Friday, December 16, 2011

KLCI in the black mid-day, gains limited

KUALA LUMPUR (Dec 16): The FBM KLCI remained in positive territory at the mid-day break on Friday in line with the gains at key regional markets, but gains were limited as sentiment stayed brittle with possible cuts in the credit ratings of euro zone countries.

Further compounding the already worried investors was Fitch Ratings' downgrade of Goldman Sachs, Deutsche Bank and five other large banks based in Europe and the United States, citing "increased challenges" in the financial markets.

The FBM KLCI added 3.01 points to 1,467.12 at the mid-day break, lifted by PLANTATION []s and select blue chips.

Gainers led losers by 324 to 291, while 274 counters traded unchanged. Volume was 974.25 million shares valued at RM555.68 million.

The ringgit strengthened 0.25% to 3.1788 versus the US dollar; crude palm oil futures for the third month delivery rose RM29 per tonne to RM3,000, crude oil added 28 cents per barrel to US$94.15 while gold jumped US$18.13 an ounce to US$1,588.65.

At the regional markets, Japan's Nikkei 225 added 0.51% to 8,420.30, Hong Kong's Hang Seng Index rose 0.61% to 18,136.23, the Shanghai Composite Index edged up 0.01% to 2,181.22, Taiwan's Taiex added 0.64% to 6,807.80, South Korea's Kospi rose 0.82% to 1,834.01 and Singapore's Straits Times Index was up 0.48% to 2,647.85.

On Bursa Malaysia, PPB was up 26 sen to RM16.66, Sungei Bagan and KLK up 16 sen each to RM2.98 and RM22.28, while United Plantations gained 12 sen to RM18.52.

Other gainers included Orient that rose 21 sen to RM5.35, Jaya Tiasa up 19 sen to RM7.10, Dialog 14 sen to RM2.58, Nestle 12 sen to RM56.14 and BHIC up 11 sen to RM3.09.

UMW was the top loser and fell 35 sen to RM6.49 after the company on Thursday said it was not in talks to by Khazanah's stake 42.7% stake in PROTON HOLDINGS BHD [].

Other losers included Carlsberg that fell 19 sen to RM8.80, Southern Acids down 17 sen to RM2.15, Panasonic and JT International 14 sen each to RM19.90 and RM6.86, GAB 12 sen to RM13.38, Malayan Flour Mills 11 sen to RM7.56 and Advanced Packaging nine sen to RM1.13.

Meanwhile, the actives included Proton, JCY, Kurnia Asia, Sanichi and Wijaya.

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