Select blue chips lift KLCI marginally higher

KUALA LUMPUR (May 3): The FBM KLCI closed higher on Thursday, erasing its earlier losse, lifted by gains at select blue chips including AirAsia, Telekom, AMMB and CIMB.

The stock index added 0.78 of a point to 1,583.17.

Gainers trailed losers by 344 to 390, whiel 325 counters traded unchanged. Volume was 1.29 billion shares valued at RM1.21 billion.

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

But European stock markets were seen opening stronger, fueled by hopes that a European Central Bank policy meeting later in the session will prepare the ground for further stimulus measures, it said.

At the regional markets, the Shanghai Composite Index edged up 0.07% to 2,440.08, Hong Kong’s Hang Seng index fell 0.28% to 21,249.53, Taiwan’s Taiex lost 0.23% to 7,659.53, South Korea’s Kospi shed 0.20% to 1,995.11 and Singapore’s Straits Times Index down to 3,000.94. Japan’s Nikkei 225 was closed for a national holiday.

On Bursa Malaysia, Knusford was the top gainer and rose 34 sen to RM2.28, Airasia added 27 sen to RM3.60, Panasonic up 22 sen to RM22.92, BAT 20 sen to RM55.24, Country View 19.5 sen to 84 sen, MPHB, Tradewinds PLANTATION []s and Tradewinds added 14 sen each to RM2.86, RM6 and RM9.99 respectively, MBM Resources was up 13 sen to RM5.09 and Permaju was up 12.5 sen to 55.5 sen.

Utopia was the most actively traded counter with 84.11 million shares done. The stock was unchanged at 8 sen.

Other actives included Ariantec, Naim Indah Corp, AirAsia, Metronic, Astral Supreme, Compugates and DayaMaterials.

Meanwhile, the decliners included Genting, BLD Plantations, MAHB, PPB Bank, Shell, Pasdec,Eng Kah and Rexit.



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KLCI falls 25.72 points in April

KUALA LUMPUR (April 30): The FBM KLCI closed higher on Monday but fell some 25.72 points in April, as investor sentiment took a beating given rising external and domestic uncertainties.

The FBM KLCI rose 2.81 points to close at 1,570.61 on Monday.

Gainers trailed losers by 297 to 388, while 318 counters traded unchanged. Volume was 945.42 million shares valued at RM1.38 billion.

Asian shares were mixed on Monday as weaker-than-expected U.S. growth data left open the possibility for more monetary stimulus from the Federal Reserve, but trading was subdued with Japanese and Chinese markets closed, according to Reuters.

At the regional markets, Hong Kong’s Hang Seng Index rose 1.7% to 21,094.21, South Korea added 0.34% to 1,981.99, Taiwan’s Taiex was up 0.28% to 7,601.72 while Singapore’s Straits Times Index shed 0.26% to 2,973.91.

ON Bursa Malaysia, BAT was the top gainer and rose 74 sen to RM55.54, Aeon Credit added 64 sen to RM10.70, Shell rose 36 sen to RM10.28, Petronas Dagangan 30 sen to RM19.36, Nestle and Panasonic gained 20 sen each to RM55.30 and RM22.70, OSK 15 sen to RM1.71, Tradewinds and Knusford added 14 sen each to RM9.78 and RM1.94, while Toyo Ink gained 12 sen to RM1.53.

Ariantec was the most actively traded counter with 399.1 million shares done. The stock fell one sen to 24.5 sen.

Other actives included Utopia, Metronic, CSL, Astral Supreme, Focus, DRB-Hicom, Bumi Armada and BIMB warrants.

Decliners on Monday included SAM Engineering, Dutch Lady, Petronas Gas, MMHE, Kluang, Dayang Enterprise, Subur Tiasa. UAC and Bumi Armada.



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KLCI struggles to breach 1,600-mark

KUALA LUMPUR (APRIL 17): The FBM KLCI stayed in positive territory in the morning session on Tuesday, but struggled to breach the 1,600-point mark as regional markets mostly retreated on mounting concerns over the euro zone sovereign debt crisis.

Asian shares were capped while the euro fell on Tuesday, as soaring Spanish borrowing costs underscored the fading impact of the European Central Bank's bond purchases and stoked investor nervousness over euro zone debt woes, according to Reuters.

