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Bursa ends higher on bargain hunting

June 5, 2012

KUALA LUMPUR: Share prices on Bursa Malaysia staged a rebound on bargain hunting today after recent losses and in tandem with other regional markets, dealers said.

Gains in plantation and banking stocks pushed the FTSE Bursa Malaysia KLCI (FBM KLCI) to close 5.18 points or 0.33% higher at 1,560.36 after hovering between 1,554.51 and 1,563.33.

A dealer said investors are on short-covering ahead of the Group of Seven (G7) talks on the eurozone debt crisis, although investor sentiment remained weak, on persistent worries over the global economic health.

“With the global economic situation remaining rather bleak, investors appear to be betting on hopes that several governments would soon come out with strong stimulus measures to spur growth,” he added.

It was reported that finance ministers and central bank governors from the G7 industrialised nations are expected to hold an emergency meeting today to discuss the worsening economic situation in the Eurozone.

The leaders will likely discuss the deepening banking crisis in Spain and a possible Greek exit from the Eurozone.

The Finance Index rose 54.70 points to 13,984.91 and the Plantation Index added 68.77 points to 8,210.04, while the Industrial Index fell 7.69 points to 2,721.23.

The FBM Emas Index improved 38.08 points to 10,629.23, the FBM ACE Index increased 39.66 points to 4,171.55, and the FBM Mid 70 Index jumped 51.94 points to 11,513.57.

Market breadth was positive with advancers leading decliners by 411 to 275 while 309 counters were unchanged, 559 untraded and 18 others suspended.

Turnover fell to 637.97 million shares worth RM923.14 million from the 677.63 billion shares worth RM1.144 billion yesterday.

Volume on the Main Market decreased to 457.578 million units worth RM892.705 million from 475.81 million units worth RM1.112 billion yesterday.

Turnover on the ACE Market dipped to 108.325 million shares valued at RM21.569 million from 115.597 million shares worth RM21.37 million previously.

Warrants fell to 70.168 million units worth RM8.45 million from 85.067 million units worth RM9.5 million.

For the heavyweights, Maybank improved six sen to RM8.66, Sime Darby rose two sen to RM9.65 and CIMB added five sen to RM7.42.

Among active counters, Global Tec Formation was flat at 10 sen while Naim Indah Corporation lost half-a-sen to 32 sen and Metronic Global rose half-a-sen to 11.5 sen.

Consumer products accounted for 23.83 million shares traded on the Main Market, industrial products 127.502 million, construction 11.947 million, trade and services 160.341 million, technology 17.893 million, infrastructure 14.108 million, finance 49.052 million, hotels 405,900, properties 36.992 million, plantations 9.636 million, mining nil, REITs 4.983 million and closed/fund 31,900.

– Bernama


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