Friday, January 7, 2011

Winning week for FBM KLCI

KUALA LUMPUR: Stocks on Bursa Malaysia climbed on Friday, Jan 7, with rotational interest seen in glove makers while there was some mild profit taking in PLANTATION []s.

Whatever selling there was, it was well absorbed with the FBM KLCI charting its five-straight days of gains in the first week of 2011 to end 3.84 points higher at a another record close of 1,572.21.'' For the week, it was up 53.3 points or 3.51% from 1,518.91 on Dec 30.

Again, it was another record high for the 30-stock index, despite some mild pullback in intra-day trading. But investors' sentiment was underpinned by the firmer external data and also the entry of foreign funds into the market.

Volume surged to 2.54 billion shares on Friday valued at RM3.45 billion. Advancing counters beat decliners 526 to 324 while 301 counters were unchanged.

Commodities slipped as the US dollar strengthened. Light crude oil was at US$88.46 per barrel while crude palm oil (CPO) futures retreated RM93 to RM3,740.

The US dollar strengthened to 3.0710 to the ringgit. The greenback also strengthened against the basket of six major world major currencies and the index was at 81, indicating the international value of the US dollar.

Key regional markets were mixed. Japan's Nikkei 225 rose 0.11% to 10,541.04, Shanghai's Composite Index added 0.52% to 2,838.80 and South Korea's Kospi 0.41% higher at 2,086.20. However, Hong Kong's Hang Seng Index fell 0.42% to 23,686.63 on profit taking, Taiwan's Taiex shed 1.13% to 8,782.72 and Singapore's Straits Times Index 0.74% lower at 3,255.53.

At Bursa Malaysia, Nestle climbed the most, up 40 sen to RM44.48 and Guinness Anchor 20 sen to RM10.36.

Glove makers showed some recovery, with Hartalega adding 31 sen to RM5.73, Supermax 22 sen tp RM4.46 and Adventa 17 sen to RM2.65. Kossan rose 10 sen to RM3.35 and the world's top glove maker Top Glove two sen to RM5.42.

Among the index-linked stocks, TM rose 17 sen to RM3.73, and pushing up the FBM KLCI by 1.44 points. Axiata added seven sen to RM4.91 while Maxis eased one sen to RM5.35. Among infrastructure stocks MMC advanced 18 sen to RM3.10 and Gamuda five sen to RM4.25.

Among the banks, Public Bank added eight sen to RM13.54 and AMMB four sen to RM7.07 but Hong Leong Bank shed five sen to RM9.30 and Maybank one sen to RM9.

Notion surged 30 sen to RM2 in relatively active trade despite a somber outlook for the semiconductor sector especially the hard-disk drive makers. JCY International added 1.5 sen to 85 sen.

Plantation stocks, which had rallied in tandem with record high CPO prices, saw some profit taking. KL Kepong shed 24 sen to RM22.38, Batu Kawan 18 sent to RM17.04, Far East 15 sen to RM7.35 while Kulim eased 12 sen to RM13.58.

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