Regional markets rally, late buying lifts KLCI

KUALA LUMPUR: Asian markets rallied on Friday, with Hong Kong,
Taiwan and Seoul notching gains of more than 2%, as investors expected
central banks in Europe and the US would take steps to boost economic
growth.
In Malaysia, the 30-stock FBM KLCI spent most of the day
in the red, as investors took profit on recent gainers. However, late
buying of BAT pushed the KLCI into the positive territory.
Maxis fell in active trade after Reuters reported that tycoon T. Ananda Krishnan was selling up to 375 million shares worth around RM2.35bil.
It
ended the day 14 sen lower at RM6.40 as 374 million shares were
disposed of by Maxis Communications Bhd in several share placements on
Friday.
The news wire said Ananda Krishnan was selling the shares at prices ranging between RM6.21 and RM6.34 per share.
At
the close, the FBM KLCI was up 1.03 points or 0.06% to 1,624.94.
Turnover was 978.76 million shares valued at RM1.71bil. There were 396
gainers, 365 losers and 337 counters unchanged.
Among the key
regional markets, Japan's Nikkei 225 rose 1.46% to 8,566.64; Hong
Kong's Hang Seng Index jumped 2.02% to 19,274.96; Shanghai's Composite
Index 0.13% higher at 2,128.76; Taiwan's Taiex 2.21% to 7,124.49; South
Korea's Kospi 2.62% to 1,829.16 but Singapore's Straits Times Index
However,
European markets were lower on weaker earnings, which offset growing
speculation that central banks from Europe to Japan and the US would
act to stimulate growth.
US light crude oil rose seven cents to US$89.46 while Brent added 46 cents to US$105.72. Spot gold rose US$2.68 to US$1,618.53.
The ringgit was firmer against the US dollar at 3.1613.
Crude palm oil for third-month futures staged a mild rebound, up RM42 to RM2,924.
At Bursa Malaysia jumped RM2.58 to RM61.94, pushing the KLCI up 1.16 points. Nestle rose 64 sen to RM60.36, F&N 52 sen to RM19.12, Dutch Lady 22 sen RM36.02.
Petronas Dagangan rose 30 sen to RM21.30, Genting Bhd nine sen to RM9.20 while Old Town added 15 sen to RM2.03 while up two sen each were Tenaga and Genting Malaysia to RM6.82 and RM3.32.
Axiata managed to rebound, up four sen to RM5.80 but TM fell eight sen to RM5.66 and its call warrants TM-CQ, down 10.5 sen to 33 sen.
IHH was the most active with 39.10 million shares done, unchanged at RM3.15.
Among the plantations, PPB fell 20 sen to RM15.20 and KLK 14 sen to RM23.36 but IOI Corp and Sime Darby added two sen each tp RM5.30 and RM9.82.