DJIA closed the day with:

12,145.74 +35.50 +0.29%

DJIA closed the day with:

11,951.09 -194.65 -1.60%

More downside pressure for KLCI

STOCK MARKET SIGNALS
By G.M. TEOH

MAIN BOARD

THE KL Composite Index (KLCI) plunged in a broad sell-off in reaction to Barisan Nasional losing its two-thirds majority, closing the week with heavy losses and at a seven-month low.

The KLCI plunged from a week's high of 1,251.35 points to a seven-week low of 1,157.47 and ended the week with huge losses at 1,194.84, down a hefty 101.49 points or 7.83% from the week before.

All the top 10 index-linked stocks ended the week with huge losses despite recovering some of their earlier sell-off losses.

Volume for the week soared to a one-year high of 1.912 billion shares compared with 1.169 billion shares the previous week. The weekly volume was at its highest since the March 2007 Shanghai-inspired meltdown.

The daily average volume jumped to 382.49 million from 233.9 million shares the week before.

The weekly candlestick chart finished bearish and called for further negative pressure this week. A black bearish falling-window candle was formed last week, and this usually implies a continuation a bearish trend.

At the moment, the technical setting of the market is bearish. A continuation of the negative momentum this week would likely take the index lower and trade around its immediate chart support at 1,180-1,160 points.

A successful downward breakout from these levels would see the index trending lower to test its minor chart base around 1,100-1,050 points. A successful break below these levels would turn the near-term chart picture very bearish.

The immediate-term chart hurdle is now seen at the 1,215-1,225 levels. A minor chart resistance stands at 1,240-1,250.

The daily technical indicators settled the week mostly bearish and suggested the underlying strength of the index was still negative.

The daily stochastic ended the week slightly positive and indicated the index was in a correctional phase after the excessive declines last week. The oscillators per cent K and D ended higher at 41.51% and 36.31% respectively.

The daily Money Flow Index (MFI) fell from a week's high of 57.82 points and settled lower at 42.89. Analysis of the MFI shows distribution occurred late last week.

The main trend-tracker, the 3- and 7-week exponentially smoothed moving-average price lines (ESA-lines), remained in bearish divergence on Friday and showed the main trend was still in a bearish phase.

The 3- and 7-day ESA-lines, closed in bearish divergence and indicated the short-term bearish cycle would expand.

The 5-day Relative Strength Index ended the week lower at 28.40 points and indicated the index's immediate underlying strength was still bearish.

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Analysts: Genting attractive at current levels

By LEONG HUNG YEE

THERE'S a good opportunity to take advantage of the price weakness in Genting Bhd shares given the alluring fundamentals and future prospects of the group, analysts said.

"The steep fall in the Genting share price over the past two weeks provides a buying opportunity for investors. It is one of the cheapest gaming stocks in the region," an analyst said.

He added that although there were no strong buys at present, it was time for bargain hunting for investors looking for long-term investment.

For the time being, dealers said, many foreign investors opted to stay on the sidelines due to the uncertainties arising from the results of the 12th general election, which were compounded by the fall on Wall Street.

"We see a fine opportunity to take full advantage of the current share price weakness as the group's fundamentals and future prospects remain intact," OSK Research said in a report.

The research house added that Genting planned to sustain the growth momentum of its leisure and hospitality business by introducing more non-casino entertainment activities, including concerts, rolling out more electronic gaming machines, and offering cheaper hotel room packages.

On the leisure and hospitality division, OSK said casino patronage grew stronger than the overall visitor arrivals, which led to significant growth in both VIP and grind revenue, in excess of 30% and 10% respectively.

An analyst with a foreign brokerage pointed out that the group could enhance its revenue now that Genting International Plc had recently been granted an online gaming licence from the Alderney Gambling Control Commission (AGCC) in the British Channel Islands.

The analyst said the licence would bring Genting a step closer to kick-starting its online gaming services in Britain.

Genting International anticipated that the online gaming operations would start during the second quarter this year, subject to AGCC's approval of its internal control system and gambling equipment

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KLCI down 1.35% midday, HK skids 4%

KUALA LUMPUR: All Asian markets fell in the morning session on Monday, with Hong Kong's Hang Seng Index the worst hit as it skidded 4% while the KLCI was comparatively least affected despite political concerns on the home front.

At 12.30pm, the KLCI had fallen 1.35% or 16.19 points to 1,179.65; the FBM Emas lost 129.09 points to 7,999.71 and the FBM Second Board lost 119.37 points to 5,629.45.

