Wednesday, July 6, 2011

FBM KLCI extends gains at mid-day, banks in focus

KUALA LUMPUR: Banking stocks were in focus in the morning trading session on Bursa Malaysia on Wednesday, July 6 ahead of Bank Negara Malaysia's monetary policy committee meeting on Thursday.

The central bank is likely to raise the OPR by another 25 basis points to 3.25%, according to UOB KayHian economist Jimmy Koh, who also said he expected the statutory reserve requirement be raised to 4%.

The FBM KLCI rose 0.23% or 3.65 points to 1,585.50 at the mid-day break, lifted by gains at index-linked banking stocks and select blue chips.

Gainers led losers by 331 to 285, while 307 counters traded unchanged. Volume was 528.67 million shares valued at RM769.30 million.

The ringgit strengthened 0.04 to 3.0062 versus the US dollar; crude palm oil futures for the third month delivery rose RM2 per tonne to RM3,041, crude oil gained 54 cents to US$97.43 while gold shed 22 cents an ounce to US$1,515.43.

Among the gainers this morning, AFG rose 10 sen to RM3.32, Public Bank and Affin were up six sen each to RM13.34 and RM3.39, RHB Capital five sen to RM9.02, AMMB four sen to RM6.59 and HLFG up two sen to RM13.32.

United PLANTATION []s rose 70 sen to RM21, Petronas Dagangan 50 sen to RM16.82, MSM 37 sen to RM5.51, Harrisons 22 sen to RM3.90, NPC and Far East 20 sen each to RM2.30 and RM7.40, Top Glove 15 sen to RM5.44, PPB 14 sen to RM17.66, DiGi 12 sen to RM29.72, Petronas Chemicals three sen to RM7.12 and Petronas Gas two sen to RM13.42.

Decliners included Warisan, Press Metal, Quality, Ibraco, Shell, Boustead, UOA Development and QSR.

Meanwhile, the actives included Compugates, Axiata, KBB, MSM, BIMB, LBS Bina and Jadi.

At the regional markets, Japan's Nikkei 225 was up 0.27% to 9,999.05, Taiwan's Taiex added 0.52% to 8,830.23, South Korea's Kospi gained 0.20% to 2,165.98 and Singapore's Straits Times Index inched up 0.15% to 3,134.42.

However, the Shanghai Composite Index fell 0.79% to 2,794.05 and Hong Kong's Hang Seng Index lost 0.40% to 22,657.74.

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