Friday, January 28, 2011

Market rebound runs out of steam

KUALA LUMPUR: The local market's rebound ran out of steam as it succumbed to some mild profit taking and closed lower on Friday, Jan 28 in line with the limited gains at most key regional markets, as investors wary of a holiday-shortened period ahead of the Chinese New Year stayed on sidelines.

The FBM KLCI fell 5.07 points to 1,521.89, weighed by losses including at Tenaga, Sime Darby, AMMB and Genting.'' Losers beat gainers 462 to 310, while 280 counters traded unchanged. Volume was 1.35 billion shares valued at RM1.98 billion.

At the regional markets, Japan's Nikkei 225 fell 1.13% to 10.360.34, Hong Kong's Hang Seng Index lost 0.68% to 23,617.02, South Korea's Kospi Index lost 0.34% to 2,107.87 while Taiwan's Taiex added 0.47% to 9,145.35, Singapore's Straits Times Index gained 0.31% to 3,229.69 and the Shanghai Composite Index inched up 0.13% to 2,752.75.

Among the major laggards on Bursa Malaysia, Tenaga fell 15 sen to'' RM6.23, Sime Darby lost eight sen to RM9.16, AMMB 10 sen to RM6.60, Genting six sen to RM10.84, Petronas Gas 18 sen to RM11.20 and Hong Leong Bank 16 sen to RM9.26.

Other decliners included Dutch Lady that fell 22 sen to RM16.66, APM 21 sen to RM5.26, Glenealy 20 sen to RM4.85, Bursa 17 sen to RM8.20 and Batu Kawan 14 sen to RM16.64.

Gainers included DFZ Capital, TAHPS, Tradewinds, QSR, Far East and Eng Kah.

The actively traded stocks included Ho Wah Genting, MUI Industries, Karambunai, Tanco, SAAG and Kencana.


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