Monday, February 21, 2011

FBM KLCI claws back into black, Asian stocks ease on Mid-east tensions

KUALA LUMPUR: The FBM KLCI clawed back to erase its losses in the morning session and was up marginally at mid-day on Monday, Feb 21.

However, key regional markets mostly remained in negative territory as spreading tensions in Libya and other oil-producing regions encouraged some profit taking after last week's solid gains.

The FBM KLCI was up 0.06 of a point to 1,517.62, lifted by gains including at Genting, Tenaga, IOI Corp and PPB.'' The 30-stock index fell to as low as 1,505.54 earlier.

Market breadth was negative with losers leading gainers by 527 to 210, while 266 counters traded unchanged. Volume was 871.77 million shares valued at RM920.49 million.

The ringgit weakened 0.07% to 3.0365 versus the US dollar; crude palm oil for the third month delivery fell RM8 per tonne to RM3,675, crude oil gained US$1.12 per barrel to US$87.32 while gold jumped US$5.17 per troy ounce to US$1,394.70.

Reuters reported anti-government protesters rallied in Tripoli's streets at the weekend, tribal leaders spoke out against leader Muammar Gaddafi. Army units defected to the opposition as oil exporter Libya endured one of the bloodiest revolts to convulse the Arab world.

Beijing's latest move to tighten policy in the form of banks' required reserve increases saw Shanghai and Hong Kong stocks take a tumble with lenders leading declines, it said.

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Singapore's Straits Times Index -0.47% 3,072.51


Hang Seng Index
-0.32% 23,520.36


Taiwan's Taiex
-0.14% 8,831.22


South Korea's Kospi -0.13% 2,010.57


Japan's Nikkei 225 -0.01% 10,841.98


Shanghai Composite Index +0.12% 2,903.38


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On Bursa Malaysia, Genting rose 12 sen to RM10.46, Tenaga seven sen to RM6.33, Petronas Chemicals five sen to RM6.28, PPB up 12 sen to RM16.80,'' DiGi four sen to RM26.14 and Genting Malaysia two sen to RM3.36.

Other gainers included Tasek, Kwantas, Malayan Flour Mills, Tradewinds, Kamdar, Glenealy and Coastal Contracts.

Among the decliners, Kulim fell 24 sen to RM15.52, KLK 20 sen to RM21.82, PNE PCB 14 sen to 35 sen, Unisem down 12 sen to RM2.05, Cycle & Carriage 11 sen to RM4.98, MISC and IJM down 10 sen each to RM8.15 and RM6.53, while DKSH and Chin Teck fell nine sen each to 78 sen and RM8.70.

HWGB was the most active with 32.4 million shares done. The stock fell 5.5 sen to 74 sen. Other actives included Ramunia, Iris Corp, Karambunai and Dialog.

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