Tuesday, April 5, 2011

FBM KLCI snaps winning streak

KUALA LUMPUR: The FBM KLCI fell on Tuesday, April 5, snapping its five-day winning streak, in line with generally cautious sentiment at regional markets, amidst escalating tensions in the Middle East as well as the deepening nuclear crisis in Japan.

Investor sentiment at the local markets was also dampened by weaker export data for February, with Malaysia's exports totalling RM51.85 billion in February, 2011, which was a 10.7% increase from a year ago but it declined 5.5% from January.

The exports in February were the lowest since September 2010 which then totalled RM50.47 billion.

The FBM KLCI lost 2.41 points to 1,553.07.

Losers beat gainers by 493 to 348, while 274 counters traded unchanged. Volume was 1.6 billion valued at RM1.97 billion.

At the regional markets, Japan's Nikkei 225 fell 1.06% to 9,615.55, South Korea's Kospi edged up gained 0.69% to 2,130.43 and Singapore's Straits Times Index edged up 0.20% to 3,146.75.

China and Taiwan markets were closed on Monday and Tuesday to observe the Tomb Sweeping Day. Hong Kong was also closed.

Sentiment at the regional markets has remained cautious, with investors still wary about the long-term impact of last month's massive earthquake and tsunami in Japan and a resulting nuclear accident that workers are still struggling to contain.

Meanwhile, Brent stayed above US$120 per barrel, easing 0.2% after hitting a 32-month high of US$121.29 on Monday as Nigerian election delays and a short-lived strike in Gabon added to supply jitters for a market already on edge over fighting in Libya and unrest in Yemen, which borders top producer Saudi Arabia, according to Reuters.

On Bursa Malaysia, Nestle fell 30 sen to RM47.48, MNRB lost 20 sen to RM2.68, RCI, Khind and Shell fell 16 sen each to RM1.83, RM1.42 and RM10.80, Ta Ann 15 sen to RM6.68, Subur Tiasa 13 sen to RM3.66 while Sindora, Hong Leong Bank and RHB Capital fell 12 sen each to RM1.71, RM9.90 and RM8.58 respectively.

Panasonic was the top gainer and was up 60 sen to RM22.60; United PLANTATION []s rose 48 sen to RM18, Pintaras 17 sen to RM2.27, Kimlun 16 sen to RM1.95, BLD Plantations 14 sen to RM5.25, while Coastal, Cypark and Press Metal were up 12 sen each to RM3.53, RM3.17 and RM2.49 respectively.

Berjaya Food soared 31.5 sen to RM1.14. CIMB Equities Research said Berjaya Food (B-Food) is a stock to watch in the coming months.

It said on Tuesday, April 5 that as Berjaya Corp is likely to use B-Food as its listed vehicle for F&B, there could be interesting M&A plays for the stock.

Seal was the most actively traded counter with 75 million shares done. The stock added two sen to 62.5 sen.

Other actives included Leweko, DBE Gurney, Digistar, Zelan, MAA, Perisai, Fotronics, TMS and Kencana.

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