KLCI rises at mid-day break, but struggles to breach 1,580-level

KUALA LUMPUR (May 2): the FBM KLCI rose at the mid-day break on Wednesday in line with the gains at its regional peers, but struggled to cross the crucial 1,580-point mark.

The 30-stock index rose 7.79 points to 1,578.40 at the mid-day break.

Gainers led losers by 315 to 243, while 290 counters traded unchanged. Volume was 680.87 million shares valued at RM542.98 million.

The ringgit strengthened 0.23% to 3.0219 versus the US dollar; crude palm oil futures for the third month delivery rose RM1 per tonne to RM3,445, crude oil fell 22 cents per barrel to US$105.94 and gold lost US$3.25 an ounce to US$1,659.18.

Asian shares edged higher and the dollar recovered against the yen on Wednesday after strong U.S. factory activity data raised hopes that the world's biggest economy remained on a recovery track, according to Reuters.

Factory order data released on Wednesday by Asia's key exporters Taiwan and South Korea showed manufacturing activity grew but at a slower pace, while China's HSBC final PMI reading for April came in slightly above last week's flash PMI, it said.

At the regional markets, Japan’s Nikkei 225 rose 0.38% to 9,386.28, Hong Kong’s Hang Seng Index was gained 1.14% 21,335.60, the Shanghai Composite Index was up 1.58% to 2,434.09, Taiwan’s Taiex jumped 2.11% to 7,660.13, South Korea’s Kospi gained 0.77% to 1,997.32 and Singapore’s Straits Times Index edged up 0.50% to 2,993.60.

On Bursa Malaysia, Aeon Credit was the top gainer at the mid-dat break and rose 32 sen to RM11.02, Takaful up 29 sen to RM4.25, Orient 25 sen to RM6.67, Aeon 19 sen to RM9.70, Genting 18 sen to RM10.52, Tasek 16 sen to RM8.83, Harrisons 15 sen to RM3.23, Cyber Towers 13.5 sen to RM1.10 and BIMB 12 sen to RM2.66.

Utopia was the most actively traded counter with 59.62 million shares done. The stock was unchanged at 8.5 sen.

Other actives included Hubline, BIMB, Naim Indah Corp, Astral Supreme, AWC, Focus and Ariantec.

Decliners included BAT, Dutch Lady, Y&G, Country View, Cepco, PPB, Top Glove, Milux, Shell and UMS.



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KLCI closes marginally lower

KUALA LUMPUR (Feb 22): The FBM KLCI closed marginally lower, dragged down by PLANTATION [] stocks and doubts on Greece's ability to undertake austerity measures.

The FBM KLCI on Wednesday closed 3.26 points lower, or 0.21%, to close at 1.560.52, weighed down by plantation-related stocks — such as IOI Group (down 10 sen to RM5.34), PPB GROUP BHD [] (down 50 sen to RM17.14) and KLK (down 36 sen to RM23.64) — which brought the index down by 3.06 points.

A total of 2.32 billion shares were traded, valued at RM1.94 billion. Losers led gainers 541 to 302, while 298 counters traded unchanged.

Regionally, markets closed on a positive note, made upbeat by China's Production Manufacturing Index (PMI) numbers, which rose to 49.7 in February from 48.8 in January — the highest in four months.

Taiwan's Taiex was up 1.01% to 8,001.68, Japan's Nikkei 225 rose 0.96% to 9,554.00, Shanghai's Composite Index up 0.93% to 2,403.59, Hong Kong's Hang Seng Index rose 0.33% to 21,549.28, and South Korea's Kospi increased marginally by 0.22% to 2,028.65. However, Singapore's Straits Index fell 0.97% to 2,995.59.

On Bursa Malaysia, top gainers included DUTCH LADY MILK INDUSTRIES BHD [] (up 40 sen to RM25.80), TAHPS GROUP BHD [] (up 39 sen to RM4.80), and CHIN TECK PLANTATIONS BHD [] (up 34 sen to RM9).

Among top losers were HARRISONS HOLDINGS (M) BHD [] (down 53 sen to RM3.17), after it received a letter of demand from Kastam DiRaja Malaysia for unpaid excise, import and sales tax amounting RM91.75 million.

PPB Group Bhd also continued its losing streak after Wilmar International Ltd — the world's largest palm oil firm — released its 4Q11 results, which missed analyst estimates. The stock was down 50 sen to RM17.14.

