Friday, November 19, 2010

Gains capped on Bursa Malaysia as HK, China markets tumble

KUALA LUMPUR: The FBM KLCI managed to stay above'' 1,500 at mid-day on Friday, Nov 19 while most'' regional markets pared their gains after the Hong Kong and China markets slumped.

On Bursa Malaysia, the FBM KLCI was up 4.01 points to 1,500.66, lifted by gains including at Genting, Maybank, KLK and RHB Capital. Gainers led losers by 376 to 245, while 294 counters traded unchanged. Volume was 591.09 million shares valued at RM707.58 million.

The Hang Seng Index tumbled 1.4% to 23,306.39 and the Shanghai Composite Index fell 1.1% to 2,833.98 following a media report that Hong Kong's government was expected to unveil further measures to cool its red-hot real estate market

The government would release the measures as early as Friday, a day after the International Monetary Fund urged Hong Kong to draw up more policies to curb fast-climbing prices, the Hong Kong Economic Journal quoted sources as saying, according to Reuters.

The report did not provide details of what the steps might include, but some analysts have said the government could raise stamp duty on sales of some apartments, it said. Government officials were not immediately available for comment, said Reuters.

Japan's Nikkei 225 was up 0.15% to 10,029.10, Taiwan's Taiex edged up 0.12% to 8,292.26, the South Korean Kospi gained 0.23% to 1,932.26 while Singapore's Straits Times Index shed 0.58% to 3,196.62.

The ringgit weakened 0.08% to 3.1250 versus the USD, crude palm oil futures for the third month delivery shed RM39 per tonne to RM3,278; crude oil slipped 25 cents per barrel to US$81.60 while gold added 13 cents an ounce to US$1,353.20.

On Bursa Malaysia, among the major gainers, DiGi rose 18 sen to RM24.68, Nestle and Genting added 16 sen each to RM43.36 and RM10.20, BLD PLANTATION []s rose 15 sen to RM5.05, Maybank added 12 sen to 8.94, Gamuda up 11 sen to RM3.70, KLK rose eight sen to RM19.90 while RHB Capital was up six sen to RM7.88.

Among the decliners, BAT was the top loser this morning and fell 20 sen to RM46; Dutch Lady lost 10 sen to RM18, SHL Consolidated and Daibochi lost nine sen each to RM1.21 and RM2.69, Petronas Gas and Petronas Dagangan fell eight sen each to RM11.20 and RM11.12, Masterskill down seven sen to RM2.18 while Kawan Food, SEG International and Jerneh fell six sen each to RM1.42, RM2.08 and RM3.14 respectively.

KNM was the most actively traded stock with 31.84 million shares done. The counter added one sen to 44.5 sen. Other actives this morning included Jotech, Tejari, Salcon and Time.


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