The FBM KLCI was up 0.69 of a point to 1,598.20 at the mid-day break.

Gainers trailed losers by 283 to 278, while 322 counters traded unchanged. Volume was 1.2 billion shares valued at RM669.23 million.

The ringgit strengthened 0.03% to 3.0665 versus the greenback, crude palm oil futures for the third month delivery fell RM2 per tonne to RM3,485, crude oil was unchanged at US$102.93 per barrel while gold fell US$2.63 an ounce to US$1,649.25.

At the regional markets, Japan’s Nikkei 225 edged up 0.11% top 9,480.84 while Taiwan’s Taiex fell 1.61% to 7,605.13, Hong Kong’s hang Seng Index lost 0.58% to 20,490.90, Singapore’s Straits Times Index was down 0.39% to 2,980.57, South Korea’s Kospi shed 0.30% to 1,986.75 and the Shanghai Composite Index inched down 0.18% to 2,352.72.

Mybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients on Tuesday said the FBM KLCI dropped 5.61 points to close at 1,597.51 on Monday.

“Its resistance areas of 1,597 and 1,609 may cap market gains, whilst the obvious support areas are located at 1,580 and 1,594,’ he said.

He said despite the US markets’ mixed tone last night, Bursa Malaysia could be in for a low-volume trading day.

“From the 1,310.53 low (Sept 2011), the market has surged past its previous resistance of 1,597.08 to stall at 1,600.33 (On April 3).

“Bearish divergence is ample and investors may liquidate on rallies,” he said.

SAM Engineering was the top gainer in the morning session and rose 41 sen to RM3.60, Hartalega added 16 sen to RM8.12, CSL 14 sen to RM1.62, Far East and Subur Tiasa gained 10 sen each to RM7.60 and RM2.73, Rapid nine sen to RM2.54, Carlsberg eight sen to RM10.90, MBSB and Lafarge Malayan Cement gained seven sen each to RM2.23 and RM7.29, while Golsta was up 6.5 sen to 59.5 sen.

Among the decliners, Dutch Lady fell 46 sen to RM23.70, SMPC fell 25 sen to RM1.08, Nestle down 16 sen to RM55.84, Sarawak Oil Palms lost 13 sen to RM6.81, Iretex 12 sen to RM1, Knusford and Bintulu Port fell 10 sen each to RM1.80 and RM6.90, while MalPac and Ta Ann lost nine sen each to RM1.49 and RM6.60.

Ariantec was the most actively traded counter with 315.47 million shares done. The stock rose 5.5 sen to 17 sen.

Other actives included Metronic, Focus, Ingenuity Solutions, SuperComNet, Naim Indah Corp and JCY.



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Knusford to ride on interest in Lim Kang Hoo

KUALA LUMPUR: Construction and property developer Knusford Bhd may ride on recent investor interest in companies linked to Datuk Lim Kang Hoo. His name has recently appeared on business news pages for his involvement in certain major corporate exercises as well as projects in Johor, said market observers.

Recently, Lim proposed to inject his and his partner’s interests in Duta-Ulu Kelang Expressway (Duke) into Ekovest Bhd, in which he controls, and he has teamed up with Kumpulan Prasarana Rakyat Johor Sdn Bhd (KPRJ), a Johor state investment arm, to consolidate their holdings in Tebrau Teguh Bhd.

Tebrau Teguh was appointed just last week by the Johor government as the developer for some 167ha of land in Pengerang, the site for Petroliam Nasional Bhd’s US$20 billion (RM60 billion) Refinery and Petrochemicals Integrated Development (Rapid).

It is worth noting that Lim and the Sultan of Johor are major shareholders of Knusford with a joint 30.11% stake held through their common vehicle Aman Setegap Sdn Bhd, according to Knusford’s 2010 annual report.

While Tebrau Teguh has got the development rights for the Pengerang land, last Thursday Knusford announced to Bursa Malaysia the securing of a project in Johor.

A night view of the Johor Baru city skyline, Knusford says its 40% associate CBD Development Sdn Bhd has been appointed turnkey contractor for The Wave project.

