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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