Wednesday, December 1, 2010

Blue chips recover amid cautious market

KUALA LUMPUR: Some mild buying of blue chips in the late afternoon on Tuesday, Dec 1 pushed the FBM KLCI into the black, in line with the positive key regional markets.

At 3.47pm, the FBM KLCI was up 1.64 points to 1,486.87. Turnover was 641.37 million shares valued at RM1.05 billion. Losers beat gainers 414 to 286.

Petronas Dagangan rose 40 sen to RM11.70, DiGi 36 sen to RM24.82, KL Keping 34 sen to RM20.56 while MMHE gained 19 sen to RM4.93.

Keck Seng rose 37 sen to RM6.37 with 1.20 million shares done after proposing a one-for-two bonus issue.

In Shanghai, China's key stock index ended marginally higher in miniscule volume on Wednesday, with a cash squeeze and concerns about strong inflation data due next week prompting risk adverse investors to avoid taking large positions.

The Shanghai Composite Index closed up 0.1 percent at 2,823.4 after slumping on Tuesday, with a liquidity crunch in the domestic money market weighing on the stock market. The index dropped more than 5% in November, compared with a 12% gain in October.

In Seoul, shares ended up 1.3% on Wednesday, fuelled by firm gains in crude oil refiners and autos such as S-Oil and Hyundai Motor, but persistent European debt concerns limited gains. The Korea Composite Stock Price Index (KOSPI) ended up 1.3% at 1,929.32.

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