Wednesday, 25 April 2012

KLCI dips to below 1,580-level, blue chips drag

KUALA LUMPUR (April 25): The FBM KLCI closed below the 1,580-point level on Wednesday, reversing its gains earlier in the morning session, weighed by losses including Genting, Tenaga, CIMB, KLK and Petronas Dagangan.

The index fell 2.93 points to 1,579.35.

Market breadth was weak with 405 losers, 315 gainers and 346 counters trading unchanged. Volume was 1.47 billion shares valued at RM1.53 billion.

Meanwhile, global shares rose on Wednesday ahead of the U.S. Federal Reserve's policy meeting, due mainly to signs of good demand for euro zone sovereign debt before a German bond sale, and some strong corporate earnings, according to Reuters.

Markets could take their cues from several planned public speeches by European Central Bank officials, which will be scrutinised for any signs it would consider more liquidity operations if the euro zone's problems worsened, it said.

At the regional markets, Japan’s Nikkei 225 rose 0.98% to 9,561.01, Taiwan’s Taiex added 0.86% to 7,563.18, and the Shanghai Composite Index gained 0.75% to 2,406.81 and Singapore’s Straits Times Index added 0.20% to 2,980.19.

Meanwhile, Hong Kong’s Hang Seng Index lost 0.15 % to 20,646.29 and South Korea’s Kospi shed 0.07% to 1,961.98.

Among the decliners on Bursa Malaysia, BAT fell 28 sen to RM55.12, KLK and TH PLANTATION []s lost 16 sen each to RM23.82 and RM2.65, CSL down 15 sen to RM1.48, UMS 14 sen to RM1.66, Yeo Hiap Seng 13 sen to RM2.88, Toyo Ink, Tanjung Offshore and MMC Corp down 12 sen each to RM1.36, 78 sen and RM2.62 respectively, while Quality Concrete lost 11 sen to RM1.24.

Utopia was the most actively traded counter with 186.1 million shares done. The stock added one sen to 9.5 sen.

Other actives included Ariantec, Ramunia, CSL, Metronic, Astral Supreme, HWGB and JCY.

Meanwhile, the gainers included Panasonic, UMWE, The Store, NSOP, SPB, Batu Kawan, Cepco, TDM and Scientex.

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