Thursday, August 5, 2010

Sime Darby drags FBM KLCI into the red at mid-morning

KUALA LUMPUR: The FBM KLCI which rebounded in early trade on Thursday, Aug 5 saw its gains erased by mid-morning, weighed down by losses at including at Sime Darby, Petronas Dagangan, Public Bank and Genting.

At 10am, the FBM KLCI fell 2.37 points to 1,360.37. Gainers led losers by 217 to 163, while 188 counters traded unchanged. Volume was 203.5 million shares valued at RM193.83 million.

Sime Darby's share price declined 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.

Sime Darby fell 13 sen to RM7.57 with 1.7 million shares traded. Petronas Dagangan fell 20 sen to RM10.30, Public Bank down two sen to RM11.98, Genting one sen to RM7.89 and Berjaya Sports Toto shed three sen to RM4.17.

Tasek fell 49 sen to RM6.51, Mudajaya lost 37 sen to RM4.56, Lafarge Malayan Cement 16 sen to RM6.84, F&N 12 sen to RM14.28 while Panasonic lost 10 sen to RM19.30.

Among the gainers, BAT added 66 sen to RM44.52, Nestle 26 sen to RM39.06, KFCH 16 sen to RM10.94 and Naim 15 sen to RM3.45.

GAB, Genting PLANTATION []s and Tan Chong rose 11 sen each to RM8.21, RM7.30 and RM5.10, respectively; Batu Kawan up 10 sen to RM11.80 while APM Automotive added nine sen to RM4.89.

Timecom was the most actively traded stock with 28.97 million shares done. The counter added three sen to 68 sen. Other actives included Zelan, Time, Sinotop, AirAsia and Eden.

At the regional markets, Japan's Nikkei 225 was up 1.26% to 9,609.30, Taiwan's Taiex rose 0.40% to 8,004.28, Singapore's Straits Times Index up 0.09% to 3,004.67 and Hong Kong's Hang Seng Index opened 0.1% higher at 21,577.13.

Meanwhile, the South Korean Kospi slipped 0.41% to 1,781.84 and the Shanghai Composite Index shed 0.27% to 2,631.44.

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