Wednesday, December 22, 2010

FBM KLCI stays in positive territory but gains limited at mid-day

KUALA LUMPUR: The FBM KLCI stayed in positive territory at the mid-day break on Wednesday, Dec 22 on the back of gains including at KLK, Genting, AMMB and Genting Malaysia.

At 12.30pm, the benchmark index was up 0.35% or 5.28 points to 1,510.46. However, patterns of mild profit taking emerged as the index came off its intra-morning high of 1,513.39.

Losers overtook gainers by 337 to 313, while 282 counters traded unchanged. Volume was 723.81 million shares valued at RM827.18 million.

T he ringgit strengthened 0.14% to 3.1305 versus the greenback, crude palm oil for the third month delivery xxx, crude oil rose 13 cents per barrel to US$89.95 while gold added US$4 per troy ounce to US$3,593.

Gains at the regional markets were limited as stocks clung on to Tuesday's gains amidst thin trade, but stocks in Japan and China succumbed to some profit taking ahead of the year-end holidays.

The Nikkei 225 fell 0.4% to 10,366.66 and the Shanghai Composite Index slipped 0.03% to 2,903.34.

Elsewhere, Hong Kong's Hang Seng Index was up 0.64% to 23,141.52, Singapore's Straits Times Index added 0.36% to 3,151.09, Taiwan's Taiex rose 0.30% to 8,853.91 while South Korea's Kospi was up 0.12%to 2,039.50.

On Bursa Malaysia, BAT was the top gainer this morning and was up 50 sen to RM45.08; KLK gained 34 sen to RM21.16, DFZ Capital up 25 sen to RM3.87, AMMB rose 23 sen to RM7, United PLANTATION []s up 18 sen to RM17,48, Chin Teck gained 15 sen to RM8.85 while Subur Tiasa rose 11 sen to RM3.29.

Genting added 28 sen to RM10.74 while Genting Malaysia rose four sen to RM3.33 after the latter yesterday told Bursa Malaysia in a filing that it was exploring opportunities in Vietnam.

KNM jumped 20 sen on landing a RM2.2 billion EPCC job in the UK. AmResearch has raised its target price for the stock to RM3.45 from RM2.12 previously.

The actives this morning included KNM, Hubline, Zelan, Timecom, Ranhill, Petra and Karambunai.

Decliners included Cepco, Iretex, Batu Kawan, Ajiya, KrisAssets, Hai-O and Kulim.


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