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FBM KLCI stays buoyant on firmer commodities prices


KUALA LUMPUR: The FBM KLCI eased off its intra-morning high but maintained a healthy lead on the back of investor interest in financial and commodities plays.At 12.30pm, the FBM KLCI was up 14.28 points to 1,544.7, lifted by a surge in global commodities prices and an upturn in sentiment over the economic recovery.Market breadth was positive with 421 gainers versus 289 decliners. Trading activity was on pace with 2.42 billion shares traded valued at RM1.6bil.The rally lifted the index back above the 50-day simple moving average, signalling bullish sentiment on the market as the recovery picked up steam in the fourth quarter of the year.Plantation plays advanced as the crude palm oil price hit a fresh record high of RM5,082 a metric tonneSime Darby Plantation picked up over the morning, rising 36 sen to RM4.02, IOI Corp climbed 19 sen to RM3.96 and Kuala Lumpur Kepong jumped RM1.52 to RM21.70.In oil and gas, Petronas Chemicals continued its uptrend, gaining 19 sen to RM8.88.Bank stocks also benefited from the prospects of the global recovery, led by Maybank adding three sen to RM8.04, CIMB rising four sen to RM4.76 and Hong Leong Bank climbing 14 sen to RM18.88. Public Bank fell one sen to RM4.05.Meanwhile, top actively traded counters on Bursa were AT Sytemization rising 0.5 sen to six sen, SC Estate Builder gaining 3.5 sen to 12.5 sen and Serba Dinamik inching 0.5 sen higher to 33 sen.Regional markets however moved mostly in the opposite direction as the elevated oil prices mean central banks could be spurred to raise interest rates to curb out-of-control inflation.Japan's Nikkei fell 1.6% while South Korea's Kospi dropped 1.5%.In China, the mainland market remained closed for its national holiday while Hong Kong's Hang Seng slid 0.5%.Australia's ASX200 dropped 0.8%.


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