Thursday, June 24, 2010

Banks, Genting lift FBM KLCI

KUALA LUMPUR: Banks and GENTING BHD [] help nudge the FBM KLCI barely into the positive territory at the midday break on Thursday, June 24 while key regional markets were also trading higher despite the weaker overnight close on Wall Street.

The US Federal Reserve reiterated its pledge to keep interest rates low and issued a cautionary note about volatile financial markets in light of Europe's debt woes.

The positive sentiment in key regional markets was boosted by gain in miners on expectations Australia's government would compromise on a controversial mining tax, according to a Reuters report. The sentiment also did help the local market swing back into positive zone.

Nikkei 225 +0.71% 9,993.79 Hang Seng Index +0.05% 20,867.02 Shanghai Composite +0.38% 2,579.76 Singapore STI +0.07% 2,873.18 At 12.30pm, the FBM KLCI inched up 0.38 of a point or 0.03% to 1,330.08. Turnover was 391.91 million shares valued at RM455.89 million. There were 299 gainers, 236 losers and 266 stocks unchanged.

Light crude oil rose nine sen to US$76.44 while crude palm oil futures added RM6 to RM2,390.
Public Bank rose four sen to RM11.92, AMMB one sen higher to RM5.03 and HL Bank two sen to RM8.80, pushing the 30-stock index up merely 0.57 of a point.

Other index-linked stocks which rose were Genting Bhd, up five sen to RM7.49, MISC seven sen to RM8.70, IOI Corp two sen to RM5.11 and Genting Malaysia three sen to RM2.79.

Berjaya Land was the top gainer, surging 61 sen to RM4.68 with 406,000 shares done after it reported a strong set of earnings and announced a corporate exercise.

BLand said net profit was RM72.07 million for the fourth quarter ended April 30, 2010 compared with a net loss of RM49.53 million a year ago. Revenue was RM1.13 billion versus RM971.67 million. It also proposed a one-into-two share split and bonus issue of up to 2.51 billion new subdivided shares on a one-for-one basis.

SEGi added 13 sen to RM4.62, unfazed by the unusual market activity query by Bursa Malaysia Securities.
United PLANTATION []s added 32 sen to RM14.22 with just 100 shares done, UMCCA 16 sen to RM9.16 but Sime fell two sen to RM8.14.

Petronas Dagangan was the top loser, down 43 sen to RM9.35, DiGi 22 sen to RM22.98 and Tanjong 18 sen to RM17.92.

No comments:

Post a Comment