FBM KLCI snaps losing streak

Hoorah market rebound, Mr.Obama keep up with good job !!
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KUALA LUMPUR, Monday, 01 August 2011: The FBM KLCI snapped its three-day losing streak on Monday, Aug 1 in line with the rebound at key regional markets after US President Barack Obama announced on Sunday a last-minute deal to raise the US borrowing limit and avoid default.
Now that top lawmakers have sealed a deal, both the Senate and House of Representatives are expected to vote on Monday and in principle a bill could be on Obama's desk by nightfall, according to Reuters.
While Senate approval is likely, the agreement's fate may be less certain in the House, it said.
The FBM KLCI rose 8.40 points to 1,557.21 at the mid-day break, lifted by gains including at Petronas Chemicals, CIMB, HLFG and MISC.
Gainers led losers by 442 to 197, while 265 counters traded unchanged. Volume was 530.66 million shares valued at RM601.29 million.
The ringgit strengthened 0.99% to 2.9392 versus the US dollar; crude palm oil futures for the third month delivery rose RM19 per tonne to RM3,112; crude oil climbed US$1.47 to US$97.17 while gold fell US$12.27 an ounce to US$1,615.60.
At the regional markets, Japan’s Nikkei 225 rose 1.80% to 10,009.84, Hong Kong’s Hang Seng Index gained 1.51% to 22,779.14, South Korea’s Kospi added 1.81% to 2,171.74, Singapore’s Straits Times Index rose 1.01% to 3,221.56, Taiwan’s Taiex up 0.54% to 8,690.67 and the Shanghai Composite Index inched up 0.15% to 2,705.70.
Among the gainers, Chin Teck rose 17 sen to RM8.80, Petronas Chemicals 15 sen to RM7, CIMB 14 sen to RM8.41, EPIC 13 sen to RM2.93 while HLFG, Southern Acids, MISC and AirAsia added 12 sen each to RM13.22, RM2.44, RM7.57 and RM4.05 respectively.
Ingenuity Solutions was the most actively traded counter with 50.8 million shares done. The stock fell half a sen to 4.5 sen.
Other actives included Jotech, DVM, E&O, Hibiscus warrants and Dutaland warrants.
Decliners included Ann Joo, Mamee, LTKM, PCCS and Notion Vtec.

Source: The Edge