Tuesday, October 26, 2010

FBM KLCI stays in the black at mid-day

KUALA LUMPUR:?? The FBM KLCI remained in positive territory at the mid-day break on Tuesday, Oct 26, lifted by gains including at KL Kepong, DiGi, CIMB and PLUS as trading gained some momentum and PLANTATION [] stocks on Bursa Malaysia advanced on the recent surge in crude palm oil price.

At 12.30pm, the 30-stock FBM KLCI was up 0.12% or 1.86 points to 1,493.30. Gainers led losers by 361 to 335, while 277 counters traded unchanged. Volume was 786.56 million shares valued at RM862.99 million.

Crude palm oil futures for the third month shed RM16 per tonne to RM3,055; gold was up 20 cents an ounce to US$1,340.05, crude oil slipped 23 cents per barrel to US$82.29 while the ringgit weakened 0.08% to 3.0966 per US dollar.

Nikkei 225 +0.35% 9,433.72 Taiwan???s Taiex +0.47% 8,345.65 Shanghai Composite Index -0.34% 3,041.07 Singapore???s Straits Times Index -0.17% 3,176.62 South Korean Kospi -0.10% 1,913.83 Hang Seng Index -0.01% 23,625.44

RHB Research Institute Sdn Bhd said trading sentiment on Bursa Malaysia was turning more upbeat. It continued to like the performance on the FBM KLCI, as it had managed to sustain at above the supportive 10-day Simple Moving Average in the recent sessions, even though with the constant selling pressure on selective heavyweights of late.

???We believe, given the robust trading volume, and the active rotational interests recently, the trading sentiment is poised to turn even more positive in the near term, in our opinion.

???Technically, upon resumption of buying momentum, it will retake the 1,500 psychological level and the recent high of 1,503.82, before gearing towards the historical level at 1,524.69,??? it said.

The lower liners and the selective sectors like CONSTRUCTION [], plantation, brokerages and property-related counters are expected to lead trading action going forward, it said.

On Bursa Malaysia, KLK was the top gainer this morning and was up 42 sen to RM19.36, Kuchai added 26 sen to RM1.25, Eurospan up 25 sen to RM1.41, Ya Horng Electronic added 23 sen to RM1, Nestle, Chin Teck, NPC and United Plantations up 20 sen each to RM44, RM8.80, RM2.50 and RM17.20 respectively, Sungei Bagan up 17 sen to RM3.21 and APM Automotive added 16 sen to RM5.10.

DiGi gained six sen to RM24.60 after it declared an interim dividend of 50 sen per share.?? The company posted net profit of RM289.31 million in the third quarter ended Sept 30, 2010, an increase of 18.5% from RM244.08 million a year ago.

Meanwhile, CIMB and PLUS added two sen each to RM8.06 and RM4.37.

CONCRETE ENGINEERING PRODUCTS [] was the top loser and fell 19 sen to RM2.21; BAT lost 16 sen to RM46.52, Dutch Lady and F&N fell 14 sen each to RM18 and RM14.06, QSR and Bursa lost 13 sen each to RM5.30 and RM8.49 while New Hoong Fatt, Ann Joo and Top Glove lost eight sen each to RM3.23, RM3.27 and RM5.65 respectively.

Iris was the most actively traded counter with 43.6 million shares done. The stock gained 2.5 sen to 16 sen. Other actives included Karambunai, Timecom, PLUS and Dutaland.

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