Tuesday, August 3, 2010

FBM KLCI gives up gains

KUALA LUMPUR: Asian markets, including Bursa Malaysia, that rose strongly in early trade on Tuesday, Aug 3, gave up some of their gains by afternoon as investors took profit.

The markets did not appear to be heartened by data showing China's purchasing managers' index (PMI) for non-manufacturing sectors rose to 60.1 in July from 57.4 in June.

The index, released by the China Federation of Logistics and Purchasing, is based on a survey of purchasing managers at services firms, aims to provide a timely snapshot of conditions in the sector, which accounts for less than 45% of China's economy ' much less than in more developed countries.

Among key regional markets, Japan's Nikkei 225 was up 0.86% to 9,653.06, Hong Kong's Hang Seng Index 0.52% to 21,523.62, South Korea's Kospi Index 0.34% to 1,788.32, and Taiwan's Taiex Index 0.31% to 7,936.26. The Shanghai Composite Index fell 0.63% to 2,655.57 and Singapore's Straits Times Index slipped 0.05% to 3,023.67.

At Bursa Malaysia, the FBM KLCI rose as much as 6.92 points to 1,370.52 but by the later part of the morning session gave up most of its earlier gains.

The 30-stock index managed to eke out 0.43 of a point to 1,364.03 at the mid-day break.'' Losers overtook gainers by 402 to 237, while 254 counters traded unchanged. Volume was 652.01 million shares valued at RM682.85 million.

Among the major gainers, BAT added 74 sen to RM45.20, Petronas Dagangan 41 sen to RM10.10, Nestle 30 sen to RM39.10, Batu Kawan and PPB up 12 sen each to RM11.62 and RM17.42, while Perak Corp was up 11 sen to RM1.12.

Negri Sembilan Oil Palms and Axiata rose 10 sen each to RM4.90 and RM4.34, AMMB eight sen to RM5.17, MISC three sen to RM8.82, Sime Darby two sen to RM7.75 while Maybank added one sen to RM7.75.

The top loser this morning was Notion Vtec that fell 24 sen to RM2.11. The stock'' was downgraded by RHB Research from outperform to underperform and target price cut to RM2.07.

Cocoaland fell 12 sen to RM2.90, Genting down 11 sen to RM7.89, Plenitude and Tomypak fell 10 sen each to RM3.69 and RM3.45, while Panasonic and K-Star Sports fell eight sen each to RM19.40 and RM2.19.

Sinotop was the most actively traded stock with 160.6 million shares done. The counter fell eight sen to 17.5 sen.

Other actives included Talam, KNM. SAAG, P&O, Kenmark, E&O, Axiata and Scomi.

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