FBM KLCI up at mid-morning, but stays shy of 1,500-level

KUALA LUMPUR (Dec 23): The FBM KLCI rose on Friday and stayed in
positive territory in line with regional markets and the overnight gains
at Wall Street, but stayed shy of the crucial 1,500-level in thin
trade.

The FBM KLCI was up 2.77 points to 1,494.23 at 10am, lifted by gains at select blue chips.

Gainers led losers by 223 to 126, while 213 counters traded unchanged.
Volume was 198.4 million shares valued at RM105.92 million.


Asian stocks edged up on Friday, as signs of a strengthening economy in
the United States encouraged a modest year-end rally in riskier assets,
according to Reuters.

Wall Street stocks had risen for a third
straight day on Thursday, leaving the S&P 500 index virtually flat
for the year, after data showed new claims for unemployment benefit
dropped to their lowest in 3-1/2 years, it said.

At the regional
markets, Hong Kong's Hang Seng Index rose 1.11% to 18,582.37, Taiwan's
Taiex gained 1.62% to 7,079.36, South Korea's Kospi added 1.15% to
1,868.69, Singapore's Straits Times Index was up 0.38% to 2,674.83 and
the Shanghai Composite Index edged up 0.14% to 2,189.33.

Meanwhile, Japan's stock markets were closed for a national holiday.

BIMB Securities Research in a note Dec 22 said better than expected job
data in the US and higher than expected injection of funds by the ECB
had positive cumulative impact on the equity markets all round.


Consequently European bourses registered an all round gain of around 1%
whilst the Dow Jones Industrial Average climbed 62 points to remain
above the 12,000 mark, it said.

The research house said it
looked like focus on the Eurozone had been diverted temporarily in light
of the tension in the middle-east where crude prices were again pushed
nearer to the US$100/barrel again.

In Asia, regional markets closed on a mixed note from the lack of fresh leads, it said.

'As for Malaysia, the FBM KLCI is inching ever closer to the
psychological 1,500 mark with a 6.5 point gain. Although we believe
selective buying on blue chips to continue, the extended weekend may
thwart any aggressive push on the upside.

'Nonetheless, we remain sanguine that the index to breach the 1,500 level,' it said.

Among the gainers, Nestle was up 30 sen to RM56.90, BAT added 26 sen to
RM48.14, AIC 15 sen to RM1.30, Dutch Lady and CIMB 10 sen each to
RM23.40 and RM7.10, KLK and Hai-O up eight sen each to RM22.08 and
RM1.90, while CCM and Muhibbah rose seven sen each to RM1.49 and RM1.15.

Perisai was the most actively traded counter with 9.53 million shares done. The stock added 4.5 sen to 73 sen.

Other actives included Astral Supreme, Sanichi, Envair, Utopia, UEM Land, LFE Corp and KNM.

Decliners included Y&G, Bina Goodyear, HELP, Kretam, Scomi Engineering, MESB, WCT and Bernas.