KLCI edges up as regional markets reverse losses

KUALA LUMPUR (Dec 2): The FBM KLCI closed in positive territory on Friday as some key regional markets reversed their earlier losses, but gains at the local market remained muted as investor sentiment stayed cautious.

World stocks extended gains on Friday and looked set for the biggest weekly rise since mid-2009 thanks to coordinated central bank action that cut the cost of money market funds, according to Reuters.

There were also widespread investor hopes that a key European summit next week could finally yield a concrete solution to the euro debt crisis, it said.

The FBM KLCI rose 3.76 points to close at 1,489.02, lifted by gains at select blue chips.

Gainers edged losers by 386 to 356, while 298 counters traded unchanged. Volume was 1.71 billion shares valued at RM1.36 billion.

At the regional markets, Japan’s Nikkei 225 rose 0.54% to 8,643.75, Hong Kong’s Hang Seng Index was up 0.20% to 19,040.39 and Singapore’s Straits Times Index added 0.42% to 2,773.36.

Meanwhile, the Shanghai Composite Index fell 1.1% to 2,360.66. Taiwan’s Taiex lost 0.53% to 7,140.68 and South Korea’s Kospi shed 0.01% to 1,916.04.

On Bursa Malaysia, Petronas Dagangan and Petronas Gas added 68 sen each to RM17.30 and RM14; Proton was up 51 sen to RM3.61, Nestle and Dutch Lady 40 sen each to RM52.60 and RM24.80, Tradewinds PLANTATION []s 25 sen to RM4.17, Panasonic 22 sen to RM19.96, Parkson 19 sen to RM5.84 and TDM 18 sen to RM3.80.

Among the decliners, BAT fell RM1 to RM47.10, PPB down 20 sen to RM16.38, Amway 14 sen to RM8.96, Malaysia Smelting Corp 11 sen to RM4.01, while SHL, United Plantations, NSOP and Tradewinds fell 10 sen each to RM1.15, RM18.10, RM5.68 and RM9.90 respectively.

The actives included DPS Resources shares and warrants, Sanichi, SYF Resources and MUI Industries.