KLCI pares down gains at mid-day as Asian equities turn negative

KUALA LUMPUR (May 10): The FBM KLCI rebounded at the mid-day break on Thursday but pared down its gains as some regional markets turned negative.

Asian shares fell on Thursday, as a weak Chinese trade data stoked fears of a growth slowdown, further undermining risk appetites already reduced by worries about the health of Spanish banks and deepening political chaos in Greece, according to Reuters.

The FBM KLCI gained 3.51 points to 1,588.41 at the mid-day break, lifted by select blue chips. It had earlier risen to its intra-morning high of 1,590.20.

Losers edged gainers by 332 to 256, while 309 counters traded unchanged. Volume was 722.32 million shares valued at RM493.12 million.

The ringgit strengthened 0.11% to 3.0681 versus the greenback; crude palm oil futures for the third month delivery rose RM25 per tonne to RM3,349, crude oil fell 37 cents per barrel tp US$96.44 while gold rose US$4.18 an ounce to US$1,593.75.

At the regional markets, Japan’s Nikkei 225 fell 0.11% to 9,035.48, Hong Kong’s Hang Seng Index lost 0.93% to 20,141.90, the Shanghai Composite Index shed 0.18% to 2,404.15, Taiwan’s Taiex was down 0.16% to 7,487.42, South Korea’s Kospi down 0.10% to 1,948.35 and Singapore’s Straits Times Index fell 0.20% to 2,895.11.

ON Bursa Malaysia, BAT was the top gainer in the morning session and rose 36 sen to RM54.74, Petronas Gas added 30 sen to RM17.28, United PLANTATION []s and Ajinomoto were up 24 sen each to RM26.18 and RM4.47, Petronas Dagangan 16 sen to RM19.86, KrisAssets 12 sen to RM7.12, whiel Hup Seng, RHB Capital and GAB added 10 sen each to RM2.35, RM7.43 and RM13.64.

Focus was the most actively traded counter with 103.8 million shares done. The stock rose two sen to 16.5 sen.

Other actives included Utopia, Ariantec, ManagePay, Naim indah Corp, Astral Supreme, SuperComNet and Permaju.

Decliners included Tahps, The Store, Tradewinds, Panasonic, Dutch Lady, Ekovest, Shell, PPB, KESM and Fiamma.



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Focus Dynamic slides, no asset injection

Focus Dynamics Technologies Bhd, an electric-products maker, slid 9.3 per cent to 19.5 sen in Kuala Lumpur trading at 9.37am, poised for its biggest loss since Nov. 15.

The company hasn’t received any proposal from Raymond Chan to inject oil and gas assets into Focus, it said in a statement in response to a Nanyang Siang Pau report. -- Bloomberg



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Stocks to watch: Fajarbaru, KLK, CBIP, Focus

KUALA LUMPUR (March 21): Malaysian equities could be subject to profit taking on Wednesday against a lack of domestic catalysts to drive the market.

Analysts said the strength of the FBM KLCI may be curbed as institutional and retail investors lock in their profits ahead of the country’s impending general election, possibly in May or June this year.

On the global backdrop, the spotlight will be on updates from US and China, sentiments from which are crucial drivers for Asian stock markets, they said.

There is a “lack of strong catalysts” to spur the FBM KLCI higher, Hong Leong Investment Bank Research had said in a market outlook.

The FBM KLCI rose 4.02 points or 0.26% to close at 1,577.62 on Tuesday.

Stocks to watch on Wednesday include Fajarbaru Builder Group Bhd, KUALA LUMPUR KEPONG BHD [] (KLK), CB INDUSTRIAL PRODUCT HOLDING [] Bhd (CBIP) and FOCUS DYNAMICS TECHNOLOGIES [] Bhd.

Other companies which would see trading interest are MALAYAN BANKING BHD [] (Maybank), MMC Corp Bhd, GAMUDA BHD [] and CypARK RESOURCES BHD [].

Fajarbaru secured a RM72.92 million contract from Messrs Shaw Plaza Sdn. Bhd to tear down and rebuild the Shaw Parade complex in Kuala Lumpur.

Kuala Lumpur Kepong Bhd (KLK) is exiting its personal care products under the brand name “Crabtree & Evelyn” with the proposed disposal of CE Holdings Ltd for US$155 million (RM465 million).

“The proposed disposal is expected to bring in a gain on disposal of approximately 11.5 sen per share for the financial year ending Sept 30, 2012,” it said.

