Wednesday, June 15, 2011

Key Asian markets give up gains at mid-day

KUALA LUMPUR: Key regional markets mostly gave up their gains on Wednesday, June 15 after China's central bank raised its reserve requirement ratio late Tuesday, while Standard & Poor's lowered its outlook for China's property sector to negative.

The FBM KLCI, however, remained in positive territory at the mid-day break, lifted by gains at select blue chips, including banking and telecommunication stocks. The 30-stock index rose 0.33% or 5.04 points to 1,553.55. Gainers led losers by 306 to 286, while 301 counters traded unchanged. Volume was 452.13 million shares valued at RM714.72 million.

The ringgit strengthened 0.08% to 3.0300 versus the US dollar; crude palm oil futures for the third month delivery rose RM11 per tonne to RM3,259, crude oil slipped 26 cents per barrel to US$99.11 while gold gained US$1.60 per troy ounce to US$1,525.38.

At the regional markets, the Shanghai Composite Index fell 0.49% to 2,716.80, Hong Kong's Hang Seng Index lost 0.39% to 22,408.33, Taiwan's Taiex was down 0.32% to 8,800.57, South Korea's Kospi shed 0.14% to 2,073.93 and Singapore's Straits Times Index edged down 0.03% to 3,056.51.

Meanwhile, Japan's Nikkei 225 gave up its earlier gains and was up 0.14% to 9,560.69.

Among the gainers on Bursa Malaysia, Tenaga rose 17 sen to RM6.77, Petronas Gas eight sen to RM12.20, Petronas Chemicals six sen to RM7.12, Maxis and DiGi four sen each to RM5.48 and RM28.70, Axiata and RHB Capital three sen each to RM4.92 and RM9.89, while Maybank, CIMB and Hong Leong Bank gained two sen each to RM8.75, RM8.43 and RM12.98 respectively.

Aeon Credit and Aeon rose 21 sen each to RM5.11 and RM7.22 respectively after Hwang DBS Vickers Research raised FY12-FY13F earnings for Aeon Credit by 13% and 11% respectively following the company's strong 1Q results.

Dutch Lady was up 28 sen to RM18.48, Paramount 16 sen to RM5.95, Ta Ann 14 sen to RM5.76, Top Glove 12 sen to RM5.28 and BLD PLANTATION []s 10 sen to RM6.90.

Among the decliners this morning, BAT fell 20 sen to RM45.90, Mintye 18 sen to RM1.32, Lafarge Malayan Cement, Paos and F&N 14 sen each to RM7.30, 56 sen and RM19.46 respectively, PPB 10 sen to RM17.38, while MSC and Hing Yap fell eight sen each to RM4.56 and RM1.60.

Actives included Key West, Axiata, Focus, KBB and KUB.

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