Friday, January 7, 2011

FBM KLCI slips at mid-morning

KUALA LUMPUR: The FBM KLCI slipped into negative territory in early trade on Friday, in line with the overall tepid investor sentiment at key regional markets that declined after the weaker overnight close at Wall Street.

Japan's Nikkei average dipped 0.2% on Friday after hitting an 8-'' month high the previous day, as investors held off buying ahead of key US jobs data while a drop in commodity prices weighed on Inpex and other resources shares.

Also souring sentiment was a drop in Wall Street stocks hit by soft U.S. retail sales and a sharp rise in the dollar, which left investors edgy before December's US employment report due later on Friday.

At mid-morning, the FBM KLCI shed 0.49 point to 1,567.88, weighed by losses including at CIMB, Petronas Gas and PLANTATION []-related stocks.

Gainers edged losers by 285 to 256, while 242 counters traded unchanged. Volume was 517.97 million shares valued at RM478.89 million.

At the regional markets, Japan's Nikkei 225 slipped 0.15% to 10,514.37, the Shanghai Composite Index lost 0.29% to 2,816.09, Singapore's Straits Times Index fell 0.31% to 3,269.38, Taiwan's Taiex fell 0.11% to 8,873.48, South Korea's Kospi shed 0.01% to 2,077.35 while Hong Kong's Hang Seng Index opened 0.3% lower at 23,709.47.

On Bursa Malaysia, CIMB fell seven sen to RM8.89, PetGas and LPI down six sen each to RM11.22 and RM14.12 Among the plantation-related counters, Sarawak Oil Palms and Boustead fell seven sen each to RM3.91 and RM5.60, United Malacca and Tradewinds lost six sen each to RM7.20 and RM6.75, while KLK fell four sen to RM22.58.

Water-related stocks advanced on the back of the fresh takeover offer for four water concessionaires from the Selangor state government of more than RM9 billion.

Puncak gained 13 sen to RM2.55, JAKS was up 3.5 sen to 79 sen while KHSB added three sen to 47 sen.

The top gainer in early trade was DFZ Capital that rose 29 sen to RM3.79; other gainers included Digi, Nestle, Mentiga, UEM Land and Shell.

SAAG was the most actively traded counter with 53.9 million shares done. The stock added one sen to 10 sen. Other actives included Hubline, Karambunai, JAKS, Ramunia and Time.

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