Turnover was 246.47 million shares valued at RM492.48mil. Losers thumped gainers 10 to one with 570 decliners against 57 advancers while 166 while counters were unchanged.

Among key regional indices, the Hang Seng Index down 890.79 points or 4.01% to 21,346.32, the Nikkei 225 fell 3.34% to 11,832.92, Shanghai's A Share Index slipped 3.17% to 4,025.65 and South Korea's Kospi 2.27% lower at 1,563.98.

An analyst said most investors would continue to stay on the sidelines this week as they awaited news of the fresh Cabinet line-up and ahead of the US Federal Reserve meeting to decide on interest rates on Tuesday night.

"We may look better on the downside in comparison with the heavier losses in other key Asian markets," he said, in terms of the KLCI performance.

Among the heavyweights, Tenaga lost 15 sen to RM6.80 and Maybank 10 sen to RM8.50 but Telekom rose 10 sen to RM10.40.

Crude palm oil futures fell 4% or RM153 to RM3,536 per tonne for the third-month delivery, dragged down by losses on global soy-oil markets and rising palm oil reserves.

KL Kepong fell 50 sen to RM15, United Malacca 35 sen to RM7.10, Sime Darby and Batu Kawan 30 sen each to RM9.35 and RM7.10 respectively while Chin Teck and Sarawak Oil Palm lost 20 sen each to RM7.10 and RM5.55.

Other major losers included Bursa, down 45 sen to RM8.45, while IJM and Parkson gave up 40 sen each to RM5 and RM5.60, KNM fell 35 sen to RM5 and DiGi 30 sen lower at RM22.

MRCB was the most active with 10 million shares done. It fell nine sen to RM1.18.

CIMB, which signed a deal this morning to buy a 19.9% stake in China's Bank of Yingkou for RM156.20mil, was unchanged at RM9.30.

Among the gainers were MSC, up 40 sen to RM8, MISC-foreign added 35 sen to RM7.80 while Shell and BToto advanced 10 sen each to RM10.60 and RM4.80 respectively.

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Asian markets fall in early trade; Japan, HK worst hit

By JOSEPH CHIN

KUALA LUMPUR: Asian markets fell in early trade on Monday, with Japan and Hong Kong the worst hit as investors braced for more bad news about the health of the world economy.

At 10am, the KLCI fell 12.75 points or 1.15% to 1,181.09. There were 77.75 million shares done valued at RM149mil. There were 357 losers and 47 gainers while 130 counters were unchanged.

Japan's Nikkei 225 fell 515.04 points or 4.21% to 11,726.56, Singapore's Straits Times Index lost 2.86% to 1,757.91, and Shanghai A Share Index lost 2.25% to 4,036.88 while the Hang Seng Index slid 4.18% to 21,308.55.

Reports said the sale of US investment bank Bear Stearns and expectations of the US Federal Reserve's further cut in interest rates on Tuesday weighed down investors' sentiments.

At Bursa, Nestle was the top loser, down 75 sen to RM25.75 while BAT fell 50 sen to RM41.50 and IJM 25 sen to RM5.15.

Among plantation stocks, KL Kepong fell 50 sen to RM15 while Sime Darby, Chin Teik and Sarawak Oil Palms lost 30 sen each to RM9.40, RM7 and RM5.45 respectively while IOI Corp gave up 15 sen to RM6.80.

Heavyweight Tenaga lost 20 sen to RM6.75 and Genting slipped five sen to RM6.15.

Among the actively traded stocks, MRCB fell six sen to RM1.21, Equine 4.5 sen to 80.5 sen, SapuraCrest four sen to RM1.03 while Wimems, which faces suspension, lost 1.5 sen to two sen.

URL: http://biz.thestar.com.my/news/story.asp?f...23&sec=business

DJIA closed the day with:

11,972.25 +21.16 +0.18%

KLCI firmer ahead of PM's Cabinet line-up at noon

KUALA LUMPUR: Asian markets were firmer in early trade on Tuesday, while the KLCI managed to advance just 2.5 points ahead of Prime Minister Datuk Seri Abdullah Ahmad Badawi's announcement of the new Cabinet at noon.

At 10am, the KLCI rose 2.51 points or 0.21% to 1,180.04. Turnover was 95.5 million shares valued at RM201mil. There were 177 gainers, 162 losers while 147 counters were unchanged.

The Dow Jones Industrial Average closed 0.18% higher at 11,972.25 on hopes the US Federal Reserve, which meets tonight, would come to the rescue of the markets battered by the credit crisis.

