KLCI rebounds but regional markets stay cautious

KUALA LUMPUR: The FBM KLCI rebounded on Wednesday, Oct 19 and closed 0.72% higher as gains at select blue chips including Tenaga and Genting Malaysia.

The FBM KLCI rose 10.31 points to 1,450.25.

Gainers beat losers by 641 to 162, while 210 counters traded unchanged. Volume was 1.69 billion shares valued at RM1.21 billion.

Regional markets, however, mostly pared down their earlier gains as investors remain pessimistic over the outlook of the global economy.

Although European stocks edged higher on optimism that policymakers would take major steps at a to solve the festering Eurozone debt crisis, Asian investors became wary after Moody's cut Spain's sovereign ratings by two notches.

Also, Hong Kong's government said it expects economic growth in the territory to be affected by weaker exports, with gross domestic product anticipated to grow at lower end of its own forecast range.

At the regional markets, Hong Kong’s Hang Seng Index close 1.29% higher at 18,309.22, South Korea’s Kospi was up 0.93% to 1,855.92 and Japan’s Nikkei rose 0.35% to 8,772.54.

Meanwhile, the Shanghai Composite Index fell 0.25% to 2.377.51, Singapore’s Straits Times Index down 0.16% to 2,720.21 and Taiwan’s Taiex shed 0.08% to 7,353.37.

Among the gainers on Bursa Malaysia, HLFG added 30 sen to RM11.58, Malayan Flour Mills up 28 sen to RM7.64, MISC and Dutch Lady added 24 sen each to RM6.73 and RM19.14, PPB and Tenaga 20 sen each to RM16.70 and RM5.55, Genting Malaysia 19 sen to RM3.69, while IJM Corp and DKSH added 18 sen each to RM5.39 and RM1.72.

JCY was the most actively trade counter with 58.2 million shares done. The stock jumped 12.5 sen to 58 sen.

Other actives included Systech, HWGB, Hubline, Harvest Court, Asiapac and Tiger.

Decliners included BAT, Chin Teck, KLK, GAB, DiGi, MBM Resources, Panasonic, Parkson, Utusan and Lysaght.