Markets rally, Maybank, CIMB advance

by **hlk** Fri 14 Sep 2012, 14:03

KUALA LUMPUR: Key regional markets rallied on Friday, notching gains
of up to nearly 3%, as investors picked up riskier assets including
equities, as their enthusiasm was fuelled by the US Federal Reserve's
third round of quantitative easing to support economic growth.
The FBM KLCI rose 9.02 points to 1,637.42, boosted by gains in heavyweights Maybank
and CIMB. Turnover was 475.28 million shares valued at RM834.29mil.
Advancers beat decliners 441 to 167 while 305 counters were unchanged.
Bloomberg reported the Fed as saying it would expand its holdings of
long-term securities, with open-ended purchases of US$40bil of mortgage
debt a month.
The news report said Fed chairman Ben S. Bernanke is enlarging his supply of unconventional tools to attack unemployment stuck above 8% since February 2009.
Among
the key regional markets, Japan's Nikkei 225 rose 2.06% to 9,180.40;
Hong Kong's Hang Seng Index jumped 2.67% to 20,582.30; Shanghai's
Composite Index added 0.52% to 2,121.28; Taiwan's Taiex gained 1.93% to
7,725.27 and South Korea's Kospi surged 2.86% to 2,006.56 while
Singapore's Straits Times Index added 1.29% to 3,069.33.
US light crude oil jumped US$1 to US$99.31 and Brent gained 75 cents to US$116.63. Spot gold gained US$8.72 to US$1,775.84.
The ringgit strengthened against the US dollar to 3.0465.
Crude palm oil for third-month futures added RM2 to RM2,914. PPB rose 10 sen to RM12.14.
Maybank rose nine sen to RM9.36, pushing the KLCI up 1.6 points while CIMB added eight sen to RM1.39, adding 1.39 points. RHB Capirtal gained 8.0 sen to RM7.10.
BAT was the top gainer, up 42 sen to RM63.92, Petronas Gas and Petronas Dagangan added 22 sen each to RM18.82 and RM21.80. Tenaga and TM inched up one sen each to RM6.79 and RM5.98.
AirAsia gained 14 sen to RM3.09 and it was the most active with 31.81 million shares done.
Milux was the top loser, down 17 sen to 98 sen in thin trade. SP Setia lost eight sen to RM3.70 while JCY-HA fell 5.5 sen to 14.5 sen and Ajinomoto five sen lower at RM4.30.