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NewsMarket Close KLCI rises 0.3% on bargain hunting; US, China data
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Market Close KLCI rises 0.3% on bargain hunting; US, China data
by Cals Thu 01 Aug 2013, 18:29
Market Close KLCI rises 0.3% on bargain hunting; US, China data
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Thursday, 01 August 2013 17:09
KUALA LUMPUR (August 1): The KLCI erased losses to end 5.2 points or 0.3% higher at 1,777.82.
Analysts said the gains came on bargain hunting for beaten-down stocks following a substantial decline in the index yesterday.
They said the absence of indication on the timing of the US Federal Reserve's planned reduction of its bond-buying, apart from news on China’s manufacturing sector growth, had also helped the KLCI advance. This came amid regional market gains.
"The US Federal Reserve's statement could have had a bigger impact on world stock markets today," an analyst told theedgemalaysia.com over telephone today.
The KLCI's rise came on gains in stocks like Genting Malaysia Bhd and PUBLIC BANK BHD [].
Yesterday, the KLCI fell 22.46 points or 1.25% to close at 1,772.62 points.
Reuters reported that the Federal Reserve on Wednesday said the U.S. economy continues to recover but is still in need of support, offering no indication that it is planning to reduce its bond-buying stimulus at its next meeting in September.
Wrapping up a two-day gathering, the central bank said it would keep buying $85 billion in mortgage and Treasury securities per month in an effort to strengthen an economy that it said was still challenged by federal budget-tightening.
Growth in China's manufacturing sector picked up slightly last month, an official survey showed, exceeding market expectations.
But a separate HSBC PMI (Purchasing Managers' Index) survey showed China's factory activity shrank for a third straight month in July, matching a preliminary reading published last week.
Today, Bursa Malaysia saw 1.46 billion shares worth RM2.13 billion changed hands. There were 537 gainers versus 233 decliners.
The top gainer was BRITISH AMERICAN TOBACCO (M) [] Bhd while PETRONAS GAS BHD [] led decliners.
Most active was DAYA MATERIALS BHD [].
Abroad, Japan’s Nikkei 225 climbed 2.47%. Within China, Hong Kong's Hang Seng rose 0.94% while the mainland's Shanghai and Shenzen Composite increased 1.77% and 3.05% respectively.
Nearer to home, Singapore's Straits Times rose 0.58%.
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Thursday, 01 August 2013 17:09
KUALA LUMPUR (August 1): The KLCI erased losses to end 5.2 points or 0.3% higher at 1,777.82.
Analysts said the gains came on bargain hunting for beaten-down stocks following a substantial decline in the index yesterday.
They said the absence of indication on the timing of the US Federal Reserve's planned reduction of its bond-buying, apart from news on China’s manufacturing sector growth, had also helped the KLCI advance. This came amid regional market gains.
"The US Federal Reserve's statement could have had a bigger impact on world stock markets today," an analyst told theedgemalaysia.com over telephone today.
The KLCI's rise came on gains in stocks like Genting Malaysia Bhd and PUBLIC BANK BHD [].
Yesterday, the KLCI fell 22.46 points or 1.25% to close at 1,772.62 points.
Reuters reported that the Federal Reserve on Wednesday said the U.S. economy continues to recover but is still in need of support, offering no indication that it is planning to reduce its bond-buying stimulus at its next meeting in September.
Wrapping up a two-day gathering, the central bank said it would keep buying $85 billion in mortgage and Treasury securities per month in an effort to strengthen an economy that it said was still challenged by federal budget-tightening.
Growth in China's manufacturing sector picked up slightly last month, an official survey showed, exceeding market expectations.
But a separate HSBC PMI (Purchasing Managers' Index) survey showed China's factory activity shrank for a third straight month in July, matching a preliminary reading published last week.
Today, Bursa Malaysia saw 1.46 billion shares worth RM2.13 billion changed hands. There were 537 gainers versus 233 decliners.
The top gainer was BRITISH AMERICAN TOBACCO (M) [] Bhd while PETRONAS GAS BHD [] led decliners.
Most active was DAYA MATERIALS BHD [].
Abroad, Japan’s Nikkei 225 climbed 2.47%. Within China, Hong Kong's Hang Seng rose 0.94% while the mainland's Shanghai and Shenzen Composite increased 1.77% and 3.05% respectively.
Nearer to home, Singapore's Straits Times rose 0.58%.
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