KUALA LUMPUR (July 16): The FBM KLCI extended its gains at the mid-day break on Monday, in line with the advance at most regional markets.
At 12.30pm, the FBM KLCI was up 8.07 points to 1,634.45.
There were 361 gainers and 259 losers, while 314 counters traded unchanged. Volume was 607.17 million shares valued at RM640.96 million.
The ringgit firmed up 0.30% to 3.1761 versus the USD dollar; crude palm oil futures for the third month delivery fell RM71 per tonne to RM3,142, crude oil slipped 20 cents per barrel to US$86.90 and gold fell 40 cents to US$1,590.07.
Asian shares extended their rally on Monday as fears of an economic hard landing in China subsided, with Premier Wen Jiabao raising the prospect of more policy stimulus if needed.
With worries about China off the boil, the markets focus is shifting to the next policy move from the United States and a slew of corporate earnings from U.S. firms this week.
At the regional markets, Hong Kong’s Hang Seng Index was up 0.19% to 10,129.60, South Korea’s Kospi up 0.05% to 1,813.86, Taiwan’s Taiex up 0.04% to 7,107.17, singapore’s Straits Times Index added 0.03% to 2,996.36 while the Shanghai Composite Index fell 1.2% to 2,159.69.
Japan’s Nikkei 225 was closed for a national holiday.
On Bursa Malaysia, SAM Engineering gained 22 sen to RM2.20, Tasek up 21 sen to RM10, Nestle 20 sen to RM58.22, Jaya Tiasa 19 sen to RM8.87, GAB and Pharmaniaga 18 sen each to RM14.14 and RM10.40, Aeon Credit and Takaful up 16 sen each to RM10.24 and RM6.52, Golsta 15.5 sen to 63 sen whiel Axiata added 15 sen to RM5.89.
Century Software was the most actively traded counter with 30.65 million shares done. The stock added 3.5 sen to 50.5 sen.
Other actives included Luster, Ingenuity Solutions, Astral Supreme, Asia Media, Metronic and Ariantec Global.
Decliners in the morning session included Rapid, Cybertowers, Shell, BAT, Fiamma, APM Automotive, Berjaya Land and CFM.