Asian markets were higher, with Hong Kong's Hang Seng Index opening 1.8% up at 21,456.07; Japan's Nikkei 225 added 1.46% to 11,959.52; Shanghai's A Share Index 0.76% higher at 4,038.93 while Singapore's Straits Times Index advanced 0.72% to 2,812.89.

At Bursa Malaysia, there was some mild bargain hunting for battered down stocks. MRCB rose six sen to RM1.21 and it was the most active with 5.97 million shares done. Time dotcom added 2.5 sen to 43 sen.

BAT and Nestle rose 50 sen each to RM41.75 and RM26.50 while Tanjong and KFC gained 20 sen each to RM15.40 and RM5.70 respectively while MISC advanced 15 sen to RM8.20 and RHB Cap rose 12 sen to RM4.64.

IOI Prop was the top loser, sliding 40 sen to RM10.80, Shell 20 sen to RM10.50 and NSTP 18 sen lower to RM1.58.

Punack continued to come under selling pressure after the Selangor State Government said it would review a water concession contract. It fell 29 sen to RM2.51.

SP Setia fell 12 sen to RM3.32 after a foreign research house cut its sales forecast for 2008 to RM1.5bil from RM1.8bil because of potential delays in project approval and weaker consumer sentiment

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Asian markets mixed, CPO hits limit-down

By Joseph Chin

KUALA LUMPUR: Asian markets were mixed at midday on Tuesday, with Shanghai's A Share Index among the major losers on concerns that China would raise interest rates, while in Malaysia, the market was digesting news about the new Cabinet line-up.

Crude palm oil for the third-month contract hit limit-down, falling 10% or RM360 to RM3,240 per tonne, dragged down by the plunge in prices of global grains and vegetable oils.

At 12.30pm, the KLCI was down 2.27 points or 0.19% to 1,175.26, the FBM Emas fell 28.07 points to 7.951.74 while FBM Second Board lost 63.73 points to 5,573.20.

Turnover was 271.91 million shares valued at RM485.97mil. There were 168 gainers, 409 losers and 212 counters traded unchanged.

Among key Asian markets, Shanghai's A Share Index fell 1.77% or 71.08 points to 3,937.30 after Chinese Premier Wen Jiabao cautioned that the government would take forceful measures to fight inflation.

Hong Kong's Hang Seng Index fell 1.16% to 20,840.34; Singapore's Straits Times Index lost 0.52% to 2,778.15 but Japan's Nikkei 225 rose 0.66% to 11,864.75 and South Korea's Kospi advanced 0.15% to 1,576.73.

Light crude oil was trading at US$106.37 per barrel.

At Bursa Malaysia, analysts said investors were digesting news about the new Cabinet announced by the Prime Minister Datuk Seri Abdullah Ahmad Badawi at midday. They also said the weaker market was due to local funds facing redemptions.

Sarawak Oil Palms warrants SOP-WA fell 74 sen to RM3.32 with 2,000 shares done. Parkson fell 35 sen to RM5.25, Asiatic 30 sen lower at RM7.45 while SP Setia gave up 24 sen to RM3.20.

Puncak fell 33 sen to RM2.47 while selling on other water-related stocks had eased slightly, with KPS down four sem to RM1.06 and JAKS 1.5 sen lower at 52 sen.

MRCB was the most active with 12.87 million shares done, rising two sen to RM1.17. KNM added 12 sen to RM5 in active trade.

BAT was the top gainer, adding 50 sen to RM41.75; KFC 25 sen to RM5.75, LKT 24 sen to RM3.30, Tanjong 20 sen to RM15.40, PPB 15 sen to RM9.45 while Telekom gained 10 sen to RM10.50.

URL: http://biz.thestar.com.my/news/story.asp?f...36&sec=business

DJIA closed the day with:

12,392.66 +420.41 +3.51%

Buying eases on Bursa Malaysia at mid-day

By Joseph Chin

KUALA LUMPUR: Stocks rose in the morning session on Wednesday as the strong Asian markets bolstered investors' sentiment, but the buying momentum eased towards the later part of the session.

At 12.30pm, the KLCI was up 13.17 points or 1.12% to 1,193.19 but off the high of 1,206.84, the FBM Emas and gained 71.06 points to 8,082.25 but the FBM Second Board fell 15.95 points to 5,662.67.

Turnover was 378.83 million shares valued at RM690.39mil. There were 311 gainers, 282 losers while 249 counters were unchanged.

