Wednesday, December 15, 2010

KLCI down on mild profit taking

KUALA LUMPUR: Blue chips succumbed to some mild profit taking at the mid-day break on Wednesday, Dec 15 in line with the generally muted investor sentiment across most regional markets.

Key Asian markets fluctuated after the Federal Reserve said the recovery was still too slow to bring down stubbornly high unemployment, and as investors continued to book profits from a long autumn rally before closing their books for year-end.

On Bursa Malaysia, the FBM KLCI slipped 0.14% or 2.18 points to 1,508.40, weighed by losses including at Genting, MISC, Tenaga and Axiata. Losers led gainers by 341 to 283, while 285 counters traded unchanged. Volume was 565.61 million shares valued at RM781.32 million.

The ringgit weakened 0.34% to 3.1366 versus the US dollar, crude palm oil for the third month delivery rose RM10 per tonne to RM3,690, crude oil added 30 cents per barrel to US$87.98 and gold rose 75 cents per troy ounce to US$1,397.

Hang Seng Index -0.62% 23,286.70 Singapore's Straits Timex Index -0.25% 3,169.02 Shanghai Composite Index -0.09%
2,924.34 Nikkei 225 -0.01% 10,315.29 Kospi +0.03% 2,009.74 Taiwan's Taiex +0.02% 8,742.08 ''


Reuters reported energy and resource shares were under particular pressure as oil prices retreated and as investors switched out of big Australian miners which have outperformed in recent sessions, according to Reuters.

At its last policy meeting of the year, the Fed offered only a cautious nod to improving prospects for the US economy and reaffirmed its commitment to buy US$600 billion in bonds to stimulate growth, despite fears of some economists that it could trigger inflation, it said.

Among the major losers on Bursa Malaysia, Genting fell 20 sen to RM10.86, MISC lost 14 sen to RM8.25, Tenaga fell seven sen to RM8.38, Axiata lost four sen to RM4.71, YTL Corp down nine sen to RM8.40, PPB lost 14 sen to RM17.10, Hong Leong Bank down nine sen to RM9.26 and Dutch Lady lost 10 sen to RM17.

Other decliners included Tasek, Chin Teck, Sarawak Oil Palms, Tan Chong and Batu Kawan.

KNM shares and warrants were actively traded after Maybank IB Research and OSK Investment Research both maintained their buy calls and raised the target price for the stock.

KNM warrants rose 1.5 sen to 16 sen with 30.3 million units done, while KNM shares added 19 sen to RM2.52, its highest level since April this year.

Other actives included Fitters, Petronas Chemicals, Olympia and OSK.

Gainers this morning included BLD PLANTATION []s, Aeon, Changhuat Corp, Choo Bee Metal, UMW, Tradewinds and CI Holdings.

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