IOI, Public Bank lift KLCI, regional bourses up

KUALA LUMPUR: All key regional markets chalked up gains at midday on
Thursday, July 19, 2012, as sentiment was boosted by earnings from US,
amid signs of recovery in the economy.
At 12.30pm, the FBM KLCI
was up 1.06 points or 0.06% to 1,646.06, off the all-time intra-day
high of 1,647.94 - boosted by gains in plantation heavyweight IOI Corp and Public Bank.
Turnover
on the local stock exchange was 510.38 million shares valued at
RM565.07mil. There were 313 gainers, 316 losers and 331 stocks
unchanged.
Reuters reported Asian shares rose on Thursday as
strong corporate profits from US bellwethers allayed fears of a
slowdown in earnings, particularly for the beleaguered tech sector,
while the euro steadied after overnight weakness.
Data showing
groundbreaking on new US homes rose in June to its fastest pace in over
three years also supported the market, after a series of recent reports
had pointed to worrying signs that the economy was cooling, said the
report.
Among the key regional markets, Japan's Nikkei 225 rose
0.86% to 8,801.76; Hong Kong's Hang Seng Index advanced 1.6% to
19,547.33; Shanghai's Composite Index 1.14% to 2,193.86; Taiwan's Taiex
1.45% to 7,151.56; South Korea's Kospi 1.71% higher at 1,825.62 and
Singapore's Straits Times Index 0.42% to 3,029.92.
US light crude oil rose 60 cents to US$90.47 and Brent 76 cents to US$105.92 while spot gold added US$4.68 to US$1,578.13.
The
ringgit continued to firm up against the US dollar to a high of 3.1485,
the strongest against the greenback since May 29. By midday, the
ringgit was at 3.1522.
Crude palm oil for third-month futures added RM29 to RM3,022.
At Bursa Malaysia, IOI Corp added 10 sen to RM5.39, pushing the KLCI up 1.51 points. United Plantations rose 60 sen to RM25.90 but with only 100 shares done, while Sungai Bagan added 14 sen to RM2.99.
Among the finance-related counters, Public Bank rose 10 sen to RM14.34m adding 1.11 points to the KLCI. RHB Bank added six sen to RM7.54, Maybank and AMMB one sen each to RM8.78 and RM6.49.
However, CIMB Bank and Hong Leong Bank shed two sen each to RM7.88 and RM13.28.
SapuraKencana
Petroleum shares rose 11 sen to RM2.45 with 15.56 million shares done.
The call warrants, SKPetro-CB rose 4.5 sen to 24 sen and SKPetro-CD
added three sen to 20 sen.
SKPetro was rated a New Buy at BofA-Merrill Lynch with a price target of RM3.06.
BAT was the top loser, down 82 sen to RM57.06, F&N fell 18 sen to RM18.50, Pharmaniaga 10 sen to RM10.12 while Keck Seng shed eight sen to RM4.31. FimaCorp and Tradewinds lost six sen each to RM6.34 and RM8.67.