FBM KLCI climbs to a two-week high

WEALTH CREATION

KUALA LUMPUR: The FTSE Bursa Malaysia KL Composite Index (FBM KLCI) climbed to a two-week high at midday on Monday, while crude palm oil (CPO) futures was back above RM2,600 a tonne as fresh signs of economic recovery in Asia whetted investors’ appetite for risk.

As at 12.30pm, the FBM KLCI was up 5.23 points, or 0.4% to 1,268.93 points. Market breadth was positive 261 advancers leading 178 decliners.

Total turnover was 190 million shares worth an estimated RM214mil.

Banking stocks led rising blue chips higher with CIMB Group Holdings Bhd up 16 sen, or 1.2% to RM13, followed by Malayan Banking Bhd’s 9 sen gain , or 1.3% to RM6.89 .

Most active stock Land & General rose 4.5 sen, or 13.6% to 37.5 sen with 11.6 million shares changing hands. Ho Hup Construction Co Bhd added 17 sen, or 27.6% to 78.5 sen on volume of 6.4 million shares.

Meanwhile, KPJ Healthcare Bhd announced the stock will be suspended from Jan 4 to make way for a proposed one-into-two share split exercise, the company told the exchange today. “The suspension will continue until the completion” of the exercise, it said a short statement.

Shares in KPJ rose as much as 2.7% in early trade, before it settled at RM6.10 at 12.30pm, up 11 sen, or 1.8% from the previous close.

KPJ will give shareholders one free share for every four shares held after the share spilt. It would then issue one free warrant for every four shares held after the split and bonus issue exercises.

The stock will be traded “ex-all” on Jan 6, KPJ said last week.

In the commodity market, CPO futures on Bursa Derivatives soared RM49 to RM2,603 a tonne, which was just shy of this year’s high hit two weeks ago.

Crude oil in New York was up 49 cents at US$78.54 a barrel.

In overseas markets, Japan’s Nikkei 225 index rose 1.4% to 10,604 points led by rising exporters after latest monthly factory output figures showed an increase.

In Hong Kong, the Hang Seng Index advanced 0.8% to 21,691 points, while in bourses in mainland China jumped between 1.4% and 1.7%.

Figures released by China’s National Bureau of Statistics on Monday showed profits at Chinese industrial companies had returned to growth in January through November, to end a year of declines.

Analysts said this offered fresh evidence of a stronger recovery for China’s businesses.

In Singapore, the Strait Times index rose 0.6% to 2,853 points, while the Jakarta Composite Index rose 1% to 2,499 points.