Monday, March 28, 2011

Asian markets start week on tepid note

KUALA LUMPUR: Asian markets kicked-off the week of March 28 on a tepid note, as geopolitical developments weighed on investors' sentiment.

A state German election rout for the ruling conservative party sent the euro lower on Monday, while Asian shares slipped on persistent anxiety over the tension in the Middle East and in Japan after the destructive quake and tsunami two weeks ago, according to Reuters.

Concerns of Japan's state of affairs remain a lingering issue, with a magnitude 6.5 earthquake shaking northern Japan earlier this morning, the latest in a series of aftershocks two weeks after the disaster.

The FBM KLCI rose 1.56 points to 1,517.11 at mid-morning, lifted by gains including at DiGi and Petronas Gas.

Gainers led losers by 280 to 134, while 222 counters traded unchanged. Volume was 299.25 million shares valued at RM225.73 million.

At the regional markets, Japan's Nikkei 225 fell 0.36% to 9,501.64, Taiwan's Taiex Index lost 0.47% to 8,569,61, South Korea's Kospi slipped 0.11% to 2,051.77 and Singapore's Straits Times Index shed 0.32% to 3,061.07.

Meanwhile, the Shanghai Composite Index rose 0.58% to 2,995.23 and Hong Kong's Hang Seng Index edged up 0.06% to 23,173.42.

On Bursa Malaysia, DiGi was the top gainer and added 22 sen to RM27.92; Petronas Gas was up 20 sen to RM11.60, Subur Tiasa and JT International up 17 sen each to RM3.03 and RM6.75, Dutch Lady 14 sen to RM16.36, Jerneh 13 sen to RM3.09, while SHL, Shell and AIC rose 12 sen each to RM1.42, RM11 and RM1.16.

PacificMas continued to advance after it announced a windfall, with an interim dividend of RM1.398 per share less 25% income tax (net RM1.0485 per share) and single tier dividend of 30 sen per share (tax exempt) for the financial year ending Dec 31, 2011.

At 10am, PacificMas added 12 sen to RM5.91.

Among the decliners, BAT fell 20 sen to RM47.80, GAB and Hap Seng down eight sen each to RM9.57 and RM6.50, Kawan Food six sen to RM1.31, while AMMB, Paragon and Sungei Bagan shed four sen each to RM6.35, 24 sen and RM2.81 respectively.

Iris was the most actively traded counter with 24 million shares done. The stock added two sen to 20 sen.

Other actives included HWGB, Olympia, Tanco, Perisai and ManagePay Systems.

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