Business

Published: Tuesday November 10, 2009 MYT 11:37:00 AM

KLCI up in early trade

By Laalitha Hunt


KUALA LUMPUR: The KLCI was marginally up in early trade Tuesday with Tanjong, KL Kepong and CIMB advancing.

In the region, Asian stocks climbed lifting the MSCI Asia Pacific Index for a third day as the rally in commodities such as gold boosted materials producers and brokerages upgraded Australian financial shares, according to Bloomberg.

Overnight, US stocks extended a global rally sending the Dow Jones Industrial Average to a 13-month high and the dollar slid after the Group of 20 nations agreed to maintain economic stimulus efforts.

“The world’s largest economy is feeling the ‘maximum impact’ now from the federal government’s US$787bil in fiscal stimulus,” said Alan Greenspan, former chairman of the US Federal Reserve.

OSK Research Sdn Bhd analyst Shin Kao Jack said in a report that with the Dow closing over 200 points higher, the KLCI could well extend its run up today to breach the previous high.

According to HwangDBS Vickers Research Sdn Bhd, the benchmark FBM KLCI, which would likely surpass its recent high of 1,270 today, should be on its way to target the immediate resistance mark of 1,280 anytime soon.

At 10am, the KLCI was 6.71 points higher at 1,274.46 while Singapore’s Straits Times Index advanced 1.07% to 2,722.10.

Tokyo’s Nikkei 225 rose 1.64% to 9,970.10, Taipei’s Taiex Index gained 0.71% to 7,590.47 while Seoul’s Kospi Index added 1.14% to 1,594.72.

At Bursa Malaysia, 281 counters were up, 143 were down while 179 others were traded unchanged. There were 350.28 million shares done at a total value of RM231.112mil.

Among active stocks, Talam lost 0.5 sen to 12 sen, Nam Fatt added 4.5 sen to 34.5 sen while KNM gained 0.5 sen to 81.5 sen.

Tanjong rose 34 sen to RM16.54, Panasonic gained 14 sen to RM12.34, CIMB added 14 sen to RM12.78 and Guinness Anchor advanced 13 sen to RM7.47.

Among plantation stocks, Batu Kawan gained 8 sen to RM10.08 while KL Kepong rose 22 sen to RM15.32.

Nymex crude oil in electronic trade was down 36 cents to US$79.07 per barrel.

Spot gold lost US$1.60 to US$1,102.20 per ounce.

The ringgit was quoted at 3.3765 to the US dollar.

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