KLCI rises 0.91% on bargain hunting

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KUALA LUMPUR (June 30): The FBM KLCI rose 0.91% at tghe midday break today on some bargain hunting activities after the selldown Monday.

At 12.30pm, the FBM KLCI jumped 15.56 points to 1,707.48.

Gainers led losers by 376 to 293, while 292 counters traded unchanged. Volume was 995.26 million shares valued at RM891.23 million.

The top gainers included Nestle (M) Bhd, Fraser & Neave Holdings Bhd, AMMB Holdings Bhd, Malaysia Airports Holdings Bhd, CIMB Group Holdings Bhd, Genting Bhd, Tan Chong Motor Holdings Bhd, Petronas Chemicals Group Bhd, Kuala Lumpur Kepong Bhd and PPB Group Bhd.

Newly-listed Xin Hwa Holdings Bhd was the most actively traded stock with 57.39 million shares done. The stock jumped 21.43% or 15 sen to 985 sen.

The other actives included KNM Group Bhd, APFT Bhd, Frontken Corporation Bhd, AirAsia Bhd, Sumatec Resources Bhd and Scan Associates Bhd.

The top losers included Chin Teck Plantations Bhd, MSM Malaysia Holdings Bhd, Guiness Anchor Bhd, IJM Corporation Bhd, Aeon Credit Services (M) Bhd, Teo Guan Lee Corporation Bhd and Far East Corporation Bhd.

Asian shares held near five-month lows on Tuesday after Chinese stocks took another leg down while safe-haven assets received a boost as investors nervously awaited further developments in the deepening euro zone crisis, according to Reuters.

China's stocks tumbled more than 4.5 percent in early trades, wiping out more than a quarter of its market capitalisation from a peak hit earlier this month, despite surprise monetary easing moves over the weekend, it said.

BIMB Securities Research said Asian equities appeared wobbly yesterday, also worries over a Greek default that will likely keep investors on the sidelines.

“Back home, the FBM KLCI closed 18.55 points or 1.1% lower to 1,691.92 due to the spectre of a Greek debt default which forced Athens to shut down its banks to prevent a run on deposits.

“As such, we expect the market to remain lackluster today with the index to hover at around 1,680 - 1,700 for this week,” it said.