The US Federal Reserve's interest rate cut of 75 basis points to 2.25%, the lowest since February 2005, sparked a rally on Asian markets.

Shanghai's A Share Index rose 3.54% or 136.18 points to 3,986.95, Hong Kong's Hang Seng Index advanced 2.73% to 21,969.19, Japan's Nikkei 225 added 2.43% to 12,254.55 and Singapore's Straits Times Index 1.70% higher to 2,881.84.

Crude palm oil futures for third-month delivery fell RM98 to RM3,352 per tonne.

US crude oil was trading at US$108.28 per barrel.

The ringgit was quoted at 3.1685 to the US dollar.

At Bursa, the market got off on a strong note, with interest seen in recently battered down stocks. However, the buying momentum eased towards the later part of the morning with some traders quick to lock in gains, especially ahead of the holidays tomorrow.

Among the heavyweights, Maybank rose 25 sen to RM8.75 and Tenaga 15 sen higher to RM6.95 but Telekom fell 10 sen to RM10.60.

BAT added RM1.25 to RM43.25 while PPB, MISC foreign and Tanjong gained 40 sen each to RM9.45, RM8.10 and RM15.70 respectively. Parkson added35 sen to RM5.85 and KL Kepong gained 30 sen to RM15.

MRCB was the most active with 18.4 million shares, easing one sent RM1.32. JAKS fell one sen to 63.5 sen and KPS was flat at RM1.37.

OSKVI was the top loser, down 33 sen to RM1.25 with 3,000 shares done. Nestle lost 25 sen to RM26, IJM 20 sen to RM5 while SP Setia gave up 14 sen to RM3,48 and Puncak 12 sen lower to RM2.50.

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KLCI crosses 1,200 in early trade on US Fed rate cut

By JOSEPH CHIN

KUALA LUMPUR: Asian markets rallied in early trade on Wednesday, with the KLCI crossing the crucial 1,200 level, after the US Federal Reserve cut interest rates by 75 basis points to 2.25%.

At 10am, the KLCI was up 21.57 points or 1.84% to 1,201.59. Turnover was 200 million shares valued at RM290mil. There were 355 gainers, 97 losers and 155 counters unchanged.

Asian stocks rallied with Hong Kong's Hang Seng Index openeing 3.78% or 807.27 points higher at 22,191.88; Japan's Nikkei 225 rose 2.75% to 12,292.73; Singapore's Straits Times Index added 2.49% to 2,904.04 while Shanghai's A Share Index added 0.89% to 3,884.86.

The Federal Reserve slashed US interest rates on Tuesday, boosting Wall Street, which was already higher on stronger-than-expected investment bank earnings. The latest cut in interest rate took benchmark overnight rates down to 2.25%, the lowest since February 2005.

The Dow Jones Industrial Average closed 3.1% higher to 12,392.66.

At Bursa Malaysia, analysts said the announcement of the new Cabinet line-up might also help local sentiment.

"Although today's market may provide some relief for the bulls, the longer term uncertainty remains. Look for the initial resistance level at 1,200 followed by the 1,242," said OSK Investment Research.

JAKS was the most active stock with 12.9 million shares done, it rose one sen to 65.5 sen while KPS added four sen to RM1.41 as the multi-billion-ringgit Selangor-Pahang water transfer project remains intact.

MRCB rose two sen to RM1.35 in active trade while UEM World added 11 sen to RM3.04.

The major gainers were BAT, surging RM1.50 to RM43.50 while DiGi and IOI Properties advanced 40 sen each to RM22.50 and RM11.60 respectively. Heavyweight Maybank added 25 sen to RM8.75. Plantation stocks KL Kepong and Chin Teik rose 30 sen each to RM 15 and RM7.25 while IOI Corp added 25 sen to RM6.90.

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Stocks Decline After Huge Rally

Wall Street Pulls Back After Big Rally; Morgan Stanley Beats Estimates, Reassures Investors

URL: http://biz.yahoo.com/ap/080319/wall_street.html

DJIA closed the day with:

12,099.66 -293.00 -2.36%

KLCI gets boost from US rate cut

PETALING JAYA: The KL Composite Index (KLCI) rose yesterday as it tracked gains across the region after a big US interest rate cut spurred a rally on Wall Street overnight.

Local sentiment, however, remained cautious after a foreign research house reduced its year-end target for the KLCI for the second time in three weeks.

