Key markets up, CIMB leads FBM KLCI

KUALA LUMPUR: Key regional markets, except for Singapore, were higher at the midday break on Wednesday, March 24 while at Bursa Malaysia, banks were among the gainers.

CIMB, AMMB and Public Bank were among the gainers ahead of the release of Bank Negara’s annual report on the country’s economic prospects and positive outlook for the banking sector. Details will be released at 6pm on Wednesday.

At 12.30pm, the FBM KLCI rose 4.5 points to 1,309.35. Turnover was 601.48 million shares valued at RM820.06 million. There were 383 gainers, 218 losers and 293 stocks unchanged.

Among key regional markets, Japan’s Nikkei 225 rose 0.23% to 10,798.44, Hong Kong’s Hang Seng Index added 0.44% to 21,080.21, Shanghai’s Composite Index advanced 0.2% to 3,059.14 but Singapore’s Straits Times Index fell 0.26% to 2,897.98.

Light crude oil fell 60 cents to US$81.31, crude palm oil futures fell RM13 to US$2,578 while US spot gold shed US$1.50 to US$1,103.65.

Meanwhile, Reuters reported that with unemployment high and inflation low, the Federal Reserve is in no hurry to raise interest rates.

The Fed cut its key target rate to near zero in December 2008 and pumped more than US$1 trillion into the world's biggest economy to blunt the worst downturn since the Great Depression.

While a mild recovery has taken hold and the jobs market has begun to stabilise, the officials said scant signs of inflation mean the Fed's vow to keep near-zero rates for an extended period continued to be warranted.

At Bursa Malaysia, CIMB rose 26 sen to RM13.74, pushing up the key index by 2.94 points while AMMB added seven sen to RM4.94 and Public Bank two sen higher to RM11.66. Maybank added one sen to RM7.42 and Hong Leong Bank three sen to RM8.59.

Sime Darby rose four sen to RM8.54 while PPB gained 18 sen to RM17.21 and Genting PLANTATION []s 16 sen to RM6.85. Among glove makers, Kossan rose 23 sen to RM7.64, Top Glove 22 sen to RM13.14and IRCB four sen to RM1.24.

Among stocks in the semiconductor-related industry, Unisem rose 18 sen to RM2.63, Eng Tek 16 sen to RM2.88 and MPI 15 sen to RM6.70.

Dutch Lady and Ajinomoto fell 18 sen to RM12.02 and RM4 while Warisan fell eight sen to RM2.20 and Hai-O eight sen to RM4.46 and Mamee six sen lower at RM2.96.