Thursday, 3 May 2012

KLCI reverses earlier losses at mid-day break

KUALA LUMPUR (May 3): The FBM KLCI managed to reverse some of its earlier losses at the mid-day break on Thursday and edged up, lifted by gains at select blue chips including AirAsia, BAT and RHB Capital.

The FBM KLCI added 0.41 of a point to 1,582.80 at the mid-day break.

Losers outpaced gainers by 314 to 234, while 318 counters traded unchanged. Volume was 779.26 million shares valued at RM479.15 million.

The ringgit weakened 0.14% to 3.0323 versus the greenback, crude palm oil futures for the third month delivery fell RM31 per tonne to RM3,404, crude oil shed 13 cents per barrel to US$105.09 while gold fell US$5.02 an ounce to US$1,648.48.

Meanwhile, Asian shares slipped on Thursday and the euro languished near a 2-week low after disappointing economic data from both sides of the Atlantic rekindled concerns about the strength of global growth.

Commodities and the Australian dollar - all sensitive to growth expectations - also struggled as the data put investors on the defensive and limited appetite for riskier assets.

At the regional markets, Hong Kong’s Hang Seng Index fell 0.5% to 21,203.40, the Shanghai Composite Index shed 0.37% to 2,429.49, Taiwan’s Taiex was down 0.23% top7,659.09, South Korea’s Kospi lost 0.33% to 1,992.46 and Singapore’s Straits Times Index edged down 0.07% to 3,004.14.

On Bursa Malaysia, AirAsia was the top gainer at mid-day and rose 21 sen to RM3.54, Country View was up 19.5 sen to 84 sen, BAT 16 sen to RM55.20, Nestle and Takaful 12 sen each to RM55.50 and RM4.29, NPC 10 sen to RM2.78, Crest Builder 9.5 sen to RM1.02 and RHB Capital nine sen to RM7.50.

Utopia was the most actively traded counter with 59.68 million shares done. The stock fell half a sen to 7.5 sen.

Other actives included Naim Indah Corp, AirAsia, Ariantec, Metronic, Compugates, Daya Materials and JCY.

Decliners in the morning session included Dutch Lady, MAHB< Genting, Carlsberg, Pasdec, Delloyd, Rexit, Shelll and Sarawak PLANTATION []s.

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