Tuesday, March 29, 2011

FBM KLCI rebounds, but gains limited

KUALA LUMPUR: The FBM KLCI rebounded on Tuesday, March 29, in line with some of the earlier gains made at key regional markets on bargain hunting as Japan's Nikkei 225 pared down its losses.

However, the prevailing tepid sentiment saw some profit taking at the Hong Kong and China markets.

Some of this may reflect continuing uncertainty about how the Japan disaster, turmoil in the Arab world and global monetary policy will play out.

The FBM KLCI closed 5.84 points higher at 1,520.09.

Gainers beat losers by 543 to 264, while 269 counters traded unchanged. Volume was 1.76 billion shares valued at RM2.18 billion.

At the regional markets, Japan's Nikkei 255 closed 0.21% lower at 9,459.08, Hong Kong's Hang Seng Index shed 0.03% to 23,060.36, the Shanghai Composite Index lost 0.87% to 2,958.08 and Singapore's Straits Times Index edged down 0.01% to 3,056.95.

Meanwhile, South Korea's Kospi closed 0.77% higher at 2,072.13 and Taiwan's Taiex rose 0.51% to 8,596.57.

On Bursa Malaysia, timber-related stocks were among the major gainers today as they rose on expectation of higher demand for the reCONSTRUCTION [] works in Japan, as Malaysia is the largest exporter of such products to that country.

Ta Ann rose 56 sen to RM7.05, Subur Tiasa 44 sen to RM3.88, Jaya Tiasa 40 sen to RM6.56, WTK 26 sen to RM2.10, Eksons 25 sen to RM1.53 and Leweko five sen to 26 sen.

Other gainers included Nestle up 78 sen to RM47.38, BAT 38 sen to RM48.08, Lafarge Malayan Cement 35 sen to RM7.77, Petronas Dagangan 34 sen to RM15.40 and Esso 30 sen to RM4.18.

Leweko was also the most actively traded counter with 78.3 million shares done. Other actives included Perisai, Seal, Sanbumi, Mieco and JCY International.

Among the decliners, Cepco fell 21 sen to RM1.89, Khind 16 sen to RM1.42, Stonemaster 12.5 sen to 52.5 sen, LPI Capiral and JobStreet 12 sen each to RM13.62 and RM2.63, Genting PLANTATION []s 10 sen to RM8.08, PacificMas eight sen to RM5.86 and BHIC seven sen to RM4.10.

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