Friday, May 20, 2011

FBM KLCI extends gains at mid-morning

KUALA LUMPUR: ''The FBM KLCI extended its gains at mid-morning on Friday, May 20 in line with gains at most key regional markets following the slightly firmer overnight close at Wall Street.

At 10am, the FBM KLCI was up 3.65 points to 1,547.67, lifted by gains including at KLK, RHB Capital, PPB, Petronas Gas and Petronas Dagangan.

Gainers led losers by 254 to 154, while 216 counters traded unchanged. Volume was 188.52 million shares valued at RM156.36 million.

At the regional markets, Japan's Nikkei 225 was up 0.29% to 9,648.84, Hong Kong's Hang Seng Index added 0.18% to 23,205.49, South Korea's Kospi gained 0.28% to 2,101.29, the Shanghai Composite Index rose 0.09% to 2,862.15 and Taiwan's Taiex edged up 0.02% to 8,894.55.

Meanwhile, Singapore's Straits Times Index slipped 0.03% to 3,171.73.

Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients on May 20 said that due Wall Street's firmer tone last night, there could be some bargain hunting activities today.

'We expect the FBM KLCI to move up first today, but some pre-weekend profit-taking activity might emerge later to curtail the market's initial rise,' he said.

On Bursa Malaysia, Dutch Lady was the top gainer at mid-morning and rose 54 sen to RM18.38; KLK added 28 sen to RM22.08, RHB Capital 20 sen to RM9.30, Tradewinds PLANTATION [] 18 sne to RM4, Subur Tiasa and Tradewinds 16 sen each to RM3.10 and RM10.44, while Ta Ann, PPB, Petronas Gas and Petronas Dagangan added 14 sen each to RM6.74, RM17.26, RM11.60 and RM15.54 respectively.

Jotech was the most actively traded counter with 14.7 million shares done. The stock added 1.5 sen to 14.5 sen.

Other actives included DBE Gurney, Malton, Asia Media, Seal and HWGB.

Among the decliners, Nilai lost 29 sen to 59 sen, JobStreet and Cypark down 10 sen each to RM2.70 and RM2.47, PacificMas and BLD Plantations eight sen each to RM4.18 and RM5.52, Guan Chong seven sen to RM3, Pintaras six sen to RM2.30 and Hartalega five sen to RM5.70.



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