Monday, 12 March 2012

KLCI closes 14pts down, Petronas-linked stocks, Sime weigh

KUALA LUMPUR (March 12): Losses at key blue chips including Petronas-linked counters, Sime Darby, banking and PLANTATION []-related stocks dragged the FBM KLCI 0.09% lower on Monday as data showed Malaysia’s industrial production index (IPI) grew at the slowest pace in six months.

The IPI increased 0.2% in January due to slower growth in the manufacturing and electricity output while the mining component contracted by a larger quantum, when compared to December 2011’s IPI on-year growth of 2.9%.

The FBM KLCI fell 14.25 points to close at 1,564.75. Losers beat gainers by 516 to 260, while 318 counters traded unchanged. Volume was 1.27 billion shares valued at RM1.72 billion.

Regional markets retreated as weak Chinese exports raised fears about global demand and offset the support provided by a better outlook for the U.S. economy and Middle East supply concerns.

Japan’s Nikkei 225 fell 0.40% to 9,889.86, the Shanghai Composite Index lost 0.19% to 2,434.86, Taiwan’s Taiex lost 1.10% to 7,927.55, south Korea’s Kospi lost 0.78% to 2,002.50 and Singapore’s Straits Times Index shed 0.11% to 2,966.45, while Hong Kong’s Hang Seng Index added 0.23% to 21,134.10.

Meanwhile, European stocks fell slightly on Monday, halting a sharp three-day rally as last week's strong U.S. jobs data dampens expectation of further stimulus from the U.S. Federal Reserve, which holds its latest meeting this week, according to Reuters.

On Bursa Malaysia, decliners included Petronas Chemicals that fell 28 sen to RM6.56, Petronas Gas down 20 sen to RM16.50, Jaya Tiasa 18 sen to RM7.42.

Sime Darby, KLK and PPB fell 16 sen each to RM9.69, RM23.24 and RM16.72 respectively. APM lost 15 sen to RM4.48 and Telekom Malaysia declined 13 sen to RM5.10.

Naim Indah Corp was the most active with 229.13 million shares done. The stock rose eight sen to 72.5 sen.

Other actives included HWGB, Winsun, Sime Darby, Telekom, HLS Corp, MTronic, Iris CorpORP and Key West.

Meanwhile, gainers included Tecnic, Bonia, Ibraco, Mudajaya, PIE, MBM Resources, Dutch Lady and AEON.

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