KUALA LUMPUR (July 27): The FBM KLCI clawed back to erase its losses and closed higher on Friday, lifted by gains at select blue chips in line with the positive closing at most regional markets.
The FBM KLCI rose 1.03 points to close at 1,624.94. There were 396 gainers and 265 losers, while 337 counters traded unchanged. Volume was 978.76 million shares valued at RM1.71 billion.
World stocks extended gains and the euro edged higher on Friday as markets bet on new intervention from the European Central Bank to help stop debt market pressure on peripheral eurozone countries from spiralling out of control, according to Reuters. ECB president Mario Draghi's promise on Thursday to do whatever it takes within the bank's mandate to defend the single currency prompted a rise in shares and the euro, as well as a fall in German Bund prices and an easing in yields on Spanish bonds. All those trends continued on Friday, it said.
At the regional markets, Hong Kong's Hang Seng Index rose 2.02% to 19,274.96; Japan's Nikkei 225 added 1.46% to 8,566.64; South Korea's Kospi jumped 2.62% to 1,829.16; Taiwan's Taiex gained 2.21% to 7,124.49, the Shanghai Composite Index edged up 0.13% to 2,128.76; while Singapore's Straits Times Index slipped 0.20% to 2,998.49.
On Bursa Malaysia, BAT jumped RM2.58 to RM61.94; Nestlé was up 64 sen to RM60.36; F&N added 52 sen to RM19.12; United Plantations grew 50 sen to RM25.50; PetDag increased 30 sen to RM26.02; Warisan advanced 21 sen to RM2.75; KrisAssets gained 16 sen to RM8.46; Oldtown and Takaful rose 15 sen each to RM2.03 and RM6.46.
IHH Healthcare was the most actively-traded counte,r with 39.1 million shares done. Other actives included Ingenuity Solutions, Maxis, Daya Materials, UOA Development, Harvest Court, Borneo Oil and Axiata. Decliners included SAM Engineering, PPB, Maxis, KLK, Carlsberg, Subur Tiasa and Aeon Credit.