Monday, December 5, 2011

KLCI slips at mid-day as Asian markets tread cautiously

KUALA LUMPUR (Dec 5): The FBM KLCI slipped at the mid-day break on Monday, in line with the cautious sentiment at most key regional markets that are awaiting for the outcome of a crucial European leaders' summit later in the week.

The FBM KLCI slipped 0.16 point to 1,488.86 at the mid-day break, weighed by losses at select blue chips.

Gainers led losers by 298 to 290, while 287 counters traded unchanged. Volume was 1.3 billion shares valued at RM634.95 million.

The ringgit weakened 0.40% to 3.1391 versus the US dollar; crude palm oil futures for the third month delivery rose RM41 per tonne to RM3,101, crude oil rose 51 cents to US$101.47 per barrel while gold edged up two cents an ounce to US$1,746.77.

Asian markets were mixed after the HSBC Purchasing Managers' Index for China's services sector fell to 52.5 from 54.1 in November, its slowest rate of growth in three months.

At the regional markers, Japan's Nikkei 225 and Hong Kong's Hang Seng Index each rose 39% to 8,677.61 and 19,114.78 respectively, and South Korea's Kospi edged up 0.02% to 1,916.46.

Meanwhile, the Shanghai Composite Index fell 0.63% to 2,345.78, Taiwan's Taiex lost 0.39% to 7,112.67 and Singapore's Straits Times Index shed 0.33% to 2,764.25.

Among the decliners on Bursa Malaysia this morning, IJM Corp fell 17 sen to RM5.61, Sime Darby 13 sen to RM8.99, Asas 12 sen to 98 sen, Parkson 11 sen to RM5.73, Petronas Dagangan 10 sen to RM17.20, AIC nine sen to RM1.11 while HELP and OCB lost eight sen each to RM1.70 and 47 sen.

Proton was the top gainer and surged 98 sen to RM4.59 with 14.45 million shares done.

The national carmakers shares were actively traded on Monday after the Edge weekly reported that state investment arm Khazanah Nasional Bhd was likely to ask for proposals''from interested parties for its stake in the carmaker.

Citing industry sources, the Edge said Khazanah had made overtures and put out feelers to the market, seeking proposals from existing car players on a business plan with regard to Proton.

Khazanah is the largest shareholder in the national car company with a 42.74% stake.

Other gainers included BAT that rose 72 sen to RM47.82, Nestle 60 sen to RM53.20, United PLANTATION []s and Toyo Ink 30 sen each to RM18.40 and RM1.90, Tradewinds Plantations 26 sen to RM4.43 while KLK added 20 sen to RM22.

The actively traded counters this morning included Proton's securities, Compugates, DPS Resources and Sanichi.

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