KUALA LUMPUR: The local bourse was marginally up at midday Tuesday, moving in tandem with the regional markets that are in positive territory, on more encouraging news from the US and the region.

State media said today that China’s key exports province of Guangdong is expecting foreign sales to rise year-on-year in the fourth quarter as it recovers from the global downturn.

Guangdong’s exports in the second quarter increased by 16.5% over the first three months of the year, bolstered by government stimulus measures including higher tax rebates and export credit insurance, according to Xinhua news agency.

At home, ECMLibra Investment Research said the FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) bull as well as global equities were now in full swing.

“While many traders would be fearing a pull-back as a result of the high octane rally in the last few days, we opine that there would not be a significant pull back, at least not yet,” the research house said.

According to the brokerage, the buying volume in our market is not near relative peak levels yet, indicating that many people are in fact still on the sidelines.

“The rally in our local market can be largely attributed to blue chip financials which have rallied 8.6% since last Monday. In comparison the broader industrial index has only rallied 3.3% during the same span of time,” ECMLibra said.

The benchmark FBM KLCI rose marginally by 0.83 point or 0.07% to end morning session at 1,140.08 today on active trading momentum in blue chips.

On the regional bourses, Singapore’s Straits Times Index advanced 0.53% to 2,469.17.

Tokyo’s Nikkei 225 climbed 1.67% to 9,551.85 and Hong Kong’s Hang Seng Index gained 0.19% to 19,539.83.

Shanghai’s A share index fell 0.53% to 3,249.53 and Seoul’s Kospi Index advanced 0.72% to 1,489.21.

At Bursa Malaysia, 197 counters up, 319 counters down while 240 others were traded unchanged. There were 519.49 million shares done at a total value of RM760.68 million.

Among top gainers, PPB Group rose 40 sen to RM13.00, BAT added 25 sen to RM45.25, KL Kepong and Tanjong gained 20 sen each to RM12.30 and RM14.40 respectively, KFC was up 15 sen to RM7.15 and Parkson rose 10 sen to RM5.45.

Actively traded stocks included KNM, UEM Land, Axiata, Jaks Resources. AMDB and Astro.

Among losers, DIGI lost 30 sen to RM22.00, UMW fell 10 sen to RM6.05, Tenaga shed 10 sen to RM8.35, Public Bank-foreign and Public Bank dropped 10 sen each to RM10.10 and RM10.20 respectively while BCHB was 10 sen lower at RM10.00.

Nymex crude oil rose 15 cents to US$63.83 per barrel.

Crude palm oil third-month futures fell RM17 to RM2,143 per tonne.

The ringgit was quoted at 3.541 to the US dollar.

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