Business

Published: Wednesday November 4, 2009 MYT 9:58:00 AM
Updated: Wednesday November 4, 2009 MYT 1:05:58 PM

FBM KLCI higher at midday

By Fintan Ng


KUALA LUMPUR: The local bourse’s benchmark FBM KLCI was higher at midday Wednesday boosted by banking stocks as investors betted that banks’ margins will be enhanced on higher commercial lending rates.

On the external front, Australia’s retail sales dropped in September from August against expectations in a Bloomberg poll of economists for a rise of 0.5%.

The statistics bureau said today sales dropped 0.2%.

At midday, the FBM KLCI added more than a half-percent to 1,249.21 while Singapore’s Straits Times Index gained two-thirds of a percent to 2,639.75.

Hong Kong’s Hang Seng Index rose 1.63% to 21,586.73, Shanghai’s A share index was up 0.60% to 3,132.93, the Taipei Index climbed 1.68% to 7,446.22 and Seoul’s Kospi Index was 0.91% higher at 1,564.05.

At Bursa Malaysia, 369 counters were up, 186 were down while 230 others were traded unchanged. There were 645.15 million shares done at a total value of RM608.04 million.

Among banking counters, Public Bank’s foreign tranche rose 20 sen to RM10.90 and RHB Capital was 11 sen higher at RM5.31. HL Bank surged 17 sen to RM7.90 after it announced a joint venture with China’s Bank of Chengdu Co.

Lityan climbed 32 sen to RM2.77 and Green Packet warrants rose 10.5 sen to 93.5 sen.

Tanjong gained 16 sen to RM15.32, MS Sports added 6.5 sen to 58 sen, Batu Kawan lost 9 sen to RM9.90 while Jetson was 13 sen higher at RM2.13.

Crude palm oil for January delivery rose RM39 to RM2,229 per tonne.

Nymex crude oil was 24 cents lower at US$79.36 per barrel.

The ringgit was quoted at 3.419 to the US dollar.

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