Wednesday, April 6, 2011

FBM KLCI dips on mild profit taking

KUALA LUMPUR: The FBM KLCI was the worst performer among the key regional markets and remained in negative territory at the mid-day break on Wednesday, April 6, on mild profit taking of selected blue chips.

At 12.30pm, the FBM KLCI was down 2.37 points to 1,550.70, with losses including at CIMB, IOI Corp, Tenaga and YTL Corp. Gainers edged losers by 348 to 346, while 301 counters traded unchanged. Volume was 773.22 million shares valued at RM826.55 million.

The ringgit strengthened 0.09% to 3.0238 versus the US dollar; crude palm oil for the third month delivery rose RM8 per tonne to RM3,370, crude oil slipped 18 cents per barrel to US$108.16 while gold fell US$2.03 per troy ounce to US$1,453.70.

Japan's Nikkei erased its earlier losses and was up 0.20% to 9,634.72. Financial majors led stock gains in Hong Kong and China, with investors largely shrugging off Beijing's fourth interest rate increase since October on Tuesday, according to Reuters.

The Shanghai Composite Index rose 0.81% to 2,991.46, Hong Kong's Hang Seng Index added 0.53% to 24,279.15, Taiwan's Taiex jumped 1.63% to 8,847.28, Singapore's Straits Times gained 0.38% to 3,158.76 and South Korea's Kospi was up 0.27% to 2,136.18.

At Bursa Malaysia, among the major losers, CIMB fell eight sen to RM8.26, Petronas Dagangan 10 sen to RM16.40, IOI Corp four sen to RM5.68, Tenaga five sen to RM6.16, Axiata and AMMB two sen each to RM4.80 and RM6.51, while YTL Corp, Ta Ann and Cycle & Carriage lost seven sen each to RM7.60, RM6.61 and RM4.61 respectively.

Coastal lost eight sen to RM3.45. AmResearch downgraded Coastal from a Buy to a Hold as the recent surge in share price had reached its fair value of RM3.35.

MAA was the most active with 44.9 million shares done. The stock rose 15 sen to RM1.13.

Other actives included Benalec, ManagePay Systems, Kurnia Asia, Fitters and Tanco.

Berjaya Food, whose shares had surged in active trade on Tuesday and was also actively traded on Wednesday, prompted Bursa Malaysia Securities to query it over the sharp increase in price and high volume in the shares.

At 12.30pm, BFood had risen three sen to RM1.17 with 15.59 million shares done. On Tuesday, it rallied 31.5 sen to RM1.14.

Gainers included MHC, Pintaras, Carlsberg, Hong Leong Bank, Nestle and Masterskill.

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