In a separate statement, KLK said it was expanding its oil palm PLANTATION [] area in Indonesia with the acquisition of PT. Global Primatama Mandiri (PT GM), which has the rights for 7,400 ha of land in, Kalimantan for plantations.

KLK said on Tuesday its subsidiary KL-Kepong Plantation Holdings Sdn Bhd (KLKPH) had entered into two agreements to acquire 90% of PT GM for RM3.60 million.

HwangDBS Vickers Research Sdn Bhd has raised its target price for CBIP, a manufacturer of palm oil mills, by 23% from RM2.43 to RM3 while maintaining its Buy call for the stock.

This takes into account the stock’s attractive valuations at a forward price to earnings ratio of seven times, HDBSVR said. CBIP was up one sen to RM2.45.

Focus Dynamics, in its response to the query, said it is not aware of any factors contributing to the unusual trading patterns of its shares except for a news report speculating on Datuk Raymond Chan Boon Siew’s proposed acquisition of a 25% stake in the energy-efficient electrical control products manufacturer.

Focus Dynamics said its directors, after deliberating on the news report, have informed that Chan is not a placee in the firm’s private placement exercise.

“The board, however, is not in a position to comment on the report about his plans to acquire equity shares of Focus from the open market,” Focus Dynamics said, adding that the company has not received any proposal from Chan to inject oil and gas projects into the firm.

Maybank president and CEO Datuk Seri Abdul Wahid Omar said the financial services provider plans to set up its branch office in Myanmar as soon as foreign banks are given the approval to do so. Shares of Maybank added one sen to close at RM8.73 on Tuesday.

The MMC Corp Bhd-Gamuda Bhd joint venture has clinched the underground package for the Sungai Buloh-Kajang MRT line with an RM8.2 billion bid. MMC shares climbed 15 sen to RM2.95 while Gamuda added 12 sen to RM3.74.

Cypark Resources targeted to generate turnover of about RM45 million from 2013 when the 33 MW solar capacity from its solar plants are completed.



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MMC, Gamuda in focus after MRT projects

KUALA LUMPUR (March 20): MMC Corp and Gamuda’s securities provided some life into the otherwise lacklustre market on Tuesday as investors stayed mostly on the sidelines in line with the cautious regional markets.

The FBM KLCI closed up 4.02 points or 0.26% to 1,577.62, lifted by gains in IOI Corp and Tenaga. Turnover was 2.14 billion shares valued at RM1.76 billion. There were 314 gainers, 431 losers and 376 counters unchanged.

Hong Kong’s Hang Seng Index fell 1.08% to 20,888.20, Shanghai Composite Index lost 1.38% to 2,376.84, Taiwan’s Taiex shed 0.89% to 7,972.70 but Singapore’s Straits Times Index added 0.42% to 3,002.73.

Market sentiment was cautious as reflected in the broader market where declining stocks led advancers. While there was some fund support for key stocks, trading activity was heavy in penny stocks and lower liners.

The KLCI is one of the laggards among the key regional markets, with the index up 6.27% in US dollar terms year-to-date compared with STI’s 16.55%, Hang Seng Index’s 9.87% and Shanghai Composite’s 7.77%.

IOI Corp and Tenaga rose five sen each to RM5.29 and RM6.54, pushing up the index by 1.39 points.

MMC added 15 sen to RM2.95, pushing the index up by 0.57 of a point. Gamuda rose 12 sen to RM3.74 and Gamuda-WD 10 sen to RM1.45.

The securities of the companies saw active trade after their joint venture won the underground package for the Sungai Buloh-Kajang MRT line with the bid of RM8.2 billion.

Hartalega was the top gainer, up 26 sen to RM8.19, Ta Ann 13 sen to Rm5.88, HLFG 12 sen to RM12, and Batu Kawan 10 sen to RM18.60.

Share prices of Metronic Global and its 17%-owned unit Ariantec Global slipped in active trade. Ariantec fell 3.5 sen to 10.5 sen and it was the most active with 121.23 million shares done while Metronic eased two sen to 11 sen.

Focus, which was queried over the sharp increase in the price of its securities and volume, saw its share price ending the day two sen higher at 21.5 sen. Focus-WA added four sen to eight sen and Focus-WB two sen to 14.5 sen.

Among the index-linked stocks, Petronas Chemicals fell three sen to RM6.71, Public Bank two sen to RM13.62 and RHB Cap three sen to RM8.

