Wednesday, July 13, 2011

OldTown active in otherwise cautious market

KUALA LUMPUR: Newly-listed OldTown Bhd was actively traded on Bursa Malaysia as key Asian markets started on a cautious note on Wednesday, July 13 after the weaker overnight close at Wall Street following Moody's cutting Ireland's credit rating to junk status.

Investor sentiment at the regional markets was also guarded ahead of second-quarter gross domestic product data from China, which is expected to show robust economic growth cooled slightly to 9.4% from a year earlier, according to Reuters.

The FBM KLCI edged up 0.06 point to 1,578.16 at mid-morning.

Gainers led losers by 181 to 150, while 205 counters traded unchanged. Volume was 162.47 million shares valued at RM181.47 million.

At the regional markets, Japan's Nikkei 225 inched up 0.01% to 9,926.81, Hong Kong's Hang Seng Index up 0.34% to 21,737.31, the Shanghai Composite Index gained 0.24% to 2,761.23 and South Korea's Kospi rose 0.29% to 2,115.84.

Meanwhile, Singapore's Straits Times Index fell 0.14% to 3,073.17 and Taiwan's Taiex shed 0.04% to 8,487.81.

BIMB Securities Research said the Euro-zone was facing a never ending crisis, as right after the Greece tragedy and concerns over Italy, Moody's served up another appetiser by downgrading Ireland's credit rating to junk yesterday.

As a result, Wall Street saw some last minute selling after a rather steady morning trading session, it said in a note July 13.

'For us, we reckon the lack of fresh catalyst would see trading taking cue from regional bourses performance but expect there to be a technical rebound after breaching the 1,580 support level.

'Next level of support is seen at the 1,565 level,' it said.

On Bursa Malaysia, debutant OldTown was the most actively traded counter with 33.26 million shares done. The stock added five sen to RM1.30.

Other actives included TMS, Talam, Muda, Flonic, XDL, DVM, Wijaya and Farlim.

Among the gainers, Dutch Lady rose 46 sen to RM19.46, Nestle 30 sen to RM47.70, HLFG 10 sen to RM13.40, Petronas Dagangan eight sento RM17.52, while Bintulu Port added six sen to RM6.70.

Decliners at mid-morning included Batu Kawan, Parkson, SOP, Choo Bee, Tradewinds and Selangor Dredging.

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