KUALA LUMPUR (Dec 6): The FBM KLCI extended its gains for a third day running on Thursday, lifted by gains at select blue chips.
At 5pm, the FBM KLCI gained 2.44 points to 1,616.23. There were 282 gainers and 365 losers, while 341 counters traded unchanged. Volume was 881.16 million shares valued at RM1.25 billion.
Asian shares paused after hitting 16-month highs earlier on Thursday thanks to buying from investors reassured by US President Barack Obama saying a deal to avert the so-called fiscal cliff was possible in "about a week" if Republicans compromise on taxes, according to Reuters.
Markets have held out hopes of an agreement on ways to cut the fiscal deficit to avoid US$600 billion of spending cuts and tax rises being triggered in January, but trading has been choppy and thin ahead of the end of year holiday season, as the consequences of failure to agree could push the US economy into recession, it said.
At the regional markets, Japan's Nikkei 225 rose 0.81% to 9,545.16; South Korea's Kospi added 0.13% to 1,949.62; and Singapore's Straits Times Index was up 0.07% to 3,078.20. Meanwhile, the Shanghai Composite Index fell 0.13% to 2,029.24; Taiwan's Taiex lost 0.34% to 7,623.26; and Hong Kong's Hang Seng Index was down 0.09% to 22,249.81.
Among the gainers on Bursa Malaysia, Nestlé rose 90 sen to RM63.88; BAT up 70 sen to RM58.40, Aeon Credit 48 sen to RM12.82; Petronas Dagangan 32 sen to RM23.46; Aeon 24 sen to RM12.08; Takaso 21.5 sen 47 sen; Tasek 16 sen to RM12.96; while Genting, KAF and Litrak rose 15 sen each to RM9.12, RM1.68 and RM4.15 respectively.
Takaso was the most actively-traded counter, with 88.25 million shares done. The stock jumped 21.5 sen to 47 sen. Other actives included Astral Supreme, Ingenco, IRCB, Fastrak, Nextnation, Metronic, Tiger Synergy and Berjaya Corp. The decliners included Far East, Sungei Bagan, UMW, Tradewinds Plantation, Kulim, GAB, Panasonic, Batu Kawan and Lay Horng.