The benchmark index shot up as much as 2.3% minutes after the opening bell but trended lower as the day progressed when investors sold shares to take advantage of the early gains.

The persistent selling pushed the KLCI briefly into negative territory before the local bourse closed 6.52 points, or 0.6% higher, at 1,186.54. Declining stocks outnumbered risers by 431 to 312, while 272 counters were unchanged.

CLSA Asia Pacific Markets said yesterday it now expected the KLCI to end 2008 at 1,150 points, against 1,320 previously, after it reviewed "stock recommendations and earnings across the board to reflect heightened regional and domestic risks.''

At yesterday's close, the KLCI is down nearly 22% from its Jan 11 record closing of 1,516 points.

Some analysts consider a 20% drop from the recent peak as indication the stock market is in a bear market.

In its latest update on the market entitled "Reality Check," CLSA also downgraded the property and construction sectors.

The research outfit now prefers consumer, gaming, telecommunications and independent power producers, as well as plantation plays, which it believes would "continue to benefit from the high crude palm oil (CPO) prices.''

The global benchmark CPO futures on Bursa Derivatives fell by RM120 to RM3,330 a tonne yesterday.

The contract has retreated 23% from the March 3 high of RM4,330, but remains 9.8% higher than at the start of the year.

Shares in palm oil grower Kuala Lumpur Kepong Bhd, seen as a top buy by CLSA, led risers on Bursa yesterday, adding 60 sen to RM15.30.

Malaysian Resources Corp Bhd fell seven sen to RM1.26 on the day's heaviest volume of 25.67 million shares followed by JAKS Resources Bhd, which was five sen lower at 59.5 sen on brisk trading of 24.65 million shares.

Bursa is closed today for a one-day public holiday.

Markets in Japan, South Korea, Hong Kong and China surged more than 2% yesterday as investors bought back battered stocks following the Wall Street's rally.

Australian stocks were the biggest winners, with the S&P ASX 200 index rising nearly 4%.

The Dow Jones surged 420 points, or 3.5%, on Tuesday after the Federal Reserve cut interest rates by a further 75-basis points, bringing its key rate down to 2.25%, the lowest since December 2004.

The benchmark rate was at 5.25% six months ago.

Analysts, however, see the latest rate-cut-inspired rally being short-lived as concerns over the US economy continued to weigh on sentiment.

The Dow Jones index futures was lower yesterday, an indication the US market would likely open lower on Wednesday.

URL: http://biz.thestar.com.my/news/story.asp?f...36&sec=business

Closed due to public holiday.

Asian Markets Mixed After US Losses

Asian Markets Rebound From Lows, End Mixed After Overnight Losses on Wall Street

URL: http://biz.yahoo.com/ap/080320/world_markets.html

KLCI barely higher in quiet trade

By JOSEPH CHIN

KUALA LUMPUR: Blue chips opened firmer on Friday, boosted by the firmer close on Wall Street, but a lack of follow-through buying saw the benchmark KLCI ending the morning session almost unchanged.

At 12.30pm, the KLCI was just 0.09 point higher at 1,186.63. It was trading in the range of 1,181 and 1,190. The FBMEmas fell 18.41 points to 8,024.28 and the FBM Second Board 38.96 points lower at 5,622.15.

Turnover was 139.71 million shares valued at RM256.46mil.There were 139 gainers, 303 losers and 199 counters traded unchanged.

Japan's Nikkei 225 rose 0.94% or 115.31 points to 12,375.75 and South Korea's Kospi added 0.79% to 1,636.20 but Shanghai's A Share Index fell 1.10% to 3,948.31.

Light crude oil was quoted at US$101.45.

The ringgit was weaker against the US dollar at RM3.1920.

On the local market, analysts said there was not much interest among retail or institutions with Singapore and Hong Kong closed. They added investors were awaiting fresh corporate news and clearer political landscape.

Among the heavyweights, Maybank was up 15 sen to RM8.85, Telekom 10 sen higher to RM10.80 while Tenaga fell 10 sen to RM6.75.

DiGi rose 30 sen to RM22.50 and Hong Long Bank 15 sen to RM5.70 while MAS and Kencana gained 10 sen each to RM3.42 and RM1.33.

There was some trading interest in laggards like Liqua, which saw 27 million shares done. It added 5.5 sen to 14.5 sen while Liqua warrants added two sen to 2.5 sen.

KPS rose three sen to RM1.30 and JAKS one sen higher to 60.5 sen as the Pahang-Selangor water transfer project was still intact.

