Tuesday, August 24, 2010

Late buying of Axiata pushes KLCI to fresh 30-month high

KUALA LUMPUR: Late buying of Axiata Group pushed the FBM KLCI towards a fresh 30-month high on Tuesday, Aug 24 despite the broader market showing signs of profit taking again.

The 30-stock index closed 2.62 points or 0.2% higher at 1,405.77. Turnover was 894.47 million shares valued at RM1.65 billion. Declining stocks beat advancers 575 to 206 while 241 stocks were unchanged.

Reuters reported Southeast Asian stock markets fell, with Indonesia's benchmark index coming off an all-time high, as investors cut positions in riskier assets ahead of US economic data.

Late selling pulled markets off intraday highs. Singapore's main share index inched down 0.1%, while Thailand reversed early gains. Optimism fueled by better-than-expected second quarter economy had pushed the Thai market to its highest in 33 months on Monday.

The Philippines dropped 2.3%, ending a five-day rise to a 2-'' year high, while Vietnam lost 3.01% to an 8-month low, with an outflow of US$233,000 for the session, Thomson Reuters data show.

In Jakarta, the main share index ended down 0.4 percent. Asia's second-best performer this year hit an all-time high of 3,145.12 in early trade but attracted light inflows of just US$8.79 million on the session, Thomson Reuters data show.

Meanwhile, European shares hit a one-month low on Tuesday in thin volumes, as worries about the sustainability of the global economic recovery dominated investor sentiment ahead of more U.S. data.

Energy stocks came under intense pressure after crude oil prices fell more than 1 percent on a likely rise in crude oil inventories in the United States. Financials also lost ground on worries about a gloomier economic outlook.

At Bursa Malaysia, Genting climbed 18 sen to RM8.90, Axiata 12 sen to RM4.50, MISC and Tanjong 10 sen each to RM4.50 and RM21.35 while Proton and IOI Corp advanced seven sen each to RM4.73 and RM5.25.

FimaCorp jumped 38 sen to RM4.83, Top Glove 10 sen to RM6.16 and LION Forest Industries eight sen to RM1.47.

Lay Hong was the best performer, surging 53 sen to RM1.72 with 1.11 million shares done after QL Resources snapped up a 23.29% stake of the poultry-based company from London Biscuits.

PBB gave up all its Monday gains, falling 40 sen to RM16.96, Petronas Dagangan 26 sen to RM10.22 and Mudajaya 17 sen to RM4.19.

Among glove makers, Supermax fell 27 sen to RM5.23, Latexx 16 sen to RM3.20 and Kossan 15 sen to RM3.45.

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