Business

Share prices open higher on renewed buying interest

November 20, 2012

The bullish sentiment seen in Wall Street would likely pave the way for the FBM KLCI to bounce up today. — Reuters picThe bullish sentiment seen in Wall Street would likely pave the way for the FBM KLCI to bounce up today. — Reuters picKUALA LUMPUR, Nov 20 — Share prices on Bursa Malaysia were higher in early trade today on renewed buying interest, boosted by positive developments in the US economy, dealers said.

At 9.24 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 4.53 points better at 1,627.84, after opening 3.13 points higher at 1,626.44.

HwangDBS Vickers Research said the bullish sentiment seen in Wall Street would likely pave the way for the FBM KLCI to bounce up today.

“Wall Street jumped overnight, buoyed by better housing data and optimism that a budget agreement would be reached between the US President and Congress to resolve the fiscal cliff issue,” it said in a research statement today.

The research house said the benchmark FBM KLCI may see a recovery towards the immediate resistance level of 1,635.

“Hoping to ride on the positive market sentiment today are stocks like Dialog, after its joint venture with Halliburton won a US$1.2 billion oilfield services contract in Sarawak with a term of 24 years,” it added.

It said Dayang Enterprise would also be one of the stocks that may add interest today as the company’s latest quarterly delivered upside earnings surprises.

On the scoreboard, the Finance Index rose 20.65 points to 15,017.97, the Industrial Index added 9.49 points to 2,793.41 and the Plantation Index rose 24.64 points to 7,993.44.

The FBM Emas Index increased 33.98 points to 11,126.18, the FBM Ace Index lost 6.7 points to 4,240.98, the FBMT100 gained 33.49 points to 10,961.60 and the FBM Mid 70 Index increased 51.69 points to 12,286.53.

Gainers led losers by 150 to 58, with 166 counters unchanged, 1,274 untraded and 18 others suspended.

Volume stood at 121.87 million shares worth RM100.97 million.

Among actives, KNM Group-WA rose 9.5 sen to 10 sen, Karambunai lost half-a-sen to 16 sen and KNM Group fell two sen to 47.5 sen.

Of the heavyweights, Maybank was flat at RM9.03, while Sime Darby lost one sen to RM9.52 and CIMB added four sen to RM7.67.

Meanwhile, the price of gold as at 9.30am stood at RM164.80 per gramme, up 65 sen from RM164.15 at 5pm yesterday. — Bernama

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