Friday, August 12, 2011

Regional markets struggle to sustain gains

KUALA LUMPUR: Regional markets, including Bursa Malaysia, struggled to sustain their gains and closed mixed on Friday, August 12 following European stock markets struggling early on Friday as a ban on short-selling of financial sector shares failed to put a lid on concerns over banks and the spread of the euro zone's debt crisis to France.

World shares edged lower after sharp gains a day earlier as investors resumed a sell-off of riskier assets that has knocked more than 10 percent off stock prices in the past two weeks, according to Reuters.

The FBM KLCI closed 7.21 points higher at 1,483.67, lifted by gains at select blue chips. The index had earlier risen to its intra-day high of 1,488.29.

Gainers led losers by 536 to 265, while 269 counters traded unchanged. Volume was 1.21 billion shares valued at RM1.87 billion.

At the regional markets, the Shanghai Composite Index added 0.45% to 2,593.13, Hong Kong's Hang Seng Index edged up 0.13% to 19,620.01 and Singapore's Straits Times Index up 1.94% to 2,850.59.

Meanwhile, Japan's Nikkei 225 fell 0.20% to 8,963.72, Taiwan's Taiex was down 1.06% to 7,637.02 and South Korea's Kospi lost 1.33% to 1,793.31.

The gainers on Bursa Malaysia were led by Tahps that rose 25 sen to RM4.45; Petronas Dagangan added 24 sen to RM16.78, YTL Cement 21 sen to RM4.85, Far East and Panasonic 20 sen each to RM7.20 and RM23.70, Petronas Chemicals 18 sen to RM6.33, Sungei Bagan 17 sen to RM2.82, UM Land and S P Setia 15 sen each to RM1.90 and RM3.85, while United Malacca rose 14 sen to RM6.95.

Among the decliners, BAT fell 30 sen to RM43.62, Petronas Gas 16 sen to RM13.02, Lafarge Malayan Cement 13 sen to RM6.87, Knusford 12 sen to RM1.52, HLFG 10 sen to RM11.84, KYM seven sen to RM1.80 while Perak Corp and Kheesan were down six sen each to RM1.23 and 48 sen.

The actively traded stocks included DVM, AirAsia, Axiata, MAS, DBE Gurney, Sanichi and HWGB.

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