Tuesday, July 13, 2010

KLCI bucks key regional markets

KUALA LUMPUR: Asian stock markets declined at the midday break on Tuesday, July 14 on reports that Beijing will not relax tougher property measures any time soon, curbing early gains in Asian shares and leading to the Shanghai Composite Index falling as much as 2%.

China's banking regulator left few doubts that efforts to rein in real estate speculation will remain in place despite media reports of easing restrictions in some cities, according to Reuters. That touched a nerve among investors, who are already sensitive to how much China's economy is slowing, it said.

However, the FBM KLCI bucked the cauious key markets. It shed some its earlier gains but remained 2.82 points up at 1,329.56 at 12.30pm, lifted by stocks including Genting, Maybank, DiGi and RHB Capital.

Losers led gainers by 278 to 242, while 264 counters traded unchanged. Volume was 265.81 million shares valued at RM418.15 million.

Shanghai Composite Index -1.83% 2,445.19 Taiex Index -0.34% 7,613.26 Nikkei 225 -0.16% 9,532.97 Hang Seng Index -0.12% 20,443.48 Straits Times Index -0.09% 2,922.62 Kospi Index +0.20% 1,737.53 ''

Crude oil fell 23 cents per barrel to US$74.72 while gold advanced US$2.80 per ounce to US$1,199.65. Crude palm oil for the third month delivery declined RM1 per tonne to RM2,320 as at 12.30pm.

Among the gainers on Bursa Malaysia, Genting, Genting Malaysia and MMC Corp advanced four sen each to RM7.43, RM2.70 and RM2.45, respectively while Maybank and Tenaga rose three sen each to RM7.65 and RM8.48.

DiGi added 14 sen to RM23.12, RHB Capital and Petronas Dagangan eight sen each to RM6 and RM9.48, CIMB up two sen to RM7.12 while IOI Corp was up one sen to RM5.10.

Other gainers included KFCH, Panasonic, DFZ Capital and MTD.

Among the losers, PPB and MISC fell six sen each to RM17.10 and RM8.37, Berjaya Corp two sen to RM1.19 and OCB down 22.5 sen to 57.5 sen.

Other decliners included Imaspro, Hwatai, Nakamichi Corp and Jaya Tiasa.

Kenmark was the most actively traded counter with 18.22 million shares done. The stock fell 2.5 sen to six sen in the absecne of fresh corporate developments.

Other actives'' included Scomi Marine, Axiata, Talam, Titan, Berjaya Corp, Genting Malaysia and Scomi.

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