Tuesday, August 24, 2010

Staying above 1,400

KUALA LUMPUR:'' Some buying interest in index-linked stocks like Axiata, Genting and IOI Corp managed to keep the FMB KLCI above the crucial 1,400 level at the midday break on Tuesday, Aug 24.

However, the broader market again showed some signs of profit taking, with advancing counters beating decliners two to one.

At 12.30pm, the FBM KLCI rose 0.45 point to 1,403.60. Turnover was 409.17 million shares valued at RM700.36 million. There were 189 gainers versus 404 losers while 279 stocks were unchanged.

Crude palm oil futures fell RM15 to RM2,545 while light crude oil eases 33 cents to US$72.77. The ringgit weakened against the US dollar to 3.1380 after hitting a 13-year high on Monday.


Nikkei 225 -1.24%
9,003.83 Hang Seng Index -0.02% 20,884.43 Shanghai Composite Index +0.94% 2,664.07 Singapore Straits Times Index +0.61% 2,943.93 ''


At Bursa Malaysia, Axiata rose seven sen to RM4.45, pushing up the index up by 1.44 points. Genting's 13 sen gain to RM8.85 nudged the index up by 1.17 points and IOI Corp's seven sen gain to RM5.25, added 1.14 points.

Maybank added five sen to RM8.19, Tanjong six sen to RM21.32 while Proton advanced eight sen to RM4.74 and MAHB six sen to RM5.56. SunCity added seven sen to RM3.92 and Lion FIB nine sen to RM1.48.

Lay Hong was the top gainer as investors expected the fresh corporate developments to boost the company. QL Resources emerged as Lay Hong's new major shareholder after LONDON BISCUITS BHD [] disposed of its entire stake in the Lay Hong.

Lay Hong jumped 35 sen to RM1.54 with 274,600 shares done.

Meanwhile, Telekom Malaysia fell five sen to RM3.53 after investors were disappointed with its earnings.

PPB gave up most of Monday's gains, down 36 sen to RM17, Bintulu Port fell 25 sen to RM6.60 and DiGi 16 sen to RM24.54 while SP Setia shed 12 sen to RM4.41.

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