KUALA LUMPUR (July 27): Gains and blue chips including Genting-related companies kept the FBM KLCI in positive territory at mid-morning on Friday, in line with the regional markets that advanced following the firmer overnight close at Wall Street.
At 10am, the FBM KLCI was up 0.88 of a point to 1,624.79.
There were 238 gainers and 131 losers, while 248 counters traded unchanged. Volume was 193.28 million shared valued at RM211.07 million.
Asian shares rose and the euro held steady on Friday after the European Central Bank signalled its resolve to defend the euro zone, raising expectations it will move quickly to tackle skyrocketing borrowing costs in countries like Spain, according to Reuters.
Markets rallied broadly after ECB President Mario Draghi said the bank would do whatever was necessary to protect the euro zone from collapse, raising hopes for action to ease strains for highly indebted member states facing pressures to seek a bailout, it said.
At the regional markets, Japan’s Nikkei 225 rose 1.28% to 8,551.00, Hong Kong’s Hang Seng Index added 1.57% to 19,188.70, the Shanghai Composite Index was up 0.33% to 2,132.97, Taiwan’s Taiex up 1.30% to 7,061.58, South Korea’s Kospi up 1.78% to 1,814.23 and Singapore’s Straits Times Index edge up 0.41% to 3,016.87.
Among the gainers at mid-morning, Petronas Dagangan added 30 sen to RM21.30, Nestle 20 sen to RM59.92, Harrisons 17 sen to RM3.42, Genting 14 sen to RM9.25, Bernas 10 sen to RM3.63, HELP nine sen to RM2.14, while Genting Plantations, KrisAssets and Oldtown added eight sen each to RM9.38, RM8.38 and RM1.96 respectively.
Ingenuity Solutions was the most actively traded counter with 13.17 million shares done. The stock added one sen to 12.5 sen.
Other actives included IHH Healthcare, UOA Development, MUI Properties, Maxis, JAKS and Asia Media.
Decliners included Maxis, Telekom, KLK, APM Automotive, Aeon Credit, Yahorng, QL Resources and Felda Global.