KL BOURSE RISES IN EARLY TRADE Malaysia’s benchmark stock index rose in early trade, tracking other Asian markets after weaker-than-expected housing sales data in the US fuelled speculation that the Federal Reserve might not taper its monetary stimulus initiatives anytime soon. The gains were led by oil and gas services firm MISC Bhd and Malaysia’s biggest bank by assets, Malayan Banking Bhd (Maybank). The index was up 0.29 per cent at 1,726.07 at 9.05am in Kuala Lumpur. It underperformed MSCI’s broadest index of Asia Pacific shares outside Japan that rose 0.39 per cent, while it outperformed Tokyo’s Nikkei share average that increased 0.11 per cent. Shares of MISC rose 2.14 per cent, while Maybank climbed 0.9 per cent. "After recovering to a high of 1,729.86 before retreating subsequently to close at 1,721.07 last Friday, there is another chance for the benchmark index to stage a technical rebound and pull away from the immediate support line of 1,720 today," HwangDBS Vickers Research said in a research note to clients on Monday morning. HwangDBS also said investors would watch Eastern & Oriental Bhd after the property developer said it plans to undertake residential and commercial projects worth RM25 billion over the next 20 years at its Seri Tanjung Pinang’s development in Penang. Shares in Eastern & Oriental were up 2.44 per cent at RM2.10 9.06am.-- Reuters, 26/08/2013
Posted on: Mon, 26 Aug 2013 03:52:14 +0000