Wednesday, September 21, 2011

KLCI edges up cautiously

KUALA LUMPUR: Trading on Bursa Malaysia remained cautious on Wednesday, Sept 21 in line with the sentiment at key regional markets, and the FBM KLCI was relatively flat at mid-morning.

At 10am, the FBM KLCI edged up 0.85 point to 1,411.49, lifted by gains at select blue chips.

Gainers trailed losers by 116 to 151, while166 counters traded unchanged. Volume was 112.35 million shares valued at RM173.88 million.

Asian stocks mostly turned negative ahead of the conclusion of a two-day US Federal Reserve policy meeting in which Chairman Ben Bernanke is widely expected to announce further steps to stimulate a flagging economic recovery.

Sentiment at the regional markets was likely affected after Japan's exports rose in the year to August at less than half the pace expected as a global economic slowdown, a strong currency and Europe's sovereign debt crisis put the country's own recovery increasingly in doubt.

At the regional markets, Hong Kong's Hang Seng Index fell 1.42% to 18,745.00, Singapore's Straits Times Index down 0.62% to 2,763.67, the Shanghai Composite Index lost 0.26% to 2,441.39, Taiwan's Taiex down 0.21% to 7,477.04 and South Korea's Kospi shed 0.10% to 1,836.18.

Meanwhile, Japan's Nikkei 225 edged up 0.01% to 8,721.98.

BIMB Securities Research in a note Sept 21 said it was an emotional ride for traders on Wall Street yesterday, as the mood swings between relief, elation, cautious and jittery all rolled into one trading day were definitely reflected by the Dow Jones Industrial Average as earlier gains of more 100 points were all wiped out at the close.

The research house said all eyes would be on the FOMC's move on Wednesday hoping for details on its forthcoming policy.

'Meanwhile, Asian markets were spooked by S&P sudden credit downgrade on Italy thus the all-round decline.

'Domestically, the local bourse took cue from regional performances and fell further nearing the 1,400 mark and we expect not much change in the trend today as investors would remain sidelined,' it said.

On Bursa Malaysia, Hong Leong Industries rose 12 sen to RM4.05, Sarawak PLANTATION []s and Petronas Gas added 10 sen each to RM2.30 and RM13.50, Sime Darby nine sen to RM8, PPB eight sen to RM16.66, Kossan and AMMB seven sen each to RM2.70 and RM6.08, while MFCB rose six sen to RM1.54.

Among the decliners, Petronas Gas fell 22 sen to RM16.82, MISC down 19 sen to RM6.69, Hong Leong Bank 18 sen to RM10.62, Lafarge Malayan Cement 11 sen to RM6.69, Dutch Lady and F&N down 10 sen each to RM19.42 and RM16.40, JT International eight sen to RM6.22 while MSC and HLFG lost six sen each to RM3.90 and RM11.22.

The actives included Systech, Takaso, MRCB, Timecom, SAAG, Green Packet, Flonic and Petronas Chemicals.


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