Most actively traded on Wednesday included The Media Shoppe (down half a sen to 11 sen, with 221.5 million shares traded), Green Ocean Corporation Bhd (down 2.5 sen to 30 sen), and IFCA MSC BHD [] (up one sen to 14.5 sen).



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Market down, weighed by big cap plantations, Greece worries, high oil prices

KUALA LUMPUR (Feb 22): Big cap PLANTATION [] stocks weighed on the 30-stock FBM KLCI in the morning session on Wednesday, with PPB emerging as the top loser.

At 12.30pm, the FBM KLCI was down 2.46 points to 1,561.32. Turnover was 1.15 billion shares valued at RM744.330 million, reflecting the lower quality of trading with interest seen in lower liners and penny stocks. There were 283 gainers, 450 losers and 287 stocks unchanged.

The broader market was cautious as investors were still nervous about Greece’s ability to stick to the austerity plan. High crude oil prices also posed another major concern, with Brent crude for April at US$121.21 a barrel and US crude for April at US$105.80 a barrel.

Regional markets were mostly higher with Japan’s Nikkei 225 up 0.77% to 9,536.34, Shanghai’s Composite Index added 0.45% to 2,392.16, Taiwan’s Taiex 0.92% to 7,994.53, South Korea’s Kospi 0.04% to 2,025.01. However, Hong Kong’s Hang Seng Index fell 0.8% to 21,460.90 and Singapore’s Straits Times Index 0.43% lower at 3,012.06.

Crude palm oil third-month futures rose RM13 to RM3,281 while the ringgit weakened to 3.0255 to the US dollar.

PPB fell 46 sen to RM17.18, dragging the 30-stock KLCI down 0.86 of a point , IOI Corp fell five sen to RM5.39, pushing the index down 0.76 of a points while KLK fell 30 sen to RM23.70, shaving 0.5 of a point of the index.

Batu Kawan shed 32 sen to RM18.60 and Genting Plantations 15 sen to RM9.25. However, Chin Tek rose 24 sen to RM8.90 and Far East added 12 sen to RM7.40.

PPB’s 18.3% associate Wilmar International Ltd -- the world's largest listed palm oil firm -- reported fourth-quarter profit that missed analysts’ estimates.

BAT was the top loser, down 70 sen to RM52.30, Harrison 52 sen to RM3.18, Fima Corp 43 sen to RM6.32 and YTL Cement 26 sen to RM4.54. Loss-making Perwaja fell 14 sen to 77 sen.

Among the gainers were Dutch Lady, up 40 sen to RM25.80, RHB Cap 30 sen sen to RM7.85, Kris Assets 17 sen to RM6.60, F&N 16 sen to RM18, Hartalega 13 sen to RM7.89 and Genting 10 sen to RM10.84.



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Market cautious in early trade

KUALA LUMPUR (Feb 22): Blue chips edged lower in early trade on Wednesday as the rally seemed to have run out of steam with PLANTATION []s among the major decliners as investors took profit.

At 9.08am, the FBM KLCI fell 1.28 points to 1,562.50. Turnover was 124.26 million shares valued at RM40.44 million. There were 112 gainers, 90 losers and 154 stocks unchanged.

CIMB Research said in its market outlook that the rebound from Friday continues to be weak as the internal sports weakness. There are more losers compared to gainers in the past week suggesting that the rally is running out of steam.

The research house said the KLCI is still below the key resistance band of 1,560-1,565, where sellers have been strong.

“We continue to wait for a close below the 1,550 levels to confirm that the trend has reversed. For now, expect more sideways movement as the bullish momentum from the September lows grinds to a halt.

“A close below the 1,550 levels would likely send the index back towards 1,530 and 1,500 next,” said CIMB Research.

Among the decliners were plantations, with Harrisons down 26 sen to RM3.44, PPB 24 sen to RM17.40, Genting Plantations 23 sen to RM9.17 and IJM Plantations seven sen to RM3.28.

Eng Tek fell six sen to RM1.67 and Unisem five sen to RM1.42 on losses in the October-December quarter following the severe Thai floods last year.

Other decliners were Perwaja, down 14.5 sen to 76.5 sen, Petronas Dagangan 14 sen to RM17.96 and Lafarge Cement nine sen to RM7.15.



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