Knusford said its 40% associate CBD Development Sdn Bhd has secured a letter from the Johor Economic Planning Unit appointing CBD in principle as the turnkey contractor for “The Wave” project in Johor Baru and as the master developer for the transformation of Johor Baru Central District.

The appointments of CBD are subject to it submitting a detailed proposal including business models to the Johor EPU for consideration. Apart from Knusford, other shareholders of CBD are KPRJ and Danga Bay Sdn Bhd with 30% equity interest respectively.

According to Knusford, “The Wave” is for the proposed relocation of the city hawkers to a new building to be known as “1 Malaysia Food Court” and is a component of the proposed transformation plan for Johor Baru city centre.

Knusford’s announcement did not state the value of the transformation project. However, the government did announce in 2010 that it would allocate some RM1.8 billion under the 10th Malaysia Plan to rehabilitate and transform the Johor Baru city centre. The work is expected to be completed within five to seven years.



It was said that the Johor Baru city transformation initiatives include repositioning and rebranding of city facilities, upgrade of utilities and social infrastructure and enhancing existing commercial activities.

Knusford’s shares have yet to attract interest despite recent attention paid to Lim. The stock closed at RM1.75 last Friday, up five sen in thin trading. At this price, Knusford had a market capitalisation of RM174.38 million, below its shareholders fund of RM234.55 million as at Sept 30, 2011. Its net assets per share was RM2.35.

The company’s net profit for FY09 ended Dec 31 was RM6.8 million and for FY10 RM17.2 million. Earnings multiplied for the nine months ended September 2011, with net profit amounting to RM46.2 million on a revenue of RM211.25 million due to better construction margins.

Lim and the Sultan of Johor hold a joint 30.11% stake in Knusford.

This article appeared in The Edge Financial Daily, February 8, 2012.



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Knusford gets 2 Johor projects

KUALA LUMPUR: Knusford Bhd’s 40%-associate company CBD Development Sdn Bhd has received a letter of intent from Unit Perancang Ekonomi Negeri Johor for two projects.

Knusford, in its filing with Bursa Malaysia, said CBD has been appointed turnkey contractor for The Wave project (for the relocation of city hawkers) subject to a detailed proposal that includes a business model for consideration.

CBD has also been appointed master developer for the transformation of Johor Baru central district where it also has to submit a detailed proposal and business model.


This article appeared in The Edge Financial Daily, February 3, 2012.



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HDBSVR sees slower climb ahead for KLCI

KUALA LUMPUR (Feb 3): Hwang DBS Vickers Research said whilst the underlying market tone remains bullish – after the FBM KLCI surged 15.8 points on Thursday, investors might see a slower climb on Friday.

“On the chart, the benchmark index’s immediate resistance level currently stands at 1,555,” it said in its technical outlook for the KLCI on Friday.

HDBSVR said the rotational plays on the local stock market– especially among the small-mid caps – could persist amid the positive momentum.

Counters that may be of interest include: (a) Cypark Resources, which has secured a government approval for a concession to develop a new sanitary landfill project in Negeri Sembilan; and (b) Knusford, after being appointed to be the turnkey contractor and master developer for the transformation of Johor Bahru central district.



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Stocks to watch: MBSB, Maxbiz, Hibiscus, DBE Gurney

KUALA LUMPUR (Feb 3): Trading volume on Bursa Malaysia could taper off on Friday, ahead of another four-day holiday next week.

Traders and investors could be seeking to square off their positions on Friday rather than wait for the market to resume trading on Feb 8 amid concerns about the euro debt issue, though it seem to be showing much progress.

European shares steadied after hitting a six-month high on Thursday as strong gains in miners on merger talks between Xstrata and Glencore were offset by a sell-off in defensives, with Unilever down on poor outlook.

Reuters reported analysts saying this week's key economic indicators could set the market's near-term direction, as encouraging numbers after recent upbeat global manufacturing data might cement the view that the global economy was gradually recovering.

On Thursday, trading volume was high on Bursa Malaysia with nearly 2.6 billion units transacted in a market which also saw active trade in smaller capitalised stocks.

Among the stocks which could see trading interest are MALAYSIA BUILDING SOCIETY BHD [] (MBSB), MAXBIZ CORPORATION BHD [], Hibiscus Petroleum Bhd, DBE Gurney Resources Bhd and KNUSFORD BHD [].

