Published: Wednesday April 24, 2013 MYT 5:52:00 PM
Updated: Thursday April 25, 2013 MYT 3:45:52 PM

Late buying boosts KLCI, regionals rally

By Joseph Chin

KUALA LUMPUR: Blue chips closed higher on Wednesday, supported by late buying of Genting and several plantation counters, as investor sentiment perked up following the firmer Asian markets.

At the close, the FBM KLCI rose 6.96 points or 0.41% to 1,707.35. However, it was still lagging behind the key regional markets which notched gains of between 1.1% to 2.3%.

Turnover was 734.41 million shares valued at RM1.37bil. The broader market showed an improvement with 344 gainers, 294 losers and 318 counters unchanged.

European shares edged up on Wednesday, building on their best day in seven months as investors waited to see if German business and European bank data support expectations of an interest rate cut, Reuters reported.

Key regional markets rallied.

Japan's Nikkei 225 rose 2.32% to 13,843.46; Hong Kong's Hang Seng Index rose 1.73% to 22,183.05; Shanghai's Composite Index rose 1.55% to 2,218.32; Taiwan's Taiex rose 1.02% to 8,023.71; South Korea's Kospi rose 0.87% to 1,935.31; Singapore's Straits Times Index rose 1.17% to 3,322.71.

At Bursa Malaysia, Genting Bhd rose 16 sen to RM10.16 and pushed the KLCI up 1.27 points. UMW rose 12 sen to RM13.52.

Crude palm oil for third-month futures rose RM24 to RM2,297. KL Kepong rose 40 sen to RM21.70, IOI Corp 12 sen to RM5.08 and Genting Plantations 18 sen to RM8.73.

Among the consumers, BAT was the top gainer, up 54 sen to RM63 while Nestle gained 26 sen to RM62.06.

Petronas-linked stocks were among the gainers, with Petronas Dagangan and Petronas Gas up 14 sen each to RM23.54 and RM19.40 while Petronas Chemical seven sen higher at RM6.50.

As for banks, AMMB, HLFG and RHB Cap rose eight sen each to RM6.60, RM15.08 and RM8.43 respectively.

The ringgit strengthened against the US dollar to 3.0481 from 3.0568 the previous day.

US light crude oil rebounded 70 cents to US$89.88 while Brent gained 79 cents to US$101.10.

Spot gold rose US$11.78 to US$1,424.78.

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