SHARE PRICES HIGHER IN EARLY TRADE

12 Jul 2013 11:19

KUALA LUMPUR, July 8 (Bernama) -- Share prices were higher in early trade today in line with Wall Street which posted gains last Friday driven by optimistic economic expectations, dealers said.

At 9 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) opened 0.6 point to 1,772.87 and rose 1.63 points to 1,773.9 at 9.23 am. HwangDBS Vickers Research said the leading US equity bellwethers rose one per cent at the closing bell as investors cast aside a possible scaling back of the quantitative easing programme by the Federal Reserve.

"This may pave the way for our Malaysian bourse to extend its recovery today," it said.

The benchmark FBM KLCI -â€" after losing momentum last Friday afternoon â€"- could rebound and stage an upward bias towards the immediate resistance level of 1,785 ahead, the research house said. On the scoreboard, the Finance Index added 24.711 points to 17,018.91 and the Industrial Index rose 0.52 point to 3,000.89.

The Plantation Index increased 8.47 points to 8,421.1 and the FBM Ace Index went up 13.62 points to 4,788.43.

Gainers led losers 216 to 86, while 145 counters were unchanged, 1,122 untraded and 19 others suspended. Volume stood at 205.3 million shares worth RM121.2 million. Among actives, Scomi Energy slipped eight sen to 90 sen, Tanjung Offshore added two sen to 64 sen and TH Heavy Engineering rose three sen to 81.5 sen.

As for heavyweights, Maybank increased four sen to RM10.42, CIMB gained six sen to RM8.33 and Sime Darby slipped one sen to RM9.45.

-- BERNAMA

MI WGM