Friday, June 4, 2010

Asian markets dip at midday

KUALA LUMPUR: Asian markets, including FBM KLCI extended their losses at midday Wednesday, June 2 given the general weak investor sentiment amidst lingering uncertainties in the global economic outlook.

At the regional markets, Japan's Nikkei 225 slipped 1.4% to 9,575.89 at noon as the yen's retreat slowed in the wake of Prime Minister Yukio Hatoyama's resignation.

Elsewhere, the Shanghai Composite Index fell 1.6% to 2,527.27, Taiwan's TAIEX Index lost 1.59% to 7,173.54, Hong Kong's Hang Seng Index declined 0.45% to 19,409.88 while the Singapore Straits Times Index added 0.39% to 2,725.98.

The FBM KLCI slipped 0.25% or 3.25 points to 1,279.72 at noon, dragged by losses including at Maybank, IOI Corp, DiGi and MISC.

Volume was 267.1 million shares valued at RM246.23 million. Losers led gainers by 265 to 191, while 231 counters traded unchanged.

Crude palm oil futures for the third month delivery rose RM16 per tonne to RM2,448 while crude oil fell 50 cents per barrel to US$72.08.

Gold declined 20 cents per ounce to US$1,225.45.

Earlier, Maybank Investment Bank Bhd said it was trimming its 2010 year-end target for FBM KLCI from 1,410 to 2.5% to 1,375 or 2.5% lower, representing 16 times 2010 earnings.

In a note Wednesday, Maybank IB said the 1Q 2010 earnings season revealed a deceleration in earnings growth and fewer earnings surprises.

Consumer and auto earnings were unusually strong, it said.

"We have revised index earnings growth up 1.9 percentage points, up to 18.2% in 2010, and 11.8% in 2011.

At Bursa Malaysia, among the top losers at midday was Maybank that fell 11 sen to RM7.27, IOI Corp lost five sen to RM4.90, MISC and YTL Corp fell three sen each to RM8.32 and RM7.34, respectively, while DiGi fell 10 sen to RM22.80.

Genting Malaysia fell two sen to RM2.78, while Genting and Axiata lost one sen each to RM6.75 and RM3.73, respectively.

Other losers included Kossan, Dutch Lady, Panasonic and PacificMas.'' ''

AV Ventures was the top gainer at noon and added 21 sen to RM1.01; NSTP gained 10 sen to RM2.50, Degem up eight sen to RM1.03 while AIC Corp and Tan Chong advanced seven sen each to 72 sen and RM4.11.

Other gainers included Ajiya, Parkson and Euro Holdings.

Kenmark was the most actively traded stock with 66.8 million shares done. The stock added half a sen to 6.5 sen. Other actives included CIMB, AirAsia and KNM.

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