KLCI extends gains for second day

KUALA LUMPUR: The FBM KLCI eked out limited gains on Wednesday, Sept 28 as most key regional markets turned negative following fading optimism over plans to contain the eurozone debt crisis.

Equity markets have rallied over the past few sessions on expectations that European officials will aggressively tackle the debt crisis in its peripheral economies, notably Greece, by boosting the euro zone's 440 billion euro rescue fund, according to Reuters.

But the plans face opposition in Germany and there are signs of a split within the currency bloc over the terms of Greece's next bailout, resulting in the rally at global markets running out of steam.

The FBM KLCI closed 0.54% or 7.35 points at 1,371.55.

Gainers led losers by 407 to 304, while 275 counters traded unchanged. Volume was 850.05 million shares valued at RM1.52 billion.

At the regional markets, Taiwan’s Taiex was up 0.80% to 7,146.98 and Japan’s Nikkei 225 edged up 0.07% to 8,615.65.

Meanwhile, the Shanghai Composite Index fell 0.95% to 2,392.06, Singapore’s Straits Times Index lost 0.91% to 2,701.17, South Korea’s Kospi down 0.73% to 1,723.09 while Hong Kong’s Hang Seng Index fell 0.66% to 18,011.06.

On Bursa Malaysia, gainers were led by KLK that rose 90 sen to RM21.30, BAT 58 sen to RM44.60, United PLANTATION []s up 50 sen to RM17.50, PPB Group 40 sen to RM16.30, DiGi 38 sen to RM30.38, IJM Corp 29 sen to RM5, Batu Kawan 28 sen to RM14.96 and HLFG added 26 sen to RM10.56.

GPRO was the most actively traded counter with 25 million shares done. The stock added half a sen to 14 sen.

Other actives included Asia EP, Ranhill, HWGB, UEM Land, MRCB, AirAsia and Petronas Chemicals.

Among the decliners, Public Bank lost 16 sen to RM12.04, Far East down 20 sen to RM6.70, AIC 13 sen to RM1.12, Sunchirin 12 sen to RM1.33, Amway 10 sen to RM8.50 and Narra nine sen to 44 sen.