Market Open KLCI rises 0.37% in line with uptrend at regional markets

by **Cals** Fri 05 Jul 2013, 09:30

Market Open KLCI rises 0.37% in line with uptrend at regional markets
Business & Markets 2013
Written by Surin Murugiah of theedgemalaysia.com
Friday, 05 July 2013 09:10

KUALA LUMPUR (July 5): The FBM KLCI rose 0.37% in early trade on Friday, in line with the uptrend at most regional markets.

At 9.05am, the FBM KLCI added 6.56 points to1,777.90, lifted by select blue chips including Petronas-linked stocks.

Gainers led losers by 158 to 28, while 86 counters traded unchanged. Volume was 55.03 million shares valued at RM32.42 million.

The gainers in early trade included BAT, Petronas Dagangan, Petronas Gas, HLFG, UMW, Hong Leong Bank, Engtex, GAB and Kossan.

M & A Securities Research in a note Friday said it expects the market to continue with its buying momentum today following the impressive European stock market performance.

It said the ECB and Bank of England made an outright dovish statement that it will do whatever it takes to oil the economy.

It may cut the interest rate further and this has stoked strong buying sentiment in the European stock market, said the research house.

“Dovish statement from both governors drove the European stock market higher with the pan-European FTSE Eurofirst 300 equity index rose 2.4%, its biggest one-day rise in 10 weeks, while the more internationally focused UK FTSE 100 ended more than 3 per cent higher.

“In the absence of fresh catalyst from the domestic front and the US, the local market may take cue from the European and regional market. The US market was closed due to the Independence Day,” it said.

Meanwhile, Asian stocks rose on Friday, while the euro and sterling nursed losses after the two most important central banks in Europe surprised by assuring investors they were in no hurry to wind down stimulus, according to Reuters.

But markets were cautious as they waited for the U.S. jobs report as it could bolster, or derail, the case for the Federal Reserve to start dialling down its asset-buying programme this year. The data are due at 1230 GMT, it said.