KUALA LUMPUR: The Malaysian equity benchmark leaped into positive territory at midday following losses in early trade Thursday, helped by gains in shares of PLANTATION [] firms as palm oil prices soared.
At 12.30pm, FBM KLCI added 1.81 points to 1,272.81. Prime movers of the index include shares of IOI Corp Bhd, which gained eight sen to RM5.49 and KUALA LUMPUR KEPONG BHD [], which advanced four sen to RM15.54. SIME DARBY BHD [] was up two sen to RM9.
Across the exchange, a total of 220 stocks advanced while 283 declined as investors traded some 392 million shares worth around RM427 million.
"The economic news (in the US), as well as a drop in the dollar, stoked investors' appetite for higher-returning but riskier investments like stocks.
"For months, investors have been weighing their desire for bigger returns with fears that the stock market will falter if the economy looks like it won't maintain a recovery," SJ Securities Sdn Bhd wrote in a note to clients today.
US stocks gained in overnight trading as investors responded well to news that jobless claims in the world's largest economy registered a larger than expected decline. The Dow Jones Industrial Average climbed 0.29% to 10,464.40, Nasdaq rose 0.32% to 2,176.05, while S&P 500 was up 0.45% to 1,110.63. US markets will be closed on Thursday for Thanksgiving holiday.
Major Asian indices fell today. Japan's Nikkei 225 dipped 0.43% to 9400.97, Hong Kong's Hang Seng fell 0.98% to 22,389.50, while Australia's S&P/ASX 200 lost 0.40% to 4703.30.
US crude oil for January 2010 fell 41 cents to US$77.55 a barrel while spot prices for gold rose US$1.30 to US$1,193.10 an ounce. Malaysian palm oil for January 2010 delivery rose as much as RM39 to RM2,058 a tonne in morning trade before sitting at RM2,481 at press time.
The ringgit weakened against major currencies, and was traded at 3.3770 versus the US dollar, 5.1042 against the euro, 5.6424 against the pound sterling, 3.8890 versus the yen, and 2.4481 compared to the Singapore dollar.
About Me
- Nuang
- Ibrahim bin Ramli@Nuang started his career with CIMB Wealth Advisors Berhad as Agency Manager in April, 2008.Previously he was an Internal Auditors and Accounts Executive with Perodua Sales Sdn Bhd since 17 August, 1994. His background:- 1.Certified of Achievement for Master Sales Leadership from Dr Lawrence Walter Ng of President of The Art Of Learning and International Of Learning Without Learning 2.Certified for eXtra Ordinary Performance of Lawrence Walter Award Certificate for One Million Ringgit Club 2007 3. Certified Life & General insurances 4. Conferred with Diploma in Business Studiess & Bachelor of Business Admin(Hons)Finance from UiTM, Terengganu Branch & Shah Alam respectively;
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