Wednesday, February 9, 2011

Volume shrinks, KLCI down as key markets fall

KUALA LUMPUR: The market staged a pullback on Wednesday, Feb 9, with trading volume falling to 2.2 billion units from more than three billion shares done the previous day, reflecting the cautious sentiment on Bursa Malaysia and weak regional markets.

China's decisive move to hike interest rates to rein in the inflationary pressures weighed on regional markets with Hong Kong down 1.36% to its lowest close this year while Shanghai's main stock index closed 0.89% lower.

The FBM KLCI closed down 3.48 points or 0.23% to 1,536.07. Turnover was 2.2 billion units valued at RM2.66 billion. Declining stocks beat advancers 493 to 347.

The Hang Seng Index fell 1.36% to 23,164.03; Shanghai's Composite Index 0.89% to 2,774.04, Shenzen Composite Index 1% lower at 1,186.22.

The Nikkei 225 lost 0.17% to 10,617.83, Kospi 1.17% and Taiwan's Taiex 1.15% to 9,006.82 while Singapore's Straits Times Index lost 1.3% lower at 3,143.85.

At Bursa Malaysia, trading was cautious with profit taking seen in recent gainers due to the uncertain regional factors. The ringgit fell the most in three weeks and Malaysian bonds fell on worries that investors would reduce their local assets. At 5pm, the ringgit was at 3.0335 to the US dollar.

Selling of GENTING BHD [] weighed on sentiment as investors worried about the decline in VIPs at its subsidiary, Genting Singapore's Resorts World at Sentosa.

Genting fell 34 sen to RM10.40 with 11.98 million shares done, the lowest since Dec 20.

KL Kepong lost 46 sen to RM22.10 after RHB Research Institute reduced its sum-of-parts fair value to RM25.95 from RM27.35 after trimming its earnings forecasts.

Other decliners were MTD, down 18 sen to RM10.52, HLFG lost 16 sen to RM8.90 and AMMB 15 sen to RM6.45.

Karambunai was the most active with 80 million shares done, down 0.5 sen to 25.5 sen.

HWGB rose eight sen to 85.5 sen with 70.9 million shares done after falling the previous day. The warrants, HWGB-WB added 7.5 sen to 81.5 sen.

The advancers included United PLANTATION []s, up 40 sen to RM16.80 with just 300 shares done, Chin Tek 19 sen to RM8.89. Tradewinds added 25 sen to RM7.83 and Naim 21 sen to RM3.80.

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