Aeon was the top loser, down 25 sen to RM9.13 with 20,500 shares done. Cypark lost 11 sen to RM1.87 and United PLANTATION []s 10 sen to RM25.



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Quality of buying declines on Bursa

KUALA LUMPUR (March 20): The quality of buying in the morning session on Tuesday declined, with trading interest focused on penny stocks, while the broader market showed some signs of weakness.

Investors were staying on the sidelines, as evidenced by the small gains and cautious regional markets. Most of the most active stocks were penny counters.

At 12.30pm, the FBM KLCI was up 3.48 points to 1,577.08. Turnover was 1.28 billion shares valued at RM676.65 million. Decliners led advancers 382 to 245 while 333 counters were unchanged.

Hong Kong’s Hang Seng Index slipped 0.67% to 20,974.03, Taiwan’s Taiex shed 0.69% to 7,988.42, South Korea’s Kospi 0.26% lower at 2,041.59 but Singapore’s Straits Times Index added 0.58% to 3,006.53. Japan was closed.

At Bursa Malaysia, dealers said retail investors were staying on the sideline while some who had already bought blue chips and mid-cap stocks were awaiting fresh news. They said the retail investors were not ready to rush in.

According to Bursa Malaysia, local retail participation had declined to about 26%, local institutions were at 54.6% and foreigners at about 19.4%.

Focus, which was queried by Bursa Securities over the sharp rise and heavy volume, added 3.5 sen to 23 sen. There were 112.93 million shares done. It warrants, WA added 4.5 sen to 8.5 sen and WB 2.5 sen to 15 sen.

Dutaland-LB added 15 sen to RM1.05, BCorp-LR 15.5 sen to 13 sen. Index-linked stock BAT rose 14 sen to RM52.52, HLFG 10 sen to RM11.98 and PetGas eight sen to RM16.48.

Ta Ann added 12 sen to RM5.87, PIE 11 sen to RM4.88 and IGB seven sen to RM2.87.

Share prices of Metronic Global and its 17%-owned unit Ariantec Global slipped in active trade. Ariantec fell three sen to 10.5 sen and it was the most active with 121.23 million shares done while Metronic eased one sen to 12 sen.

HL Industries was the top loser, down 12 sen to RM4.06, Batu Kawan and United PLANTATION []s shed 10 sen each to RM18.40 and RM25. EPMB extended its decline, down 6.5 sen to 90 sen.



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Bursa Securities queries Focus over unusual market activity

KUALA LUMPUR (March 20): Bursa Malaysia Securities Bhd has queried FOCUS DYNAMICS TECHNOLOGIES [] Bhd over the unusual market activity relating to its securities.

In a circular issued on Tuesday, it queried the company over the sharp increase in price and high volume in the company’s securities.

At 12.23pm, it was up three sen to 22.5 sen with 110.16 million shares done.



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FBM KLCI extends gains in morning trade

KUALA LUMPUR (March 15) : The Malaysian stock market benchmark rose in morning trade on Thursday, extending its 12-point gain from a day earlier amid more favourable economic updates from the US.

Analysts, however, cautioned that the 30-stock FBM KLCI is likely to consolidate due to less investor participation during the school holidays.

“Despite the improved external outlook, the local market is likely to remain in consolidation mode near-term given the limited investor participation during the school holidays as most market players remain sidelined, TA Securities Holdings Bhd wrote in a note on Thursday.

At 9.37am, the FBM KLCI rose 2.53 points to 1578.24. Across the local bourse, some 200 million shares worth RM137 million changed hands, leading to 163 gainers versus 130 decliners while 193 stocks were unchanged.

Top gainers include PETRONAS DAGANGAN BHD [] which added 32 sen to RM18.78 and AEON CREDIT SERVICE (M) BHD [] which was up 28 sen to RM8.63.

Decliners include KUALA LUMPUR KEPONG BHD [] which fell 14 sen to RM23.16 and Focus Point Holdings Bhd which was down 11 sen to19 sen,

Most active was FOCUS DYNAMICS TECHNOLOGIES [] Bhd which rose two sen to 19 sen with some 36 million shares done followed by China Stationery Ltd which added one sen to RM1.05 with about 15 million units changing hands.

Across Asia,Japan’s Nikkei 225 rose 0.88% to 10,139.4 points while Australia’s S&P/ASX 200 declined 0.34% to 4,272.6 . Nearer to home, Singapore ‘s Straits Times was down 0.07% to 3,024.32.



