Friday, April 8, 2011

FBM KLCI ends week on lackluster note

KUALA LUMPUR: ''The FBM KLCI ended the week on a lackluster note, as some mild profit taking chipped away the slight gains it had made a day earlier on Thursday.

The FBM KLCI fell 4.44 points to 1,557.49, weighed by losses including at IOI Corp, CIMB, Tenaga and AMMB.

Gainers edged losers by 418 to 405, while 321 counters traded unchanged. Volume was 1.67 billion shares valued at RM2.12 billion.

Meanwhile, Japan's Nikkei stock average closed at its highest since the March 11 earthquake, with short-covering encouraged by an "outperform" rating for beleaguered Tokyo Electric Power and a government plan to avoid rolling power blackouts, according to Reuters.

Commodity trading advisers in the Nikkei futures market helped lead the short-covering while gains in commodity prices and further declines in the yen against the euro helped as well, it said.

At the regional markets, Japan's Nikkei 225 rose 1.85% to 9,768.08, the Shanghai Composite Index gained 0.74% to 3,030.02, Singapore's Straits Times Index was up 0.49% to 3,187.31, Hong Kong's Hang Seng Index added 0.47% to 24,396.06, South Korea's Kospi was up 0.27% to 2,127.97 while Taiwan's Taiex shed 0.08% to 8,894.54.

Among the major losers on Bursa Malaysia, IOI Corp fell seven sen to RM5.65, CIMB six sen to RM8.26, Tenaga eight sen to RM6.11 and AMMB nine sen to RM6.57.

BAT fell 64 sen to RM47.36, Nestle lost 54 sen to RM47.96, KLK 28 sen to RM21.22, United PLANTATION []s and Huat Lai fell 12 sen each to RM17.88 and RM1.36, Orient 10 sen to RM5.30 while TSR Capital and Subur Tiasa fell nine sen each to RM1.03 and RM3.53.

Gainers included Panasonic, Cepco, BHIC, Bintulu Port, Hong Leong Bank and Paramount.

Meanwhile, shares of Melewar Industrial Group and MYCRON STEEL BHD [] surged to multi-year highs in active trade today, riding on the recent price jump in MAA HOLDINGS BHD [].

Melewar rose 22.5 sen to RM1.13 with 35.5 million shares done, and Mycron was up 15 sen to 81 sen.

Meanwhile, MAA fell four sen to RM1.34 with 84.1 million shares traded.

MAA Holdings is the parent company of the MAA group of companies and is controlled''by the Melewar Group.

Khyra Legacy Bhd owns 38.86% of Melewar Industrial and 34.75% of MAA Holdings and 55.57% of Mycron.

MAA Holdings shares have surged from last Friday, April 1's close of RM1.03 despite a denial earlier this week over the sale of a 70% stake in Malaysian Assurance Alliance Bhd (MAAB) to Zurich Insurance Co. Ltd for an estimated RM1.2 billion.

On Wednesday, MAA denied the sale but said discussions were still ongoing.

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