Thursday, August 5, 2010

Regional markets mixed, FBM KLCI down

KUALA LUMPUR: Asian markets were mixed in the morning session on Thursday, Aug 5 on some profit taking'' while at Bursa Malaysia, losses by Sime Darby and banks weighed on sentiment.

The FBM KLCI shed 1.83 points to 1,360.91 at the mid-day break, dragged by losses including at Sime Darby, CIMB, Public Bank and Petronas Dagangan. Losers edged gainers by 310 to 298, while 238 counters traded unchanged. Volume was 492.06 million shares valued at RM638.46 million shares.

Crude palm oil futures for the third month delivery fell RM10 per tonne to RM2,575; crude oil shed 39 cents per barrel to US$82.08 while gold fell 82 cents per ounce to US$1,194.13.

Japan's Nikkei 225 +1.25% 9,608.13 Singapore Straits Times Index +0.18% 3,005.18 Korean Kospi Index -0.75% 1,775.87 Shanghai Composite Index -0.60% 2,622.81 Taiwan's Taiex Index -0.54% 7,929.86 Hang Seng Index -0.04% 21,541.13 ''

Among the major losers, Sime Darby fell 16 sen to RM7.54 after online portal The Malaysian Insider said the conglomerate would next month announce that potential losses could top RM2 billion, and go as high as RM2.5 billion.

"Most of the losses are down to ill-advised investments in the energy and utilities sector in Qatar as well as tardy business practices in the development of the Bakun dam in Sarawak," the report said, without citing any source.

Also, RHB Research Institute Sdn Bhd lowered its sum-of-parts-based fair value for Sime Darby to RM8.00 (from RM8.15) and maintained its underperform recommendation on the stock.

Petronas Dagangan fell 10 sen to RM10.40; CIMB, Public Bank and IOI Corp lost two sen each to RM7.37, RM11.98 and RM5.10, respectively, while Hong Leong Bank shed three sen to RM3.99.

Mudajaya fell 30 sen to RM4.63, Tasek 26 sen to RM6.74, while Panasonic, Metrod, F&N and HELP lost 10 sen each RM19.30, RM3.65, RM14.30 and RM3.60, respectively.

BAT was the top gainer this morning and added 78 sen to RM44.64; Nestle gained 28 sen to RM39.08, Genting PLANTATION []s 21 sen to RM7.40, Chin Teck 17 sen to RM8.12, Tan Chong 16 sen to RM5.15 while Hong Leong Industries gained 13 sen to RM5.23.

Timecom was the most actively traded stock this morning with 49.85 million shares done. The counter added four sen to 69 sen. Other actives included Time, Zelan, AirAsia, Sinotop, Eden, Ranhill and Samudra.

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