Thursday, August 11, 2011

KLCI pares down losses at mid-day break

KUALA LUMPUR: The FBM KLCI narrowed its losses at the mid-day break on Thursday, Aug 11 in line with most key regional markets that clawed back to reduce losses as investors went bargain hunting for battered stocks.

Also, US stock futures rose 1.5% on Thursday after a sharp drop in the cash index overnight, limiting Asian share losses, though focus will shift quickly to how European markets hold up to a sovereign debt crisis that has spread to its banking system, according to Reuters.

The FBM KLCI clawed back to pare down its losses to just 7.30 points to 1,473.22 at 12.30pm. The index had opened 22.62 points lower at 1,458.26 this morning.

However, the broader market remained weaker with 561 losers, 165 gainers while 196 counters traded unchanged. Volume was 576.53 million shares valued at RM1.09 billion.

The ringgit weakened 0.15% against the US dollar to 3.0116; crude palm oil futures for the third month delivery rose RM20 per tonne to RM2.927, crude oil slipped 27 cents per barrel to US$82.62 while gold fell USD$2 an ounce to US$1,791.05.

At the regional markets, Japan's Nikkei 225 was down 0.92% to 8,955.81, Hong Kong's Hang Seng Index fell 1.45% to 19,496.70, Singapore's Straits Times Index down 1.57% to 2,776.71 and Taiwan's Taiex shed 0.54% to 7,694.43.

Meanwhile, South Korea's Kospi gained 0.68% to 1,818.47 and the Shanghai Composite Index added 0.43% to 2,560.12.

Top Glove was the top loser this morning and fell 66 sen to RM5.22; Nestle lost 48 sen to RM47, F&N 32 sen to RM18.14, Batu Kawan 28 sen to RM15.14, Glenealy 25 sen to RM5.27, Dutch Lady 22 sen to RM17.86, United PLANTATION []s 20 sen to RM18.60 and Panasonic 18 sen to RM23.30.

Among the gainers, BAT added 56 sen to RM44.16, DiGi 36 sen to RM29.96, MSC 31 sen to RM4.45, Harrisons and YTL Cement 16 sen each to RM3.49 and RM4.60, while HS Plantation, Pacific Mas and Far East added 10 sen each to RM2.60, RM3.48 and RM7.10 respectively.

AirAsia managed to pare down its losses, but was the most actively traded stock this morning. It was down eight sen to RM3.46 with 36.96 million shares traded.

The stock was sold down since Wednesday as investors appeared to view its tie-up with MALAYSIAN AIRLINE SYSTEM BHD [] negatively.

Other actives included Axiata, MAS, Petronas Chemicals, E&O and UEM Land.

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