The Kuala Lumpur Composite Index rose 3.4 per cent to close at 1,025.70, its biggest gain since August 20, 2007
MALAYSIAN stocks surged 3.4 per cent higher today driven by an overnight recovery on Wall Street as investors bought into blue chips, dealers said.
The Kuala Lumpur Composite Index rose 34.04 points to close at 1,025.70, its biggest gain since August 20, 2007, rebounding from a four-day slide. Only 10 stocks fell on the 100-member measure.
The FBMEmas rose 213.73 points to 6,788.59, the FBM30 increased 246.43 points to 6,597.80 and the FBM2BRD gained 43.67 points to 4,959.30 but the FBM-MDQ fell 40.79 points to 3,935.33.
Advancers led decliners by 470 to 150 with 187 counters unchanged,539 untraded and 22 suspended.
About 587 million shares traded in the market, higher than the three-month daily average of 398 million shares. The index's gain pared its drop this week to 1.8 per cent, its third weekly decline.
Bumiputra-Commerce Holdings Bhd, Malaysia's No. 2 bank, rose 50 sen, or 7 per cent, to RM7.60, the most since January 8, 2004, part of a global rebound in bank stocks after governments took measures to ease the credit crisis.
AMMB Holdings Bhd, Malaysia's fifth-largest bank, added 21 sen, or 7.9 per cent, to RM2.88. RHB Capital Bhd advanced 28 sen, or 7.3 per cent, to RM4.14, its biggest gain since January 29.
IOI Corp, Malaysia's second-largest palm oil producer, advanced 28 sen, or 6.9 per cent, to RM4.34, the most since January 4. Sime Darby Bhd, the biggest, climbed 25 sen, or 4.1 per cent, to RM6.30. Palm oil futures in Malaysia jumped as much as 2.5 per cent, extending yesterday's 7.1 per cent surge, amid gains in crude oil.
Berjaya Corp rose 3 sen, or 3.8 per cent, to 68 sen, its largest increase since August 29. The betting, insurance and property group said it signed an agreement with TMC Life Sciences Bhd. and Viet Ha Corp to jointly build and operate a hospital in or near Hanoi, Vietnam.
Genting Bhd, Asia's largest listed casino operator, advanced 24 sen, or 5 per cent, to RM5, its steepest gain since August 29, following an eight-day, 14 per cent slump. The stock's 14-day relative strength index, which shows how rapidly prices have advanced or dropped, fell to 29 yesterday, below the level of 30 that some investors and traders use as a trigger to buy.
Malaysia Airports Holdings Bhd climbed 15 sen, or 6.4 per cent, to RM2.48, its biggest gain since August 20. The operator of Malaysia's airports handled 6.2 per cent more passengers in July compared with a year earlier. Total passengers grew to 4.2 million in July, the company said in a statement.
Modular Techcorp Holdings Bhd, a Malaysian supplier of smart cards, added 6 sen, or 41 per cent, to 19 sen, its sharpest advance since March 17, after Orisure Sdn Bhd offered 20 sen each to buy the remaining shares it doesn't already own.
Puncak Niaga Holdings Bhd climbed 11 sen, or 4.4 per cent, to RM2.59, the largest gain since June 24. The water treatment company said it exercised an option to buy 17.5 per cent of Puncak Niaga (M) Sdn Bhd for RM320.3 million, making the latter a wholly owned unit.
Tenaga Nasional Bhd climbed 65 sen, or 10 per cent, to RM6.90, the second-largest gainer on the Kuala Lumpur Composite Index. Malaysia's biggest power producer has slumped 23 per cent in the eight days through yesterday. Its relative strength index slid to 16 yesterday, below the level of 30 that some investors and traders use as a trigger to buy.
