The Star, 29 Jun 2011 - Market gaining momentum

The Star, 29 Jun 2011

PETALING JAYA: The FBM KLCI has broken its all time high of 1,574.49 achieved on January 17 this year, following the Dow Jones' huge gains overnight as signs of progress in Greece's debt crisis sparked a broad market rally.

As at 5pm, there were some 1.04bil shares traded - while this is a positive sign, it needs to be seen whether this volume can be sustained over the next few days.

Lower liner property stocks have sprung a little to life, probably due to government led initiatives to build affordable apartments of less than RM300,000 in major cities to be launched this year.

Property stocks like LBS Bina, KSL Holdings, Dijaya Corp and YTL Land were seen on the volume and active list of Bursa Malaysia.

Over in the US, the Dow Jones rose 145.13 points, to 12,188.69, for the measure's biggest one-day gain since April 20. The Standard & Poor's 500-stock index gained 16.57 points, to 1296.67. The technology-oriented Nasdaq Composite jumped 41.03 points, or 1.53%, to

2729.31, its third gain in four sessions.

Investors were heartened after German banks agreed in principle to roll over about $10 billion in Greek government debt, fueling hopes that Greek-debt worries could soon be put aside. Greek lawmakers are set to cast a key austerity vote Wednesday.

At 5pm, the FBM KLCI was up 4.99 points to 1,575.01. There were a total of 434 gainers and 333 losers with 319 stocks unchanged.

Tokyo's Nikkei 225 was up 1.54% to 9,797.26 and Hong Kong's Hang Seng Index was unchanged at 22,061.18.

Shanghai's A index was down 1.11% to 2,728.48 while Taiwan's Taiex Index was up 1.11% to 8,573.38.

Seoul's Kospi Index was up 1.53% to 2,094.42, with Singapore's Straits Times Index up 1.01% to 3,081.63.

Nymex crude oil was down US$0.02 to US$92.87 per barrel.

Spot gold was up US$4.50 to US$1,504.70 per ounce.

The Ringgit was traded at 3.0395 to the Dollar.