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SC cautions investors on speculative penny stocks

KUALA LUMPUR: Securities Commission (SC) chairman Tan Sri Zarinah Anwar has warned investors to be cautious over the rising number of penny stocks whose prices have skyrocketed of late without material corporate developments.

“I would like to remind investors that they have to exercise caution and make informed investment decisions. Everybody has a role to play in terms of ensuring fair and orderly trading in the market,” Zarinah commented when asked about the growing speculative interest in penny stocks.

She noted that the SC and Bursa Malaysia have surveillance systems in place and monitor all price movements for all counters listed on the exchange.

“Action will be taken depending on the outcome of our surveillance,” she told reporters on the sidelines of the 5th International Islamic Capital Market Forum yesterday.

Recently, penny stocks, particularly on the ACE Market, have seen heavy trading volume and sharp spikes in share prices. Despite poor financial results, these stocks have garnered strong speculative interest.

Among the counters, notably, is Harvest Court Industries Bhd. In barely four weeks, the stock has jumped 16 times from 8.5 sen to RM1.40 yesterday.

The company saw the emergence of a new shareholder, Datuk Raymond Chan, who bought part of his 13.83% stake from the company’s managing director Ng Swee Kiat. Ng later proposed to Affin Bank Bhd to acquire the bank’s 18.3% equity interest for 25 sen per share.

Other penny stocks that have joined the euphoria include Karambunai Corp Bhd, Envair Holdings Bhd, Focus Dynamics Technologies Bhd, Sanichi Technologies Bhd and GPRO Technologies Bhd.

Bursa has queried some of these counters on unusual market activity (UMA). Most of them have replied by saying the board is not aware of any material corporate developments in the companies. Those queries, however, do not seem to have stopped some of those counters from climbing further.

Asked about the share swap deal between state investment arm Khazanah Nasional Bhd and Tune Air Sdn Bhd of shares in Malaysian Airline System Bhd (MAS) and AirAsia Bhd, Zarinah said the SC is reviewing all the trading data. “We will make a decision upon our review and determination of our findings.”

There is no time frame for the investigation, she added.

Deputy Finance Minister Datuk Dr Awang Adek told the Dewan Rakyat last week that the SC and Bursa have launched an investigation into the swap deal involving MAS and AirAsia shares. He said the probe would also look into the possibility of insider trading and will take time because it involves many accounts and a huge value.

He said if the probe finds evidence of insider trading, the Malaysian Anti-Corruption Commission may also be invited to investigate.

Under the swap deal announced in August, Tune Air and Khazanah, major shareholders of AirAsia and MAS respectively, agreed to swap their shares in the two airlines. After the swap, Tune Air now owns 20.5% equity interest in MAS, while Khazanah holds a 10% stake in the low-cost carrier.


This article appeared in The Edge Financial Daily, November 11, 2011.

KLCI closes higher, boost from Eurozone but worries linger

KUALA LUMPUR (Nov 9): The FBM KLCI extended its gains led by key blue chip stocks and positive sentiment from some developments in the Eurozone despite uncertainties from Italy.

The FBM KLCI rose 9.18 or 0.62% to close at 1,489.64, pushed up by key blue chip stocks including Axiata, Sime Darby and GENTING BHD []. Volume surged to 2.66 billion shares valued at RM1.808 billion. Gainers led losers 562 to 222, while 267 counters remained unchanged.

Key regional markets ended higher with Hong Kong's Hang Seng Index closing 1.71% higher at 20,014.43, Japan's Nikkei 225 up 1.15% to 8,755.44, Shanghai Composite Index 0.84% to 2,524.92, South Korea's Kospi up 0.23% to 1,907.53. Only Singapore's Straits Index closed down 0.19% to 2,861.17.

Later in the day, European stocks dropped on Wednesday following a short-lived rally that had been sparked by Italian Prime Minister Silvio Berlusconi's pledge to step down, as simmering fears over the country's debt pile kept investors on edge.

Global lender HSBC featured among the biggest losers, down 4.7% after posting a drop in underlying profits, hurt by lower investment banking income and a surge in bad debts in the United States.

At Bursa Malaysia, KLCI-linked stocks which provided the support were Axiata, up 13 sen to RM4.96 to push the index 2.54 points. Sime Darby added 12 sen to RM8.92 adding 1.67 points to the index and Genting 14 sen to RM11 to add 1.20 points to the index.

