Friday, June 25, 2010

Late bargain hunting lifts FBM KLCI

KUALA LUMPUR: Share prices on Bursa Malaysia ended mixed in rangebound trading on Friday, June 25, but late bargain hunting on finance stocks lifted the FBM KLCI marginally higher despite a bearish performance in most of regional bourses, dealers said.

The FBM KLCI edged up 0.58 of a point to close at 1,326.45, off its intraday low of 1,321.72, led by gains on CIMB Group, Hong Leong Bank and YTL Corporation. The key index had opened 2.60 points lower at 1,323.27.

The FBM Emas Index, however declined 4.73 points to 8,956.05, the FBM Ace Index dipped 45.14 points to 3,866.90 and the FBM70 [] Index slipped 20.28 points to 8,955.70.

The INDUSTRIAL INDEX [] lost 6.82 points to 2,656.77 and the PLANTATION [] Index declined 5.35 points to 6,296.65. However, the Finance Index went up 19.83 points to 11,946.39.

"Sentiment was generally cautious with some investors still looking to lock in profits from the recent gains. Overall volume was relatively thin," one of the dealers said, adding that most retail investors were reluctant to take heavy positions in the market.

Speculative interest was also seen on defensive and small cap stocks.

"The local bourse is still concerned with what is happening in the overseas markets, particularly in the U.S. which is currently on a downtrend and has somewhat affected our market as well," added the dealer.

For next week, he said the market was expected to continue its downtrend amid the weaker external sentiment.

During Friday's session, decliners beat advancers 370 to 251 while 278 counters were unchanged. The market breadth was negative with 568.320 million shares worth RM922.946 million traded compared with Thursday's volume of 749.349 million shares worth RM1.077 billion. - Bernama

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