Wednesday, 25 April 2012

KLCI edges down 0.1% at mid-day break

KUALA LUMPUR (April 25): The FBM KLCI edged down 0.1% at the mid-break on Wednesday in choppy trade, weighed by losses at key blue chips including Genting, Tenaga and Petronas-linked counters.

The benchmark index was down 0.81 of a point to 1,581.47 at the mid-day break.

Gainers trailed losers by 271 to 302, while 318 counters trade unchanged. Volume was 777.12 million shares valued at RM621.37 million.

The ringgit weakened 0.04% to 3.0638 versus the greenback, crude palm oil futures fell RM3 per tonne to RM3,460, crude oil gained 21 cents per barrel to US$103.76 and gold added 10 cents an ounce to US$1,642.38.

Meanwhile, Asian shares rose on Wednesday, buoyed by firm U.S. corporate earnings, signs of an improving U.S. housing market, and healthy demand for euro zone sovereign debt, while investor focus shifted to the Federal Reserve's policy meeting.

Markets will be looking for the Fed's economic assessment and clues to future monetary policy, including the probability of a third round of quantitative easing, when it ends its two-day meeting later on Wednesday.

At the regional markets, Japan’s Nikkei 225 gained 0.98% to 9,560.47, Hong Kong’s Hang Seng Index edged up 0.08% to 20,693.10, the Shanghai Composite Index rose 0.33% to 2,396.68, Taiwan’s Taiex gained 0.83% to 7,561.07, South Korea’s Kospi was up 0.23% to 1,967.99 and Singapore’s Straits Times Index was up 0.09% to 2,976.93.

Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients on Wedneday said the FBM KLCI declined 1.52 points to close at 1,582.28 on Tuesday.

“Its resistance areas of 1,582 and 1,609 will cap market gains, whilst the weaker support areas are located at 1,562 and 1,579.

“Despite the US markets’ better tone last night, we may be in for another day of heavy selling here,” he said.

On Bursa Malaysia, Petronas Dagangan was the top loser and fell 20 sen to RM19.08, Tradewinds PLANTATION []s fell 15 sen to RM5.51, UMS 13 sen to RM1.67, Yeoh Hiap Seng 12 sen to RM2.89, Aeon Credit 11 sen to RM9.87, MMC Corp 10 sen to RM2.64, TH Plantations nine sen to RM2.72, Tanjung Offshore 8.5 sen to 81.5 sen and Rapid fell eight sen to RM2.49.

Meanwhile, Genting and Tenaga fell four sen each to RM10.52 and RM6.49, KLK eight sen to RM23.90 and Petronas Gas fell six sen to RM16.88.

Utopia was the most actively traded counter with 108.85 million shares done. The stock added one sen to 9.5 sen.

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

Gainers included Panasonic, UMW, TDM, KPJ shares and warrants, Pintaras, Ekovest, MPI and Carlsberg.

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