MSC was the top loser, down 45 sen to RM7.70, IOI Properties and Asiatic fell 30 sen lower to RM11 and RM7.15 respectively. AMMB gave up 22 sen to RM3.26 and Bursa lost 20 sen to RM8.10.

URL: http://biz.thestar.com.my/news/story.asp?f...21&sec=business

Banking stocks lift KLCI at midday
By JOSEPH CHIN

KUALA LUMPUR: Selected fund buying of heavyweight banking stocks lifted the KLCI in the morning session on Monday but the breadth of the market was still lacklustre and trading volume remained thin.

At 12.30pm, the KLCI was up 6.78 points to 2,295.84, the FBM Emas added 48.72 points to 8,093.02 and the FBM Second Board advanced 0.34 point to 5,634.94.

Turnover was 215.52 million shares valued at RM398mil. There were 259 gainers, 244 losers while 208 counters were unchanged.

In Asia, Singapore's Straits Times Index was the top gainer, rising 2.63% or 74.26 points to 2,899.17; Japan's Nikkei 225 rose 0.39% to 12,531.43 while South Korea's Kospi added 0.39% to 1,652.05. Taiwan's Weighted Index added 3.73% to 8,843.02 after a new government was voted in. However, Shanghai's A Share Index fell 1.86% to 3,910.35.

Meanwhile, JPMorgan Chase was in talks to raise its offer for Bear Stearns, the beleaguered investment bank, to US$10 from US$2 earlier, in a move to pacify angry Bear shareholders, according to the New York Times website.

Light crude oil was trading at US$100.15 per barrel.

At Bursa, BCHB rose 35 sen to RM9.80, Maybank added 25 sen to RM8.85 while Public Bank gained 15 sen to RM10.10.

MISC and its foreign tranche rose 25 sen each to RM8.15 and RM8.10 respectively, Tanjong added 20 sen to RM15.60 while UEM World gained 16 sen to RM3.22 .

Kencana, which saw Tan Sri Quek Leng Chan emerging as a substantial shareholder, rode 15 sen to RM1.54.

Aeon Credit rose 20 sen to RM3.28 but the department store operator Aeon Co. lost 10 sen to RM9.40.

Liqua was the most active with 10.8 million shares done. It rose one sen to 16 sen.

Crude palm oil futures rose RM151 to RM3,486 per tonne for the third-month delivery. However, plantation stocks fell with KL Kepong the top loser, down 40 sen to RM15.60 while IOI Corp and Sarawak Oil Palms lost 20 sen each to RM6.55 and RM5.20.

URL: http://biz.thestar.com.my/news/story.asp?f...15&sec=business

Boost from Wall Street, KLCI near 1,220

By JOSEPH CHIN

KUALA LUMPUR: Asian markets rallied, with the KLCI extending its gains to nearly 1,220 in early trade on Tuesday, powered by overnight gains on Wall Street after JPMorgan Chase upped its offer for Bear Stearns Cos.

At 10am, the KLCI was up points 16.67 points to 1,217.78, off its early high of 1,219.83. Turnover was 222.61 million shares valued at RM221.87mil. There were 334 gainers, 88 losers and 126 counters unchanged.

Major Asian indices were also higher, with Hong Kong's Hang Seng Index opening 3.6% higher at 21,872.99; Japan's Nikkei 225 rose 1.33% to 12,646.53, Singapore's Straits Times Index 1.9% to 2,983.41 but Shanghai's A Share Index fell 1.38% to 3,752.44.

At Wall Street, stocks advanced as investors were upbeat on JP Morgan's move to increase its offer for Bear Stearns to US$10 per share from US$2. The revised plan was to soothe Bear Stearns shareholders upset over JPMorgan's earlier offer.

The Dow Jones Industrial Average rose 187.32, or 1.52%, to 12,548.64, after rising more than 260 points on Thursday. The market was closed on Good Friday.

At Bursa Malaysia, where more than 600 fund managers and analysts have converged at the Invest Malaysia conference, blue chips were among the major gainers.

Bursa Malaysia, which operates the stock exchange, rose 30 sen to RM8.55, Asiatic and IJM added 25 sen each to RM7.70 and RM5.60, AMMB 22 sen higher to RM3.48 while LPI, Sime Darby and KL Kepong added 20 sen each to RM11, RM9.20 and RM16.30 respectively.

Among the losers were SP Setia, down 10 sen to RM3.54, while stocks which also fell 10 sen each were IOI Properties and GBH to RM10.90 and RM1.40 respectively.

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