KLCI snaps losing streak as regional markets pare down losses

KUALA LUMPUR (Nov 22): The FBM KLCI snapped its losing streak and closed higher on Tuesday after having continuously fallen for five trading days, as some of the regional markets reversed earlier losses.

Stock markets put in gains on Tuesday after a heavy session of losses the previous day, though the respite from worries over U.S. and European government debt looked only temporary, according to Reuters.

The FBM KLCI rose 3.91 points to close at 1,437.99.

Market breadth, however, remained tepid with losers edging gainers by 399 to 327, while 298 counters traded unchanged. Volume was 1.27 billion shares valued at RM1.04 billion.

At the regional markets, Hong Kong’s Hang Seng Index rose 0.14% to 18,251.59, South Korea’s Kospi rose 0.34% to 1,826.28 and Singapore’s Straits Times Index gained 0.71% to 2,717.20.

Meanwhile, Japan’s Nikkei 225 fell 0.4% to 8,314.74, Taiwan’s Taiex lost 0.61% to 7,000.03 and the Shanghai Composite Index shed 0.10% to 2,412.63.

On Bursa Malaysia, KrisAssets rose 40 sen to RM5, Nestle was up 34 sen to RM50.20, KLK 30 sen to RM21, Tradewinds 25 sne to RM9.43, TSH Resources rose 24 sen to RM3.91, United PLANTATION []s 20 sen to RM18.50, Knusford 19 sen to RM1.77, BLD Plantations 15 sen to RM6.88 and DiGi up 12 sen to RM3.72.

Sumatec was the most actively traded counter with 112.1 million shares done. The stock jumped 7.5 sen to 28 sen.

Other actives included Compugates, DPS Resources, MMSV, SYF Resources, Tricubes and GPRO.

Among the decliners, Harvest Court fell 43.5 sen to 96.5 sen, Panasonic down 36 sen to RM19.60, Triplc 30 sen to 70 sen, Uzma 19 sen to RM1.60, DKSH and SOP 18 sen each to RM2.15 and RM4.48, Sungei Bagan 17 sen to RM2.73, while Nilai and MAHB fell 11 sen each to RM1.21 and RM5.96.