Tuesday, November 9, 2010

FBM KLCI off all-time high on profit taking

KUALA LUMPUR : The FBM KLCI advanced to an all-time high of 1,524 in the morning session on Tuesday, Nov 9 but it was unable to hold on to the gains as investors decided to take profit, in line with key regional markets.

At midday, the FBM KLCI was up 1.6 points to 1521.43. There were 808'' million shares transacted at RM940 million. There were 313 gainers versus 415 decliners.

Japan's Nikkei 225 fell 0.4% to 9,692.34, Hong Kong's Hang Seng Index fell 0.45% to 24,852.3, Shanghai's Composite Index lost 0.58% to 3,141.08, South Korea's Kospi was unchanged at 1,942.41 but Taiwan's Taiex rose 0.2% to 8448.73 while Singapore's Straits Times advanced 0.35% to 3,312.05.

Top gainers Fraser & Neave (F&N) rose RM1.04 to RM15.66'' after it announced a special interim dividend of RM1.10 a'' share. This follows gains from the disposal of its glass container business. The special payout is addition to a final 38 sen a share dividend.

Eastern Pacific Industrial Corp Bhd (EPIC) added 30 sen to RM2.39 after Builder AHMAD ZAKI RESOURCES BHD [] (AZRB) said it was selling its 21.26% stake in EPIC to Lembaga Tabung Amanah Warisan Negeri'' Terengganu for RM111.5 million.'' AZRB added 13 sen to RM1.16.

QSR rose 25 sen to RM6.04, KFC-WB 23 sen to RM2.19, KFC 21 sen to RM4.50 and QSR-WB 19 sen to RM2.88.

Maybank rose 19 sen to RM9.29, pushing the index up by 3.26 points. PPB added 14 sen to RM19.38 and Genting Malaysia four sen to RM3.51.

Most active was builder Ranhill which added 10 sen to 89 sen with some 28 million shares done while Karambunai'' was'' unchanged at 23.5 sen with about 23 million shares traded.

On the KLCI,'' technical analysts said the upward trend of the 30-stock index was still expected to be sustainable in the near term, considering that the benchmark was deemed overbought.

"The underlying uptrend of the FBM KLCI remained very strong," SJ Securities Research wrote in a note to clients.

Commodities prices rose further, partly boosted by investment demand as a hedge against inflation amid a weaker US dollar.

The ringgit was traded stronger at 3.0903 against the US dollar. Crude oil futures in the US rose near US$90 a barrel'' while spot prices for gold'' went as high as USD1,413 an ounce.

Natural rubber prices also surged, boosted by supply constraints amid strong demand especially, from major emerging economies China and'' India's automotive industries. Production of natural rubber is stifled by heavy rain in major producing countries Indonesia, Malaysia, Thailand and'' Vietnam.

Malaysian latex prices have risen to a fresh high of RM8.28 a kg, according to the Malaysian rubber board. This compares with RM6.80'' a kg on May 18 this year.

Meanwhile, local palm oil futures rose as much as 1.7% or RM57 to RM3,330 a tonne


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