Wednesday, November 30, 2011

KLCI bucks key regional markets, Genting leads

KUALA LUMPUR (Nov 30): Blue chips extended their gains on Wednesday, with the FBM KLCI firmly above the 1,450 level, powered by Genting and Maybank but all the key regional markets were in the red at midday.

Reuters said sentiment was weighed down as caution set in over the chance for more progress in resolving euro zone debt woes after officials agreed to strengthen a rescue fund and seek more aid from the International Monetary Fund.

The earlier rise in Asian shares was mostly seen as a correction to last week's huge selling, with investors only tepidly scaling back risk aversion as they waited for more euro zone debt sales and meetings ahead.

At 12.30pm, the FBM KLCI rose 11.67 points to 1,456.39. Turnover was 685.72 million shares valued at RM614.86 million. The broader market was mixed with 306 gainers, 304 losers and 278 stocks unchanged.

Among the regional markets, Japan's Nikkei 225 fell 1.27% to 8,370.09, Hong Kong's Hang Seng Index lost 1.89% to 17,911.21, Shanghai's Composite Index 2.32% to 2,356.33, Taiwan's Taiex 1.38% to 6,892.39, South Korea's Kospi 0.78% to 1,842.13 and Singapore's Straits Times Index down 0.06% to 2,686.56.

Among the commodities, US light crude oil fell 51 cents to US$99.28 while Brent was unchanged at US$110.82. Crude palm oil futures fell RM8 to RM3,054 per tonne while the ringgit was firmer at 3.1698 to the US dollar from the previous close of 3.1817.

Consumer stocks were among the gainers, albeit in thin volume. Nestle rose 40 sen to RM51.80, GAB 22 sen to RM11.32, Dutch Lady and Bonia 20 sen each to RM23.98 and RM1.88.

Genting climbed 30 sen to RM10.80 with 4.36 million shares done. The gain pushed the KLCI up 2.57 points. Petronas GAs added 24 sen to RM13.24.

Maybank rose 12 sen to RM8.14 and Tenaga 11 sen to RM5.55, nudging the index by 2.08 points and 1.38 points. Other index-linked gainers were CIMB and Telekom, up six sen each to RM7.11 and RM4.31 while Axiata, DiGi and IOI rose four sen to RM4.89, RM3.52 and RM4.99 respectively. However, PPB fell 10 sen to RM16.08 and UMW 10 sen to RM6.68.

Compugates was the most active with 86.35 million shares done, ending the morning session unchanged at 8.5 sen. JCY fell 2.5 sen to 73.5 sen on mild profit taking despite analysts upgrades following a turnaround in the company's operations.

AirAsia rose three sen to RM3.69 in active trade.

Among the decliners were Minho, down 19 sen to 36 sen, New Hoong Fatt 12 sen to RM2.15 and AIC 10 sen to RM1.20.

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