Friday, June 17, 2011

Banks, blue chips boost FBM KLCI; Muhibbah stages mild recovery

KUALA LUMPUR: The FBM KLCI remained above the 1,560 level at the mid-day break on Friday, June 17, boosted by bank stocks and select blue chips and it was among the top performers in the region.

At 12.30pm, the KLCI was up 5.85 points to 1,560.09. Gainers edged losers by 297 to 263, while 333 counters traded unchanged. Volume was 397.29 million shares valued at RM714.06 million.

The ringgit weakened 0.26% to 3.0525 versus the US dollar; crude palm oil futures for the third month delivery was flat at RM3,193, crude oil fell 23 cents to US$94.72, while gold lost US$2.90 an ounce to US$1,526.90.

Regional markets were mixed as markets are still largely unconvinced that Greece can dodge a default without political stability in Athens, keeping equity and commodity prices in a near-term downtrend, according to Reuters.

Japan's Nikkei 225 fell 0.53% to 9,361.53, Hong Kong's Hang Seng Index lost 0.35% to 21,876.32, South Korea's Kospi was down 0.86% to 2,029.04, Singapore's Straits Times Index declined 0.16% to 3,015.37 and Taiwan's Taiex edged down 0.05% to 8,649.73.

Meanwhile, the Shanghai Composite Index rose 0.37% to 2,674.03.

On Bursa Malaysia, Petronas Gas added 62 sen to RM12.92, KLK 28 sen to RM22.30, BAT 24 sen to RM46.14, Panasonic and DiGi 16 sen each to RM24.22 and RM28.84, MMHE 11 sen to RM8.61 and Favelle Favco gained 10 sen to RM1.71.

Among banking stocks, Hong Leong Bank was up 26 sen to RM13.26, HLFG 18 sen to RM12.56, CIMB eight sen to RM8.55, RHB Capital and Public Bank up four sen each to RM9.88 and RM13.18, while Maybank and AMMB added three sen each to RM8.77 and RM6.43.

Muhibbah was the most active with 19.55 million shares done. The stock gained 11 sen to RM1.63 after it said there were reasonable grounds to hold that the receivables from Asia Petroleum Hub were recoverable in due course.

Other actives included Axiata, DBE Gurney, Digistar, KBB, Tricubes, Compugates and Focus.

Decliners included Batu Kawan. down 42 sen to RM16.88, F&N and Nestle fell 20 sen each to RM19.50 and RM48, Genting and Malayan Flour Mills 14 sen each to RM10.28 and RM7.06, Boustead 11 sen to RM6.04, Sunway City and MSC fell eight sen each to RM5.05 and RM4.39.

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