Tuesday, August 23, 2011

KLCI extends loss, Sunway disappoints

KUALA LUMPUR: Newly listed Sunway Bhd, an entity arising from the merger between SUNWAY HOLDINGS BHD [] and SUNWAY CITY BHD [], made a disappointing debut on its Bursa Malaysia as the overall sentiment at the local market remained edgy.

Some of the regional markets had modest gains on bargain hunting after the onslaught in the past week that saw global markets tumbling on fears of a recession in the US and Eurozone debt crisis.

Asian shares edged up on Tuesday after modest gains on Wall Street, but remained deep in negative territory for the month, while gold hit another record above US$1,900 an ounce as investors continued to fret about the health of the global economy, according to Reuters.

The FBM KLCI slipped 1.17 points to 1,470.99 at 10.30am. Losers edged gainers by 202 to 155, while 193 counters traded unchanged.

Volume was 195.53 million shares valued at RM317.77 million.

At the regional markets, Japan's Nikkei 225 was up 0.10% to 8,636.78, the Shanghai Composite Index gained 0.22% to 2,521.34, Taiwan's Taiex added 0.63% to 7,358.75 and South Korea's Kospi jumped 2.09% to 1,746.41.

Meanwhile, Hong Kong's Hang Seng Index fell 0.42% to 19,405.06 and Singapore's Straits Times Index lost 0.63% to 2,714.57.

Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients on Aug 23 said that due to the US markets' benign tone last night, there would be some narrow and range-bound trading activities to the downside for the local bourse today.

'Some pre-Hari Raya holiday liquidation activities will persist to depress the market's rebound from its recent low 1,423.47 low.

'Sell on rallies and keep a massive cash pile for now. In the longer term, we foresee a move to 1,378.66. As the KLCI surpassed 1,495.05 last Monday, other retracement cluster levels like 1,510.27 and 1,511.91 had capped the index's rise on Aug 16,' he said.

Sunway was the top loser and fell 30 sen to RM2.50 with 4.3 million shares done.

Other losers included F&N that fell 20 sen to RM17.390, Metech 16.5 sen to 31.5 sen, Inno, Amway and Supermax 12 sen each to RM1.17, RM8.90 and RM2.99, while GW Plastic, Esso, Carlsberg and Petronas Chemicals lost 10 sen each to 62 sen, RM3.99, RM6.80 and RM6.14 respectively.

MUI was the most actively traded counter with 16.6 million shares done. The stock fell 1.5 sen to 18.5 sen. Other actives included Axiata, KNM, DVM, Cyber, Petronas Chemicals and Perdana.

Meanwhile, gainers included Chin Teck, Nestle, DiGi, HLFG, Petronas Dagangan, MNRB, Fima Corp and Eng Teknologi.



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