KUALA LUMPUR: Profit taking on SP Setia weighed on property stocks in the morning on Tuesday, Jan 18 while ECM Libra Research downgraded it from Hold to Sell as it believed all positive factors had been priced-in and advised investors to take profit.
The broader market displayed caution which saw the FBM KLCI falling 3.59 points to 1,570.9 at midday. Turnover was 912.76 million shares valued at RM950 million. Decliners beat advancers by a wide 591 to 163 while 277 stocks were unchanged.
However, market sentiment could improve in the afternoon session as investments in the manufacturing sector picked up last year. Minister of International Trade and Industry, Datuk Seri Mustapa Mohamed.said the manufacturing sector in 2010 attracted RM47.2 billion in approved investments in 910 projects, up 44.8% from RM32.6 billion for 766 projects in 2009.
Foreign investments accounted for RM29.1 billion, up 31.7% from the RM22.1 billion in 2009, due to investments in new growth areas, emerging technologies and an improvement in the economies of capital exporting countries
Among key Asian markets, these were some signs of mild recovery from Monday's decline, especially China's markets.
Shanghai's Composite Index +0.17% 2,711.36 Shenzen Composite +0.48% 1,186.06 Hang Seng Index +0.75% 24,339.27 Nikkei 225 +0.35% 10,539.97 Kospi +0.32% 2,106.58 Singapore Straits Times Index +0.18%
3,244.62. ''
Meanwhile, light crude oil slipped 37 sen to US$91.17 while crude palm oil for third month delivery eased RM4 to RM3,646. The ringgit was trading at 3.0575 to the US dollar.
At Bursa Malaysia, SP Setia fell 32 sen to RM6.38 and SP Setia-WB 30 sen to RM1.93, SunCity 14 sen to RM4.55 and Mitrajaya 11 sen to RM1.86.
Other decliners were Tradewinds, down 26 sen to RM7.70 while Hing Yap fell 13 sen to RM1.66 following investors' disappointment with the takeover offer of RM1.50 a share.
Among the index-linked stocks, Genting Malaysia fell seven sen to RM3.52, Tenaga four sen to RM6.49, Petronas Chemicals five sen to RM6.30 and Genting'' four sen to RM11.70.
However, Tambun Indah, which was listed on the Main Board, rose 14 sen to 84 sen with 35.89 million shares done.
DRB-Hicom rose 11 sen to RM2.13 and MMHE 10 sen to Rm6.53. Public Bank inched up two sen to RM13.50 and Telekom also two sen to RM3.77.
The broader market displayed caution which saw the FBM KLCI falling 3.59 points to 1,570.9 at midday. Turnover was 912.76 million shares valued at RM950 million. Decliners beat advancers by a wide 591 to 163 while 277 stocks were unchanged.
However, market sentiment could improve in the afternoon session as investments in the manufacturing sector picked up last year. Minister of International Trade and Industry, Datuk Seri Mustapa Mohamed.said the manufacturing sector in 2010 attracted RM47.2 billion in approved investments in 910 projects, up 44.8% from RM32.6 billion for 766 projects in 2009.
Foreign investments accounted for RM29.1 billion, up 31.7% from the RM22.1 billion in 2009, due to investments in new growth areas, emerging technologies and an improvement in the economies of capital exporting countries
Among key Asian markets, these were some signs of mild recovery from Monday's decline, especially China's markets.
Shanghai's Composite Index +0.17% 2,711.36 Shenzen Composite +0.48% 1,186.06 Hang Seng Index +0.75% 24,339.27 Nikkei 225 +0.35% 10,539.97 Kospi +0.32% 2,106.58 Singapore Straits Times Index +0.18%
3,244.62. ''
Meanwhile, light crude oil slipped 37 sen to US$91.17 while crude palm oil for third month delivery eased RM4 to RM3,646. The ringgit was trading at 3.0575 to the US dollar.
At Bursa Malaysia, SP Setia fell 32 sen to RM6.38 and SP Setia-WB 30 sen to RM1.93, SunCity 14 sen to RM4.55 and Mitrajaya 11 sen to RM1.86.
Other decliners were Tradewinds, down 26 sen to RM7.70 while Hing Yap fell 13 sen to RM1.66 following investors' disappointment with the takeover offer of RM1.50 a share.
Among the index-linked stocks, Genting Malaysia fell seven sen to RM3.52, Tenaga four sen to RM6.49, Petronas Chemicals five sen to RM6.30 and Genting'' four sen to RM11.70.
However, Tambun Indah, which was listed on the Main Board, rose 14 sen to 84 sen with 35.89 million shares done.
DRB-Hicom rose 11 sen to RM2.13 and MMHE 10 sen to Rm6.53. Public Bank inched up two sen to RM13.50 and Telekom also two sen to RM3.77.
No comments:
Post a Comment