Wednesday, July 21, 2010

Gains limited at Asian markets

KUALA LUMPUR:'' The gains at key Asian markets at midday on Wednesday, July 21 were limited'' despite the overnight higher closing at Wall Street, as doubts over the pace of the economic recovery of the US weighed on investor sentiment.

Corporate earnings in the US have been less than market expectation, capping gains at Wall'' Street. New U.S. home CONSTRUCTION [] hit its lowest level in eight months in June, further evidence that the U.S. economy lost momentum in the second quarter, but a rise in building permits offered hope of a pickup in homebuilding, it said.

At Bursa Malaysia, the FBM KLCI gave up some of its earlier gains but still managed to stay'' up 4.67 points to 1,342.34 at 12.30pm, boosted by finance and PLANTATION [] stocks.

The index had earlier risen as much as 7.29 points to 1,344.96.'' Gainers led losers by 387 to 225, while 265 counters traded unchanged. Volume was 464.15 million shares valued at RM590.43 million.

Crude palm oil for the third month delivery rose RM11 per tonne to RM2,435; crude oil fell four cents per barrel to US$77.54 while gold fell US$2.57 per ounce to US$1,189.48.

Shanghai Composite Index +0.01% 2,529.07 Kospi Index +0.45% 1,744.66 Hang Seng Index +0.52% 20,369.68 Nikkei 225 -0.34% 9,268.54 Straits Times Index -0.31% 2,939.35 ''

Among the major gainers, KLK was up 28 sen to RM16.76, CIMB 10 sen to RM7.24, AMMB eight sen to RM5.13, PPB four sen to RM17.60, Maybank three sen to RM7.70 while Sime Darby and IOI Corp'' added one sen each to RM7.75 and RM5.07.

BHIC, Nestle and LPI Capital rose 20 sen each to RM4, RM36.70 and RM17.78, respectively; Cocoaland up 19 sen to RM2.75 while Dutch Lady, Batu Kawan and Mudajaya gained 18 sen each to RM14.70, RM10.98 and RM5.34.

Among the losers, Sindora fell 25 sen to RM1.58, Tasek down 20 sen to RM5.20 while DFZ Capital and Kossan lost 12 sen each to RM3.42 and RM8.19, respectively.

Meanwhile, Cycle & Carriage, Panasonic and Supermax lost 10 sen each to RM7.50, RM18.70 and
RM6.41, respectively.

SAAG was the most actively traded counter with 31.24 million shares done. The stock gained half a sen to 8 sen.
Other actives included Ramunia, Sinotop, London Biscuits, EA Holdings, Timecom and JCY International.

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