TRC Synergy Bhd added 5 sen, or 4.4 per cent, to RM1.20, its largest increase since September 11. The builder said it got approval from the Brunei government to proceed with "further works" to develop an oil refinery project. - Agencies
BTimes
MALAYSIAN stocks surged 3.4 per cent higher today driven by an overnight recovery on Wall Street as investors bought into blue chips, dealers said.
The Kuala Lumpur Composite Index rose 34.04 points to close at 1,025.70, its biggest gain since August 20, 2007, rebounding from a four-day slide. Only 10 stocks fell on the 100-member measure.
The FBMEmas rose 213.73 points to 6,788.59, the FBM30 increased 246.43 points to 6,597.80 and the FBM2BRD gained 43.67 points to 4,959.30 but the FBM-MDQ fell 40.79 points to 3,935.33.
Advancers led decliners by 470 to 150 with 187 counters unchanged,539 untraded and 22 suspended.
About 587 million shares traded in the market, higher than the three-month daily average of 398 million shares. The index's gain pared its drop this week to 1.8 per cent, its third weekly decline.
Bumiputra-Commerce Holdings Bhd, Malaysia's No. 2 bank, rose 50 sen, or 7 per cent, to RM7.60, the most since January 8, 2004, part of a global rebound in bank stocks after governments took measures to ease the credit crisis.
AMMB Holdings Bhd, Malaysia's fifth-largest bank, added 21 sen, or 7.9 per cent, to RM2.88. RHB Capital Bhd advanced 28 sen, or 7.3 per cent, to RM4.14, its biggest gain since January 29.
IOI Corp, Malaysia's second-largest palm oil producer, advanced 28 sen, or 6.9 per cent, to RM4.34, the most since January 4. Sime Darby Bhd, the biggest, climbed 25 sen, or 4.1 per cent, to RM6.30. Palm oil futures in Malaysia jumped as much as 2.5 per cent, extending yesterday's 7.1 per cent surge, amid gains in crude oil.
Berjaya Corp rose 3 sen, or 3.8 per cent, to 68 sen, its largest increase since August 29. The betting, insurance and property group said it signed an agreement with TMC Life Sciences Bhd. and Viet Ha Corp to jointly build and operate a hospital in or near Hanoi, Vietnam.
Genting Bhd, Asia's largest listed casino operator, advanced 24 sen, or 5 per cent, to RM5, its steepest gain since August 29, following an eight-day, 14 per cent slump. The stock's 14-day relative strength index, which shows how rapidly prices have advanced or dropped, fell to 29 yesterday, below the level of 30 that some investors and traders use as a trigger to buy.
Malaysia Airports Holdings Bhd climbed 15 sen, or 6.4 per cent, to RM2.48, its biggest gain since August 20. The operator of Malaysia's airports handled 6.2 per cent more passengers in July compared with a year earlier. Total passengers grew to 4.2 million in July, the company said in a statement.
Modular Techcorp Holdings Bhd, a Malaysian supplier of smart cards, added 6 sen, or 41 per cent, to 19 sen, its sharpest advance since March 17, after Orisure Sdn Bhd offered 20 sen each to buy the remaining shares it doesn't already own.
Puncak Niaga Holdings Bhd climbed 11 sen, or 4.4 per cent, to RM2.59, the largest gain since June 24. The water treatment company said it exercised an option to buy 17.5 per cent of Puncak Niaga (M) Sdn Bhd for RM320.3 million, making the latter a wholly owned unit.
Tenaga Nasional Bhd climbed 65 sen, or 10 per cent, to RM6.90, the second-largest gainer on the Kuala Lumpur Composite Index. Malaysia's biggest power producer has slumped 23 per cent in the eight days through yesterday. Its relative strength index slid to 16 yesterday, below the level of 30 that some investors and traders use as a trigger to buy.
TRC Synergy Bhd added 5 sen, or 4.4 per cent, to RM1.20, its largest increase since September 11. The builder said it got approval from the Brunei government to proceed with "further works" to develop an oil refinery project. - Agencies
BTimes
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