Market Open KLCI rises 0.3% to 1,778.79 points

by **Cals** Wed 19 Jun 2013, 09:29

Market Open KLCI rises 0.3% to 1,778.79 points

Business & Markets 2013

Written by Chong Jin Hun of theedgemalaysia.com

Wednesday, 19 June 2013 09:23

KUALA LUMPUR (June 19): The FBM KLCI rose 4.74 points or 0.3% as regional markets advanced.

At 9.01am, The KLCI was traded at 1,778.79 points on gains in stocks like PETRONAS GAS BHD [] and GENTING BHD []. This came amid market anticipation of the US central bank's likely monetary stance which can dictate the direction of global equities.

HwangDBS Vickers Research Sdn Bhd expects the Malaysian stockmarket to "extend" gains following an overnight rise in US equities.

In a note today, HwangDBS Vickers said the KLCI may see a positive trend with its immediate resistance seen at 1,785. Yesterday, the KLCI rose 1.88 points or 0.1% to 1,774.05.

"Last night, leading US equity bellwethers rose between 0.8% and 0.9% as investors await the outcome of the Federal Open Market Committee meeting.

"Essentially, by tomorrow morning Malaysian time, we hope to get an insight whether the policymakers intend to wind down the monetary stimulus program anytime soon," HwangDBS Vickers said.

Today, Bursa Malaysia saw some 30 million shares worth RM12 million changing hands. There were 129 gainers versus 37 decliners.

The top gainer was Petronas Gas while BRITISH AMERICAN TOBACCO (M) [] Bhd led decliners. The most-active stock was ETI Tech Corp Bhd

Across Asia, Japan's Nikkei 225 rose 1.73% while Australia's S&P/ASX200 was up 0.41%. South Korea's Kospi, however, fell 0.46%.

Reuters reported that Japan's Nikkei share average rose to a one-week high on Wednesday, helped by a second-straight day of gains on Wall Street as investors bet that the Federal Reserve would temper worries about an imminent roll back of its stimulus programme.