Friday, June 4, 2010

FBM KLCI remains in the red at mid-morning

KUALA LUMPUR: The FBM KLCI stayed in negative territory at mid-morning Wednesday, June 2, dragged by losses at key blue chips including Maybank, Tanjong and DiGi.

At 10am, the index lost 3.39 points to 1,279.58, with 102.98 million shares traded. Losers led gainers by 133 to 109, while 138 counters traded unchanged.

The decline at Bursa Malaysia was in line with the overall cautious stance of investors across Asia following the weaker closing on Tuesday at Wall Street.

It also coincided with Maybank Investment Bank Bhd 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 major losers were Tanjong Plc and KFCH that fell 14 sen each to RM8.30 and RM17.20, while Maybank, DiGi and Dutch Lady lost 10 sen each to RM7.28, RM22.80 and RM12.10.

Other losers included Jetson, Allianz, Supermax and Sindora.

The gainers included AV Ventures that rose 21 sen to RM1.01, AIC Corp up 12 sen to 77 sen, Box-Pak up 11 sen to RM1.38, and Tradewinds up six sen to RM3.02.

Meanwhile, Mudajaya, Guan Chong and KPS gained five sen each to RM5, 77 sen and RM1.27, while Top Glove Corp added four sen to RM12.20.

Trouble-laden Kenmark continued to be the most actively traded counter with 35.97 million shares done. The stock gained half a sen to 6.5 sen.

Other actives included Tejari, PM Industries, Zelan, Maxis and Talam.

No comments:

Post a Comment