MBSB posted a stellar set of earnings in the fourth quarter ended Dec 31, 2011, with net profit up 554% to RM83.82 million from RM12.81 million a year ago. Its earnings were boosted by higher net income from Islamic banking operations via the expansion of personal financing and also lower taxation. Profit before taxation and zakat was RM101.19 million compared with RM72.43 million.

For FY ended Dec 31, 2011, its earnings jumped 122.8% to RM325.43 million from RM146.02 million in FY10. Its revenue rose 64.8% to RM1.269 billion from RM769.94 million.

Maxbiz Corporation Bhd said it was informed by Bursa Malaysia Securities Bhd that the latter had rejected its application for extension of time to submit the regularisation plan to the authorities.

“The board is currently deliberating on the decision made by Bursa Securities and will announce the next course of action in due course,” it said.

Earlier, a Bursa Securities circular said trading of Maxbiz’s securities faces the threat of suspension from Feb 14 unless it can submit an appeal before Feb 13.

A Bursa Malaysia Securities circular said on Thursday that Maxbiz failed to submit its regularisation plan to the Securities Commission or Bursa Securities Bhd for approval within the timeframe stipulated.

Maxbiz, could still however, submit an appeal to Bursa Securities on or before Feb 13. Any appeal submitted after the appeal timeframe would not be considered by Bursa Securities.

Hibiscus Petroleum clarified it posted net losses of RM1.27 million for the quarter ended Sept 30, 2011 instead of net profit.

In its amended financial statements, it said the net losses were due to the higher expenditure. It also said it posted net losses of RM13,000 in the quarter ended Sept 30, 2010 instead of a net profit of RM13,000.

DBE Gurney Resources announced its group managing director Ding Seng Huat disposed of 32 million shares or 4.75% stake for 11.56 sen each on Thursday.

Knusford Bhd’s associate CBD Development Sdn Bhd secured two contracts from the Johor state economic planning unit to undertake the transformation plan for the state capital.

Knusford said CBD received a letter regarding the transformation of Johor Bahru central district and the relocation of the city hawkers to a new building.

CBC Development would be appointed master developer for the transformation project, which would also hinge on a detailed proposal and business model.



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Knusford associate apptd master developer for Johor Baru central district

KUALA LUMPUR (Feb 2): KNUSFORD BHD []’s associate has secured two contracts from the Johor state economic planning unit to undertake the transformation plan for the state capital.

Knusford said on Thursday its 40% associate CBD Development Sdn Bhd had received a letter regarding the transformation of Johor Bahru central district and the relocation of the city hawkers to a new building.

CBC Development would be appointed master developer for the transformation project, which would also hinge on a detailed proposal and business model.

The relocation of the hawkers would be part of the proposed transformation plan for Johor Bahru City.

“The board expects CBD Development to contribute positively to the growth of the group in later years,” it said.



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KLCI slips into negative territory at mid-day, lags Asian markets

KUALA LUMPUR (Jan 19): The FBM KLCI fell at the mid-day break on Thursday, lagging behind key Asian markets as some mild profit taking on the penultimate trading day before the extended weekend for the Chinese New Year holidays chipped off earlier gains.

The FBM KLCI slipped 1.60 points to 1,515.78 at 12.30pm.

Losers overtook gainers by 324 to 296, while 308 counters traded unchanged. Volume was 1.09 billion shares valued at RM675.52 million.

The ringgit strengthened 0.52% to 3.1027 versus the US dollar; crude palm oil futures for the third month delivery fell RM26 per tonne to RM3,154, crude oil added 86 cents a barrel to US$101.45 while gold gained US$3.50 an ounce to US$1,663.45.

At the regional markets, Japan’s Nikkei 225 added 1.1% to 8,645.04, Hong Kong’s Hang Seng Index gained 1.11% to 19,906.30, the Shanghai Composite Index rose 0.90% to 2,286.89, South Korea’s Kospi gained 1.14% to 1,914.03, Singapore’s Straits Times Index was up 0.54% to 2,810.52 and Taiwan’s Taiex edged up 0.17% to 7,233.69.

