Friday, September 9, 2011

Muted gains on KLCI at midday

KUALA LUMPUR: ''The FBM KLCI pared down some of its gains at the mid-day break on Friday, Sept 9 in line with the cautious sentiment at key regional markets, following the absence of fresh stimulus plans from Western central banks to revive their economies.

However, some reprieve came for regional markets on better news from China, where consumer inflation appears to have peaked, with August numbers coming in slightly below July's three-year high.

Worries about the darkening outlook for the developed world prompted Asian central banks including South Korea and Indonesia to hold interest rates steady on Thursday, following similar moves by Australia, Canada, Japan and Sweden this week, according to Reuters.

China's annual inflation moderated slightly to 6.2% in August from July's three-year high, in line with market expectations and raising expectations that Beijing too will hold off from further policy tightening which could dampen its demand for commodities and other imported materials, it said.

The FBM KLCI edged up 0.14% or 2.06 points to 1,471.89 at the mid-day break.

Gainers led losers by 265 to 238, while 252 counters traded unchanged. Volume was 369.88 million shares valued at RM409.65 million.

The ringgit weakened 0.25% to 2.9987 versus the US dollar; crude palm oil futures for the third month delivery rose RM24 per tonne to RM3,034, crude oil gained 15 cents per barrel to US$89.20 while gold fell US$10.07 an ounce to US$1,860.10.

At the regional markets, Hong Kong's Hang Seng Index edged up 0.22% to 19,957.18, the Shanghai Composite Index added 0.13% to 2,502.26 and Taiwan's Taiex gained 0.29% to 7,570.05.

Meanwhile, Japan's Nikkei 225 slipped 0.39% to 8,758.41, South Korea's Kospi fell 1.26% to 1,823.31 and Singapore's Straits Times Index shed 0.36% to 2,846.49.

On Bursa Malaysia, ''BAT rose 48 sen to RM44.38, Nestle added 42 sen to RM50, DiGi 38 sen to RM31.50, GAB 28 sen to RM10.20, Puncak Niaga 18 sen to RM1.32, Kumpulan Europlus up 14.5 sen to RM1.06, Cocoaland and Petronas Gas 14 sen each to RM2.10 and RM13.62, Aeon Credit 12 sen to RM4.60 and Genome up 10 sen to 70 sen.

Timecom was the most actively traded counter with 14 million shares done. The stock added 2.5 sen to 59.5 sen.

Other actives included Compugates, Malton, TMS, Time, LBS, Kurnia Asia and Systech.

Decliners this morning included Milux, Petronas Dagangan, Edaran, HLFG, Paos, PPB, QSR, Allianz and Theta.


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