Dr Nazri Khan, head of retail research at Affin Investment Bank said: "The market will be well supported in the next few weeks due to lags in the market."

He said the immediate support levels for the KLCI should be sustained at 1,500 by the end of the week with the next support level at 1,450 for the next few weeks.

Volume, he said, will remain huge, in excess of one billion shares traded in as investor confidence returns to the market after recent fragile sentiments.

Nazri said developments in the Eurozone and China will be a great boost for the index.

"Main catalysts for this upbeat trend is the absence of the Greek referendum, the future resignation of Italian President Berlusconi and the anticipation of an easing of monetary policy in China as a result of the lowest recorded inflation in five months," he added.

At Bursa Malaysia, top gainers included Dutch Lady up 50 sen to RM21.00, BAT 40 sen to RM46.60, United PLANTATION []s 30 sen to RM17.88, and both NPC and Panasonic Malaysia up 24 sen to RM2.22 and RM19.36 respectively.

"Professionally speaking, I think that certain (big cap) stocks are a bit expensive, maybe that is why investors have turned to penny stocks," Nazri said.

He added that between November till Chinese New Year (typicaly in February) especially in Chinese dominated indices like Malaysia, Singapore, Hong Kong and Taiwan, he has seen a keen interest from investors in penny stocks over this period. "It’s a sort of feel good factor," he added.

Harvest Court Industries rose 27 sen to fresh multi-year highs of RM1.45 and Harvest-WA 21 sen to RM1.26 in very active trade, prompting Bursa Securities to caution investors over the sharp increase in price and volume.

Emico jumped 19.5 sen to 39.5 sen and Emico-WA 23 sen to 30 sen in active trade. Hibiscus-WA added 5.5 sen to 47 sen with 161.97 million units done while the shares rose 19.5 sen to 39.5 sen.

Among top losers were Focus Lumber down 17 sen to 63 sen while F&N and Batu Kawan shed 8.0 sen each to RM17.44 and RM15.92 respectively.

Duo seeks removal of Focus Dynamics exec chairman

KUALA LUMPUR: Two shareholders of Focus Dynamics Technologies Bhd are seeking to remove executive chairman Datuk Manan Md Said with immediate effect.

The company noted in an announcement yesterday that Lean Mun Huat and Lee Fong Peng, who own not less than one-tenth of Focus Dynamics shares, had requisitioned for an EGM to remove Manan as chairman.

They had requisitioned that Lean be appointed a director of the company.

They said if such an EGM was not called within the timeframe provided for in the Companies Act 1965, they would proceed to convene a meeting to pass the resolutions.


This article appeared in The Edge Financial Daily, November 9, 2011.

Investors chase Focus Dynamics

KUALA LUMPUR: Focus Dynamics Technologies Bhd's shares were actively traded for the fourth consecutive trading day, after two of its shareholders requested a special shareholders meeting to remove the company's chairman.

Punters chased the stock, betting that a proxy fight for control of the company was brewing.

The stock rose 2 sen to 13 sen on heavy volume. It was among the most actively-traded stocks yesterday.

This was also the second day running, where more than 30 million shares traded. Focus was trading at 8.5 sen at the end of last month.

Last Friday, shareholders Lean Mun Huat and Lee Fong Peng, who own not less than 10 per cent of Focus Dynamics, had written in seeking an extraordinary shareholders' meeting to remove chairman Datuk Manan Md Said from the board.

The duo are also seeking a board position for Lean and that from any party appointed to the board from October 24 onwards to be removed from their positions.

Lean emerged as a substantial Focus shareholder early this month by buying 18 million shares from the open market and has a 6.17 per cent stake in the loss-making electric products maker.

Manan is not a substantial Focus stakeholder, with a filing to the stock exchange on June this year showing that he only owns 2,000 shares.

In August this year, Lai Soon Yip quit as non-executive director, and in the following month, as chairman of the audit commitee.

Tan Aik Heang replaced Lai as audit commitee chairman.

In December last year, Kee Twuan Tee had quit as chief executive of the company.

Market Commentary

The FBM KLCI index gained 2.95 points or 0.20% on Tuesday. The Finance Index fell 0.21% to 13284.84 points, the Properties Index dropped 0.17% to 952.63 points and the Plantation Index rose 0.14% to 7546.89 points. The market traded within a range of 13.10 points between an intra-day high of 1489.91 and a low of 1476.81 during the session.

