, Bumiputra-Commerce and Public Bank climbed 30 sen each to RM9.50 and RM9.70 respectively while Hong Leong Financial Group added 19 sen to RM5.05.

"The local bourse gains were in tandem with the Wall Street rally overnight which was driven by hopes of positive banks' earnings," one of the dealers said.

The Finance Index surged 179.42 points to 8,698.48, the Industrial Index climbed 6.88 points to 2,374.37 and the Plantation Index advanced 76.24 points to 5,317.57.

The FBMEmas Index went up 116.61 points to 7,280.00, the FBM Top 100 perked 105.56 points to 7,083.76, the FBM2BRD Index gained 46.76 points to 4,744.95 and the FBMMesdaq Index was 140.05 points higher at 3,980.57.

Gainers outnumbered losers by 500 to 128 while 156 counters were unchanged, 448 untraded and 36 others suspended.

Overall volume today came to 788.982 million shares worth RM1.106 billion shares, up from Monday's 550.844 million shares valued at RM841.033 million.

The dealer said the encouraging gain on Wall Street could be the ammunition needed by the regional market, including the local bourse especially after the recent slump.

Nevertheless, he said the Wall Street gain was only a temporary support as the market was fundamentally still weak amid concerns over the global economic recovery.

"There are still many technical indicators that support an easier trend on the stock market through this third quarter, which is historically a weak quarter," he added.

For the actives list, Frontken Corporation edged up one sen to 26.5 sen, EP Manufacturing perked 1.5 sen to 28.5 sen, Genting Malaysia-GH was unchanged at five sen, Glomac rose 6.5 sen to 86.5 sen and Sunway Holdings gained two sen to RM1.15.

Among heavyweights, Kulim surged 45 sen to RM6.85 while Maybank and Tenaga rose five sen each to RM5.65 and RM7.90 respectively.

The Main Board volume increased to 650.771 million shares worth RM1.067 billion versus 456.549 million shares worth RM809.654 million on Monday.

Turnover on the Second Board also advanced to 41.344 million shares worth RM19.302 million from 31.715 million shares worth RM16.983 million previously.

The Mesdaq volume rose to 63.571 million shares worth RM13.808 million from 44.612 million shares worth RM9.676 million.

Warrants went up to 30.667 million worth RM3.921 million from 11.501 million units worth RM1.931 million yesterday.

On a sectoral basis, consumer products accounted for 24.564 million shares traded on the Main Board, industrial products 127.621 million, construction 43.156 million, trade/services 215.862 million, technology 9.340 million, infrastructure 18.223 million, finance 43.825 million, hotels 799,000, properties 145.301 million, plantations 19.446 million, mining 1,000, REITs 2.618 million and closed/fund 16,000.