KUALA LUMPUR: Fund buying of Petronas-related stocks and SapuraKencana Petroleum pushed the FBM KLCI nearly 11 points higher at midday on as investor sentiment recovered after three days of volatile trade.
At 12.30pm, the KLCI was up 10.33 points to 1,813.91. Turnover was 987.12 million valued at RM960.63mil. There were 408 gainers, 270 decliners and 324 counters unchanged.
Market observers are watching if there is enough follow through buying support, at least until Budget 2014 proposals this Friday, to see the KLCI rise to an all-time intra-day high of 1,826.22 after the market resumed trade following the GE13.
Reuters reported Asian shares pared gains and the dollar plumbed a fresh two-year low against the euro on Wednesday after disappointing US jobs data vanquished any expectations that the Federal Reserve will taper its stimulus before next year.
It said Japan's Nikkei share average dropped 1% as a stronger yen took a heavy toll, but earlier touched a 3-1/2 week high.
Areca Capital Sdn Bhd chief executive officer Danny Wong told StarBiz that Malaysia’s credit rating would ultimately decide the market trend.
“I don’t see the Budget 2014 being a big thing that affects the market but we will be waiting for news whether the credit rating is good or not.
“The rating is very, very crucial,” he pointed out. He added moving forward the market would reflect the corporate earnings as well.
“The coming two weeks is crucial for us to see if the corporate earnings can sustain. If they’re able to, then we’re OK,” he said.
At Bursa Malaysia, PetGas rose 72 sen to RM23.58 and PetDag 48 sen to RM30.78.
SKPetro rose 22 sen to RM4.30.
Among plantations, KL Kepong rose 22 sen to RM23.22 and United Plantations 18 sen to RM26.90. Crude palm oil was down RM10 to RM2,445.
Consumer stocks were mixed with F&N up 20 sen to RM18.70 but BAT was down 40 sen to RM62.50.
Among the key regional markets,
Japan’s Nikkei 225 fell 0.85% to 14,588.25;
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