Actively traded stocks include HIBISCS-WA, KBUNAI, SANICHI, HIBISCS, JCY, HARVEST-WA, JCY-CD, PALETTE, FOCUS and COMPUGT. Trading volume decreased to 1812.89 mil shares worth RM1538.64 mil as compared to Friday’s 2302.61 mil shares worth RM1512.49 mil.

Leading Movers were DIGI (+70 sen to RM34.00), PETCHEM (+10 sen to RM6.41), AXIATA (+4 sen to RM4.83), GENTING (+6 sen to RM10.86) and KLK (+20 sen to RM21.20). Lagging Movers were CIMB (-4 sen to RM7.32), IOICORP (-4 sen to RM5.17), MAYBANK (-1 sen to RM8.22), YTL (-1 sen to RM1.48) and TENAGA (-1 sen to RM5.87). Market breadth was positive with 408 gainers as compared to 329 losers.-- JF Apex Securities Bhd

Focus Dynamics rises to 18-month high

Focus Dynamics Technologies Bhd, a Malaysian electric products maker, rose to an 18-month high in Kuala Lumpur trading after saying two shareholders were seeking the removal of Chairman Manan Md Said from the company’s board.

Its shares rose 18.2 per cent to 13 sen at 3:14 p.m. local time, set for their highest close since April 29, 2010. -- Bloomberg

KL shares lower at mid-afternoon

Share prices on Bursa Malaysia retreated from earlier advances at mid-afternoon today, as sentiment turned cautious with the deepening debt woes in Italy, dealers said.

The broader Asian bourses showed a mixed performance underlined by cautious trading, as the Europe debt contagion spread to Italy.

As at 3.00 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 3.03 points higher at 1,480.54. It had opened 5.77 points higher at 1,483.28.

The Finance Index declined 6.57 points to 13,278.27 and the Plantation Index lost 14.97 points to 7,531.92 but the Industrial Index gained 14.63 points to 2,716.33.

The FBM Emas Index advanced 16.26 points to 10,088.41, the FBM Mid 70 Index perked 10.84 points to 10,853.60 and the FBM ACE Index increased 30.49 points to 4,230.43.

Gainers beat losers 346 to 281 with 283 counters unchanged, 562 untraded and 21 others suspended. Turnover stood at 1.116 billion shares worth RM817.043 million.

For the actives, Karambunai Corp gained one sen to 21.5 sen, Sanichi Technology rose half-a-sen to nine sen, Harvest Court Industries warrants gained 29 sen to RM1.04 and Focus Dynamics Technologies increased two sen to 13 sen.

Among heavyweights, Maybank lost one sen to RM8.22, CIMB Group Holdings slipped three sen to RM7.33, Sime Darby increased two sen to RM8.82 and Petronas Chemicals Group added one sen to RM6.32. -- Bernama

2 shareholders seek to remove Focus Dynamics exec chairman

KUALA LUMPUR (Nov 8): Two shareholders of FOCUS DYNAMICS TECHNOLOGIES [] Bhd are seeking to remove the current executive chairman Datuk Manan Md. Said with immediate effect.

The company said on Tuesday that Lean Mun Huat and Lee Fong Peng, who own not less than one-tenth of Focus Dynamics shares, had requisitioned for an EGM to remove Manan as chairman.

They had requisitioned that Lean be appointed as a director of the company.

They said if such an EGM was not called within the time frame provided for in the Companies Act 1965, they would proceed to convene a meeting to pass the resolutions.

KL shares bullish at midday

Share prices on Bursa Malaysia sustained the positive momentum at midday today, in tandem with overnight gains on Wall Street, dealers said.

The dealers also said persistent buying interest, which followed last Friday's uptrend, helped sustain the market momentum.

This is despite the mixed performance of regional Asian markets as sentiment turned cautious with the deepening debt woes in Italy.

The FTSE Bursa Malaysia KLCI (FBM KLCI) was 8.14 points higher at 1,485.65. It had opened 5.77 points higher at 1,483.28.

The Finance Index rose 39.54 points to 13,324.38 and the Plantation Index added 10.53 points to 7,557.42 and the Industrial Index gained 19.60 points to 2,721.30.

The FBM Emas Index advanced 47.67 points to 10,119.82, the FBM Mid 70 Index perked 37.15 points to 10,879.91 and the FBM ACE Index increased 64.05 points to 4,263.99.

