Tuesday, January 3, 2012

Mild profit taking keeps KLCI in the red at mid-day

KUALA LUMPUR (Jan 3): The FBM KLCI remained in negative territory at the mid-day break on Tuesday, as mild profit taking and losses at banking stocks weighed on the index.

The FBM KLCI fell 12.88 points to 1,517.85 at the mid-day break, bucking the trend at key regional markets.

Gainers led losers by 330 to 293, while 276 counters traded unchanged. Volume was 818.82 million shares valued at RM584.83 million.

The ringgit strengthened 0.61% to 3.1498 versus the US dollar; crude palm oil futures for the third month delivery rose RM50 per tonne to RM3,220, crude oil gained US$1.44 per barrel to US$100.27 while gold jumped US$14.68 an ounce to US$1,580.95.

At the regional markets, Hong Kong's Hang Seng Index jumped 2.05% to 18,812.69, South Korea's Kospi was up 2.43% to 1,870.70, Taiwan's Taiex added 1.68% to 7,068.94 and Singapore's Straits Times Index rose 1.25% to 2,679.49.

The China and Japan markets are closed today for holidays.

On Bursa Malaysia, BAT was the top loser this morning and fell 50 sen to RM49.42; Petronas Dagangan fell 30 sen to RM17.50, Petronas Gas down 20 sen to RM15, Tahps 18 sen to RM4.10, PPB 16 sen to RM17 and JT International down 15 sen to RM7.24.

Among the banks, Public Bank fell 22 sen to RM13.16, CIMB and Maybank down 20 sen each to RM7.24 and RM8.38, RHB Capital lost 14 sen to RM7.34, AMMB 11 sen to RM5.84, Hong Leong Bank fell four sen to RM10.86 and Affin was down three sen to RM3.05.

PLANTATION [] stocks advanced after RHB Research maintained its Outperform call on the sector and said CPO prices could rise above expectations.

'Recently, several developments have led us to believe that the risk of CPO prices rising above market expectations is increasing, particularly in 1H2012, including: 1) The weather is now officially in La Ni''a territory; 2) Impact of La Ni''a on soybean supply is a high risk factor; 3) Any crop losses would have knock-on effects on CPO demand and prices; 4) Rising crude oil price and its close correlation with CPO prices; and 5) Continued narrowing of the price discount between CPO and other competing vegetable oils,' it said in a note Jan 3.

Among plantation counters, KLK rose 20 sen to RM22.90, United Plantations and Kulim 18 sen each to RM19.18 and RM4.40, Tradewinds Plantations 16 sen to RM4.50 and Batu Kawan eight sen to RM17.54.

Other gainers included IGB that rose 22 sen to RM2.68, Genting 20 sen to RM11.20, Aeon, LPI Capital and BHIC 16 sen each to RM7.40, RM13.68 and RM3.59, while Supermax was up 14 sen to RM3.97.

The actives included Hibiscus, JCY, MAS warrants, XDL, IRCB, Time and Proton.

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