Published: Friday August 3, 2012 MYT 6:04:00 PM
Telcos, banks lead KLCI higher, broader market lacklustre
By Joseph Chin
KUALA LUMPUR: Telcos and banks led the FBM KLCI marginally higher on Friday, underpinned by some mild fund buying amid a broader lacklustre market.
Most key regional markets fell following the European Central Bank's lack of action to stem the euro zone debt crisis.
The FBM KLCI closed up 1.59 points to 1,635.04, boosted by DiGi. Turnover was 950.49 million shares valued at RM1.53bil. There were 333 gainers, 402 losers and 345 counters unchanged.
Among the key regional markets, Japan's Nikkei 225 fell 1.13% to 8,555.11; Hong Kong's Hang Seng Index shed 0.12% to 19,666.18; Taiwan's Taiex lost 0.69% to 7,217.51 and South Korea's Kospi 1.11% lower at 1,848.68.
Singapore's Straits Times Index was just 0.5% up at 3,051.33 and Shanghai's Composite Index 1.02% higher at 2,132.80.
However, in Europe, investors took an opposite view of the ECB's stance. Wire reports said investors judged the European Central Bank remained committed to bold action to fight the debt crisis.
European stocks rose in the morning, erasing most of the previous day's pullback and resuming a week-long rally. Markets were also awaiting US jobs data that could fuel expectations of further stimulus from the Federal Reserve.
US light crude oil rose 92 cents to US$88.05 and Brent 90 cents to US$106.80. Spot gold added US$7.15 to US$1,595.20.
The ringgit weakened against the US dollar to 3.1297.
Crude palm oil for third-month futures fell RM4 to RM2,942.
Patimas was the most active with 74.31 million shares done, unchanged at 3.5 sen. IHH lost one sen to RM3.15.
MMHE lost 28 sen to RM5.10 after posting weaker second quarter earnings and saw some analysts lowering their outlook for the stock.