Gainers beat losers 380 to 214 with 265 counters unchanged, 613 counters untraded and 21 others suspended. Turnover stood at 954.5 million shares worth RM683.1 million.

For the actives, Karambunai Corp gained one sen to 21.5 sen, Sanichi Technology rose one sen to 9.5 sen, Harvest Court Industries warrants gained 30 sen to RM1.05 and Focus Dynamics Technologies increased 1.5 sen to 12.5 sen.

Among heavyweights, Maybank rose two sen to RM8.25, CIMB Group Holdings gained one sen to RM7.37, Sime Darby increased four sen to RM8.84 and Petronas Chemicals Group added six sen to RM6.37. -- Bernama

Market Commentary

The FBM KLCI index gained 15.14 points or 1.04% on Friday. The Finance Index increased 1.02% to 13284.84 points, the Properties Index up 1.23% to 952.63 points and the Plantation Index rose 1.01% to 7546.89 points. The market traded within a range of 9.42 points between an intra-day high of 1477.51 and a low of 1468.09 during the session.

Actively traded stocks include KBUNAI, HARVEST-WA, HARVEST, SANICHI, PALETTE, SAAG, ENVAIR, SYSTECH, IPOWER and FOCUS. Trading volume increased to 2302.61 mil shares worth RM1512.49 mil as compared to Thursday’s 1755.13 mil shares worth RM1140.07 mil.

Leading Movers were GENTING (+44 sen to RM10.80), CIMB (+17 sen to RM7.36), TENAGA (+16 sen to RM5.88), IOICORP (+13 sen to RM5.21) and DIGI (+82 sen to RM33.30). Lagging Movers were KLK (-14 sen to RM21.00), AXIATA (-1 sen to RM4.79) and GAM (-3 sen to RM3.36)). Market breadth was positive with 591 gainers as compared to 194 losers.-- JF Apex Securities Bhd

Market Commentary

The FBM KLCI index lost 4.69 points or 0.32% on Wednesday. The Finance Index fell 1.18% to 13274.38 points, the Properties Index up 0.66% to 954.06 points and the Plantation Index rose 0.45% to 7519.01 points. The market traded within a range of 15.63 points between an intra-day high of 1473.13 and a low of 1457.50 during the session.

Actively traded stocks include KBUNAI, SAAG, HARVEST, ASIAEP, HARVEST-WA, UEMLAND, FOCUS, TRINITY, HWGB and MBSB-WA. Trading volume increased to 1564.93 mil shares worth RM1693.74 mil as compared to Tuesday’s 1193.45 mil shares worth RM1293.60 mil.

Leading Movers were GENM (+18 sen to RM3.87), DIGI (+60 sen to RM32.30), IOICORP (+5 sen to RM5.14), TENAGA (+5 sen to RM5.86) and YTL (+4 sen to RM1.49). Lagging Movers were CIMB (-18 sen to RM7.31), MAYBANK (-9 sen to RM8.28), PETCHEM (-13 sen to RM6.24), GENTING (-14 sen to RM10.26) and SIME (-7 sen to RM8.78). Market breadth was positive with 374 gainers as compared to 363 losers.-- JF Apex Securities Bhd

KL shares sharply lower at mid-afternoon

Share prices on Bursa Malaysia were sharply lower at mid-afternoon today, but bargain-hunting helped recoup part of the early losses, dealers said.

At 3pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 6.42 points lower at 1,469.22, after opening 7.84 points lower at 1,467.8.

In a bearish market, losers led gainers 423 to 238 while 259 counters were unchanged, 550 untraded and 20 others suspended.

A total of 838.8 million shares worth RM980.27 million were traded.

The Finance Index fell 148.63 points to 13,284.74, the Plantation Index rose 9.86 points to 7,494.82 and the Industrial Index lost 1.81 points to 2,690.43.

The FBM Emas Index decreased 36.66 points to 10,016.05, the FBM Mid 70 Index fell 19.521 points to 10,787.26 and the FBM ACE Index added 19.41 points to 4,002.78.

Among active stocks, AsiaEp Resources gained 0.5 sen to 8 sen, UEM Land rose 4 sen to RM2.13 and Focus Dynamics increased 1 sen to 10 sen.

For the heavyweights, Maybank lost 8 sen to RM8.29, CIMB fell 19 sen to RM7.30 and Sime Darby slipped 6 sen to RM8.79. -- Bernama