Wednesday, June 23, 2010

Asian markets extend losses

KUALA LUMPUR: Asian markets extended their losses on worries by midday on Wednesday, June 23 that the global economy might be far more fragile than expected after latest data from the US revealed an unexpected drop in home sales, adding to the already waning euphoria over China's planned yuan reforms.

At Bursa Malaysia, the FBM KLCI gave up 0.17% or 2.29 points at the mid-day break to 1,321.15, dragged by losses including at Tenaga, Genting and DiGi.

Losers led gainers by 274 to 207 while 254 counters traded unchanged. Volume was 364.88 million shares valued at RM481.09 million.

The ringgit weakened 0.75% against the US dollar to 3.2270.'' Crude palm oil for the third month delivery rose RM4 per tonne to RM2,381 while crude oil fell 26 cents per barrel to US$77.59.

Nikkei 225 -1.68% 9,942.74, Shanghai Composite Index -0.92% 2,564.94 Singapore Straits Times Index -0.55% 2,856.56 Hang Seng Index -0.41% 20,734.68 At Bursa, among the major losers were Tenaga, Genting and DiGi that fell six sen each to RM8.38, RM7.34 and RM22.70, respectively, while Sime Darby, Hong Leong Bank and Axiata lost two sen each to RM8.01, RM8.57 and RM3.92, respectively.

Other losers included Genting PLANTATION []s, Proton, EON Capital and Chin Teck.

KFCH was the top gainer this morning and added 92 sen to RM10.02, while QSR Brands that holds 50.25% in KFCH gained 15 sen to RM3.70.

KFCH share price rose this morning after MIDF Research reiterated its buy call on the stock and upped its target price to RM10.24 from RM8.95. It had also proposed a corporate exercise.

"We continue to like KFCH on its sound fundamentals, impressive double-digit ROE of 18.1% in average for the past three years and strong brand name," said MIDF Research.

Other gainers included Tanjong that added six sen to RM17.98, while YTL and UMW gained two sen each to RM7.40 and RM6.28.

Kenmark was the most actively traded counter with 41.4 million shares done. The stock added 2.5 sen to 13.5 sen.

Other actives included newly-listed Shin Yang Shipping Corp that gained one sen to RM1.11 with 37.66 million shares done.

Talam, Gamuda, Saag and ADVANCE INFORMATION MARKETING [] were also actively traded.

No comments:

Post a Comment