Wednesday, May 18, 2011

FBM KLCI stays in the black at mid-morning but pares down gains

KUALA LUMPUR: The FBM KLCI pared down some of its early gains at mid-morning on Wednesday, May 18 but remained in positive territory in line with most key regional markets.

The FBM KLCI rose 4.71 points to 1,540.98 at 10am, lifted by gains including at index-linked PLANTATION [] stocks. The index had earlier risen to a high of 1,543.35.

Gainers led losers by 238 to 179, while 228 counters traded unchanged. Volume was 218.90 million shares valued at RM392.08 million.

Asia shares rose on Wednesday, with Japan leading the charge, but euro debt fears and disappointing data from the US are likely to keep markets on edge, according to Reuters.

At the regional markets, Japan's Nikkei 225 was up 0.88% to 9,651.12, South Korea's Kospi gained 1.11% to 2,125.68, Taiwan's Taiex was up 0.33% to 8,913.18, Hong Kong's Hang Seng Index added 0.26% to 22,959.85 and the Shanghai Composite Index edged up 0.11% to 2,855.93.

Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients May 18 said that due to the poorer tone at Wall Street last night, there could be some selling activities today.

'We expect the FBM KLCI to move down first, but some institutional buying activity might emerge later to cushion the market's fall,' he said.

On Bursa Malaysia, MAHB was the top gainer at mid-morning and rose 52 sen to RM6.62; Tradewinds added 32 sen to RM9.55, Lafarge Malayan Cement 30 sen to RM7.49, Petronas Gas 28 sen to RM11.52 and Esso 19 sen to RM4.60.

Among plantation-related stocks, PPB was up 48 sen to RM17.56, Batu Kawan 46 sen to RM16.30, Glenealy and KLK 16 sen each to RM5.26 and RM21.32, while IOI Corp rose four sen to RM5.23.

Newly-listed labels maker Ideal Jacobs (M) Corporation Bhd was the most actively traded counter with 27.2 million shares done. The stock rose 27.5 sen to 54.5 sen.

Other actives included Smartag, Berjaya Corp, Genting, Axiata, Digistar, Green Packet and CME.

Among the decliners, Litrak fell 26 sen to RM3.52, Tasek down 15 sen to RM8, Genting 14 sen to RM10.98, Shell 10 sen to RM10.80, Subur Tiasa nine sen to RM2.70, Iretex eight sen to RM1.08, Pintaras seven sen to RM2.28 while Panasonic and BAT fell six sen each to RM23.20 and RM48.24.


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