Thursday, 5 April 2012

KLCI retreats for second day, but pares down losses to stay above 1,590 at mid-day

KUALA LUMPUR (April 5): The FBM KLCI retreated for a second day on Thursday, in line with the weaker overnight close at most global markets as European debt woes stung risk appetite across the board.

At the mid-day break, the FBM KLCI was down 5.86 points to 1,593.41. The index had earlier slipped to its intra-morning low of 1,591.85.

Losers led gainers by 333 to 170, while 351 counters traded unchanged. Volume was 589.37 million shared valued at RM388.82 million.

The ringgit was flat at 3.0650 versus the US dolar; crude palm oil futures for the third month delivery fell RM6 per tonne to RM3,514, crude oil added 76 US cents per barrel to US102.23 while gold gained US$2.60 an ounce to US$1,623.38.

Asian shares fell on Thursday after a weak Spanish bond sale heightened concerns about funding difficulties for weaker eurozone countries, further undermining sentiment hurt by fading expectations of more stimulus from the US Federal Reserve, according to Reuters.

MSCI's broadest index of Asia Pacific shares outside Japan fell for a second straight session, easing as much as 1.3% to a four-week low, while Japan's Nikkei average fell 0.9%, also to a four-week low, after putting in its worst performance in five months a day earlier, it said.

At the regional markets, Japan’s Nikkei 225 fell 1.04% to 9,718.14, Hong Kong’s Hang Seng Index lost 1.09% to 20,564.30, the Shanghai Composite Index fell 1.37% to 2,293.89, Taiwan’s taiex fell 1.7% to 7,628.59, South Korea’s Kospi shed 0.21% to 2,014.44 and Singapore’s Straits Times Index shed 0.05% to 2,986.40.

On Bursa Malaysia, F&N was the top loser in the morning session and fell 26 sen to RM18.74, Sarawak OIL Palms and Genting fell 12 sen each to RM6.69 and RM12.96, Milux fell 10 sen to RM1.30, SHH, Metrod and Aeon Credit down nine sen each to 23 sen, RM1.91 and RM8.80, while Amway lost eight sen to RM9.82.

Among the gainers, Jaya Tiasa rose 24 sen to RM9, Tradewinds PLANTATION []s added eight sen to RM5.02, APB 7.5 sen to RM1, Ipmuda up seven sen to 77 sen, BHIC and Tecnic added six sen each to RM3.34 and RM3.98, while Tiong Nam Logistics and Takaful rose five sen each to RM1.03 and RM3.27.

Metronic was the most actively traded counter with 82.75 million shares done. The stock gained 1.5 sen to 16.5 sen.

Other actives included Ariantec, Naim Indah Corp, Tiger Synergy, SuperComnet, Ingenuity Solutions Focus, key West and Kurnia Asia.

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