KLCI bucks regional markets, CIMB, IOI lift

  • Business
  • Wednesday, 30 May 2012

KUALA LUMPUR: Mild fund buying of CIMB and IOI Corp helped push the FBM KLCI to a 2-1/2 week high on Wednesday as the 30-stock bucked the regional markets which sank on worries Spain could seek a bailout.

At 5pm, the KLCI was up 9.85 points or 0.63% to 1,575.17. Turnover was 920.86 million shares valued at RM1.24bil. There were 378 gainers, 331 losers and 318 counters unchanged.

For the past two days, the KLCI had chalked up gains of nearly 20 points, despite a weaker start earlier on Wednesday. Fresh corporate developments and announcements provided the lift to the investors' sentiment while there was a notable increase in trading volume also.

Meanwhile, AFP reported that Asian markets fell on worries Spain could be forced to seeking a bailout while China dashed previous hopes it will introduce fresh stimulus measures to boost its economy.

The euro also set new two-year lows against the dollar as attention turned away from positive news from Greece at the weekend that had provided some lift earlier this week.

Among the key regional markets, Hong Kong's Hang Seng Index fell 1.92% at 18,690.22; Japan's Nikkei 225 slipped 0.28% to 8,633.19; Shanghai's Composite Index 0.21% to 2,384.67; South Korea's Kospi 0.27% to 1,844.86; Taiwan's Taiex 1.10% to 7,261.80 and Singapore's Straits Times Index 0.64% to 2,783.95.

US light crude oil fell US$1.11 to US$89.65; crude palm oil third-month futures RM56 to RM3,122 while the ringgit weakened to 2.1620 against the US dollar.

At Bursa Malaysia, CIMB rose 13 sen to RM7.49, pushing the KLCI up 2.28 points while IOI added 15 sen to RM5.23, pushing the index up 2.27 points.

YTL rose seven sen to RM1.89 and BAT jumped RM2.30 to RM54.40.

Pestech closed down nine sen to 91 sen on its first trading day with 5.09 million shares done.

SP Setia and Nestle fell 20 sen each to RM3.80 and RM53 while BLD Plantations shed 17 sen to RM7.95, Parkson 11 sen to RM4.74 and Kulim 10 sen to RM4.45.

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