The FBM KLCI eased in tandem with regional markets to close at 1,495.6 points on Friday and register a decline of 1.8% for the week.

Average daily trading volume eased to 1.1 bil from 1.2 bil in the preceding week while daily turnover in value terms was sustained at RM1.8 bil over the same period.

Most regional equity markets retreated on concerns that the impact from Japan’s recent earthquake may dampen regional trade activities. The Japanese market fell by 4.2% while the Taiwan and South Korean markets eased by 2.5% respectively over the week.

On Wall Street, the Dow fell to a 5-week intra-day low of 11,936 points on Friday as sentiment turned cautious amid the political uncertainties in the Middle East and concerns over the earthquake in Japan. The Dow fell by 1.0% to close at 12,044 points for the week. The Nasdaq was down by 2.5% to close at 2,716 points over the same period.

In the U.S., consumer spending improved with retail sales growth rising to a 10-month high of 8.9% in February from 8.1% in January amid improving labour market conditions. However, the University of Michigan’s Consumer Sentiment Index eased to a 5-month low of 68.2 in March from 77.5 in February on concerns over the impact of higher oil prices on household income.

Led by buying of selected index stocks following higher regional markets, the FBM KLCI crossed above 1,500 points to hit a 3-week intraday high of 1,529.4 points. The index closed at 1,522.6 points to register a gain of 2.2% for the week.

Average daily trading volume increased to 1.9 bil from 1.7 bil units in the preceding week while daily turnover in value terms fell to RM1.7 bil from RM2.1 bil over the same period.

On Wall Street, shares prices were well-supported following news of continued improvement in the labour market, reinforcing expectations that the economic recovery is gaining pace. The Dow rose by 0.3% to close at 12,170 points for the week. The broader-based S&P 500 Index was almost unchanged at 1,321 points while the Nasdaq was up by 0.1% to 2,785 points over the same period.

In the U.S., manufacturing activities strengthened with the Institute of Supply Management Purchasing Managers’ Index rising to a 6½-year high of 61.4 in February from 60.8 in January on higher production and new orders. U.S. non-farm jobs rose by 192,000 jobs in February compared to an increase of 63,000 jobs in January due to higher job gains in the services and construction sectors. The unemployment rate fell to a 22-month low of 8.9% from 9% over the same period.

Due to continued concerns over the political uncertainties in the Middle East, oil prices closed at a 2½-year high of US$104.42/brl to register a weekly gain of 7.7%.

The FBM KLCI eased in tandem with regional markets amidst concerns over the surge in global oil prices to above US$100/brl. Sentiment was also cautious in the absence of fresh leads for the local market. The index closed at a 2½ month low of 1,489.3 points on Friday to register a loss of 1.9% for the week.

Average daily trading volume remained sustained at 1.8 bil over week while daily turnover in value terms rose to RM2.1 bil from RM2.0 bil over the same period.

Concerns over rising inflationary pressures in the region due to elevated oil prices caused most regional markets to register losses ranging between 1% and 4%. The Hang Seng China Enterprises Index and the Japanese market eased by 3.7% and 3.3% respectively over the week.

On Wall Street, the Dow fell to a 3-week intra-day low of 11,983.2 points on Thursday as sentiment turned cautious on concerns that rising oil prices may dampen economic activities. The Dow fell by 2.1% to close at 12,131 points for the week. The Nasdaq was down by 1.9% to close at 2,781 points over the same period.

KUALA LUMPUR: Public Mutual won nine of the 32 awards including the most prestigious “Best Overall Fund Group” award at the Edge-Lipper Malaysia Fund Awards for 2011 on Monday, Feb 28.

This is the 8th consecutive year Public Mutual has emerged as the biggest winner at the annual awards event.

Public Mutual’s chairman Tan Sri Dr Teh Hong Piow said he was proud of the fund management company’s outstanding achievement despite uncertainties in 2010.

“These awards reflect Public Mutual’s commitment in continuously delivering top value as well as meeting the diverse needs of our unitholders,” he said.

Public Fund won the Best Overall Fund Group over three years, Best Equity Asia-Pacific Fund Over Three Years, Best Equity Asia-Pacific Fund Over Three Years, Best Equity Malaysia Small and Mid Caps Fund Over Three Years, Best Equity Malaysia Small and Mid Caps Fund Over five Years, Best Equity Malaysia Small and Mid Caps Fund Over 10 Years, Best Bond Malaysian Ringgit Islamic Fund Over Five Years, Best Bond Malaysian Ringgit Fund Over 10 Years and Best Equity Malaysia Islamic Fund Over 10 Years. - TheEdgeMalaysia.com