KLCI gains 0.53% in line with regional advance

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KUALA LUMPUR (Dec 27): The FBM KLCI gained 0.53% at mid-morning today, in line with the climb at most regional markets.

At 10am, the FBM KLCI rose 8.88 points to 1,681.48.

Gainers led losers by 401 to 102, while 205 counters traded unchanged. Volume was 512.96 million shares valued at RM232.04 million.

The top gainers included Allianz Malaysia Bhd, Hong Leong Financial Group Bhd, United Plantations Bhd, Hong Leong Bank Bhd, Petronas Gas Bhd, Malaysian Pacific Industries Bhd, KESM Industries Bhd, PPB Group Bhd and Tenaga Nasional Bhd.

The actives included Hibiscus Petroleum Bhd, Sapura Energy Bhd, Hubline Bhd, My EG Services Bhd, Permaju Industries Bhd, Prestariang Bhd, Sanichi Technology Bhd, Sino Hua-An International Bhd and Bumi Armada Bhd.

The decliners included Nestle (M) Bhd and Malaysia-listed Hang Seng Index-linked put warrants.

Asian stocks climbed on Thursday after the biggest rally in US equities since 2009 offered relief from this month's wrenching global market downturn, according to Bloomberg.

Japanese benchmarks jumped about 4% at the open and Australian shares advanced more than 1% as trading resumed after holidays there. Korean stocks were flat, however, and US futures dipped, suggesting the follow-through from the blow-out session on Wall Street — where key indexes climbed about 5% or more — has limits, the newswire said.

Crude oil prices built on gains of more than 8% overnight. Ten-year Treasury yields are holding around 2.8%. Some 99% of S&P 500 members finished in the green, the Dow Jones Industrial Average jumped more than 1,050 points for its biggest-ever point gain, it said.

Affin Hwang Capital Research said Asian markets were expected to surge strongly following the strong surge in the US market.

"The FBM KLCI Index expected to open high and stocks across the board anticipated to trade higher too. Accumulate quality stocks on price weakness.

"Anticipate FBM KLCI Index to test the short-term resistance in the near future," it said.