KUALA LUMPUR (July 2): The FBM KLCI advanced at the midday break on Wednesday, in line with gains at most regional markets on improving investor sentiment.
At 12.30pm, the FBM KLCI added 2.97 points to 1,882.09.
The top gainers included BAT, Lysaght, Bonia, QL Resources, Titijaya, Aeon Credit, Pestech, Tenaga and Seacera.
China Stationery was the most actively traded counter with 71.58 million shares done. The stock slumped 30.43% or 3.5 sen to 8 sen.
The other actives included Sumatec, Minetec, Econpile, IFCA MSC, KNM and Ire-tex.
The decliners included United Plantations, Sarawak Oil Palms, Petronas Dagangan, HLFG, Panasonic, KLK, Allianz, MPI, Century Logistics and United Malacca.
Regionally, Asian stocks scored a three-year peak on Wednesday after a round of upbeat global economic data whetted risk appetites and helped Wall Street taste all-time highs, according to Reuters.
Dealers said fund managers were rotating money out of bonds and into equities for the start of the second half of the year, nudging up U.S. Treasury yields, it said.
M & A Securities’ research head Rosnani Rasul said Wall Street started 3Q14 trading with a bang after smashing its record again as a slew of positive economic indicators boosted risk appetite.
She said the S&P 500 and DJIA gained 13.09 (0.67%) and 129.46 (0.77%) points to end at 1,973.32 and 16,956.07 respectively.
“We reiterate our view that Wall Street will continue with its spurt of record breaking for as long as the Federal Reserve has yet to be outright in its monetary tightening pace.
“This record breaking feat to some extent will influence the regional momentum as we believe cheap liquidity emanating from the US will continue to make its way into the emerging and developing countries, leading us to predict that the FBM KLCI may gain some comfortable points today, she said.
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