Tuesday, May 10, 2011

FBM KLCI extends gains at mid-morning

KUALA LUMPUR: The FBM KLCI extended its gains at mid-morning on Tuesday, May 10 in line with slightly firmer overnight close at Wall Street.

However, most of the key regional markets save for the Hong Kong and South Korea where the stock exchanges were closed for public holidays, declined on the back of a cut in Greece's credit rating.

The FBM KLCI rose 2.85 points to 1,522.26 at 10am.

Gainers led losers by 202 to 139, while 215 counters traded unchanged. Volume was 196.82 million shares valued at RM161.33 million.

At the regional markets, Japan's Nikkei 225 fell 0.24% to 9,771.11, the Shanghai Composite Index slipped 0.10% to 2,869.52, Taiwan's Taiex shed 0.13% to 9,023.76, Australia's S&P/ASX 200 Index lost 0.40% to 4,737.80 while Singapore's Straits Times Index edged up 0.25% to 3,144.67.

Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients said the American markets managed to ignore Standard & Poor's downgrade of Greece's rating to B from BB-, while Moody's announced that it put the country on review for a potential downgrade of its current B1 rating.

'Due to the Dow Jones Industrial Average's minor rebound tone last night, we will see the FBM KLCI in a benign upward mode today.

'We expect the FBM KLCI to remain steady today in a quiet and low volume mood,' he said.

On Bursa Malaysia, Nestle was the top gainer at mid-morning and was up 50 sen to RM47.62; Hong Leong Bank and HLFG rose 28 sen each to RM11.48 and RM11.06, C.I. Holdings up 15 sen to RM2.71, Amway 14 sen to RM9.54, Ajiya 11 sen to RM1.86 and Tradewinds nine sen to RM8.07.

Malaysia Smelting Corp rose 20 sen to RM4.58 after returning to the black for its first quarter ended March 31, 2011 when it posted net profit RM28.28 million compared to net loss RM29.13 million a year earlier.

Newly-listed Mclean Technologies was the most actively traded counter. Its shares rose nine sen to 61 sen with 48.97 million shares traded while its warrants added 20.5 sen to 21 sen with 19.9 million units done.

Other actives included DBE Gurney, Sumatec, Hubline, Ramunia and CME.

Decliners included F&N, DiGi, Petronas Dagangan, Iretex, Cypark, Prestar and Tenaga.

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