KLCI extends gains for third day, closes up 1.16%

KUALA LUMPUR: The FBM KLCI extended its gains for the third consecutive day on Thursday, Sept 29, while most regional markets reversed earlier losses and turned positive ahead of a German vote on boosting the euro zone's rescue fund.

European markets edged up in early trade, but the moves were volatile, however, as investors fretted about whether German Chancellor Angela Merkel would face dissent in her own party in a vote on new powers for the rescue fund, potentially making a further decision to resolve the euro zone debt crisis difficult, according to Reuters.

There has been worries in Merkel's coalition about the costs of a Greek bailout and any dissent could dampen hopes that further votes like the second Greek rescue package will go through lawmaking process smoothly, it said.

The FBM KLCI rose 1.16% or 15.91 points to 1,387.46

Gainers beat losers by 513 to 229, while 228 counters traded unchanged. Volume was 920.96 million shares valued at RM1.37 billion.

At the regional markets, Japan’s Nikkei 225 rose 0.99% to 8,701.23, South Korea’s Kospi jumped 2.68% to RM1,769.29, Taiwan’s Taiex up 0.50% to 7,182.61 and Singapore’s Straits Times Index gained 0.26% to 2,708.13.

The Shanghai Composite Index fell 1.12% to 2,365.34.

Meanwhile, the Hong Kong stock market was closed this morning as typhoon Nesat made its way past the island country en route to south China.

Among the gainers on Bursa Malaysia, Hong Leong Bank rose 40 sen to RM10.20, S P Setia and Genting up 37 sen each to RM3.87 and RM9.33, Panasonic 36 sen to RM18.58, Sime 34 sen to RM8.48, Litrak 33 sen to 3.75, Malayan Flour Mills 30 sen to RM6.85, MMHE 28 sen to RM5.88 and Far East 25 sen to RM6.95.

Compugates was the most actively traded counter with 63.23 million shares traded. The counter added half a sen to 6.5 sen.

Other actives included S P Setia, GPRO, Asia EP, Axiata, CIMB and UEM Land.

Meanwhile, decliners included Nestle that fell 50 sen to RM47, Pulai Springs down 34.5 sen to 81 sen, KLK 20 sen to RM21.10, Cepco 19 sen to RM1.84, HELP 16 sen to RM1.71, CIMB 13 sen to RM6.88, while Petronas Gas and Hong Leong Industries fell 10 sen each to RM12.90 and RM3.90.