On Bursa Malaysia, the decliners at mid-day included Sunchirin that fell 20 sen to RM1.50, Batu Kawan down 18 sen to RM18.68, Triplc 17.5 sen to 42 sen, Genting down 16 sen to RM10.84, Southern Acids 14 sen to RM2.18, Warisan 11 sen to RM2.49, Tasek 10 sen to RM7.90, Bursa down nine sen to RM6.86 while Hong Leong Industries and Amway fell eight sen each to RM4 and RM9.40.

Among the gainers, Nestle was up 30 sen to RM56.30, Aturmaju 16 sen to 74 sen, Parkson 14 sen to RM5.74, BAT 12 sen to RM49.92, while Knusford, Petronas Gas, Ekovest and Sarawak Oil Palm added 10 sen each to RM1.70, RM15.38, RM2.60 and RM6.05 respectively.

D.B.E Gurney, which was the most actively traded counter this morning, was issued with an unusual market activity query by Bursa Malaysia Securities Bhd.

The stock was unchanged at 11 sen with 166.2 million shares done.

Other actives included TMS, JCY, MBSB, BIMB, Nextnation and Ingenuity Solutions.



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KLCI edges up at mid-morning, struggles to stay above 1,520

KUALA LUMPUR (Jan 19): The FBM KLCI edged up at mid-morning on Thursday but struggled to stay above the 1,520-level as pre-holiday mood kept investors on the sidelines.

The FBM KLCI rose 3.42 points to 1,520.80 at 10am.

Gainers led losers by 233 to 164, while 251 counters traded unchanged. Volume was 461.40 million shares valued at RM215.42 million.

Asian shares rose to a one-month high and the euro firmed on Thursday after news that the International Monetary Fund was seeking to boost its resources to tackle the euro zone debt crisis alleviated worries about Europe's funding difficulties, according to Reuters.

Smooth debt sales by Portugal and above-estimate earnings from Wall Street powerhouse Goldman Sachs Group Inc added to the positive mood just as investor risk-aversion has started to weaken after recent data suggested euro zone problems have not seriously derailed global economic activities, it said.

At the regional markets, Japan’s Nikkei 225 added 1.25% to 8,657.27, Hong Kong’s Hang Seng Index gained 0.63% to 19,811.50, South Korea’s Kospi added 0.73% to 1,906.24, Singapore’s Straits Times Index was up 0.46% to 2,808.20, Taiwan’s Taiex was up 0.17% to 7,233.69 and the Shanghai Composite Index was up 0.16% to 2,269.99.

Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to client said that the FBM KLCI’s resistance areas of 1,518 and 1,532 may cap market gains, whilst obvious support areas may be located at 1,505 and 1,516.

“Despite the US markets’ positive tone last night, we could be in for yet another range bound day of trading activity ahead of the Chinese New Year holidays,” he said.

On Bursa Malaysia, the gainers at mid-morning were led by Parkson, Aturmaju and Hong Leong Bank that rose 16 sen each to RM5.76, 74 sen and RM11.06 respectively; UMW added 14 sen to RM6.99, Petronas Gas 12 sen to RM15.40, Ekovest and Knusford 10 sen each to RM2.60 and RM1.70, while Guan Chong and BAT gained eight sen each to RM2.44 and RM49.88.

D.B.E Gurney, which was the most actively traded counter at mid-morning, was issued with an unusual market activity query by Bursa Malaysia Securities Bhd.

The stock rose half a sen to 11.5 sen with 125 million shares done.

Other actives included TMS, MBSB, BIMB, JCY, XDL and DRB-Hicom.

Decliners included Southern Acids, Nestle, MAHB, Lafarge Malayan Cement, HLFG, MISC, BHIC and Maybulk.



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KLCI closes on weaker note as eurozone debt woes persist

KUALA LUMPUR (Dec 9): The FBM KLCI ended the week on a weaker note in line with global markets, as investors worried over the uphill battle European leaders faced in agreeing to a more permanent solution to solve the eurozone debt crisis started liquidating their stocks.

The FBM KLCI fell 12.79 points to 1,460.13, weighed by losses including at KLK, Genting, PPB, AMMB and Gamuda.

Losers beat gainers by 515 to 213, while 278 counters traded unchanged. Volume was 1.3 billion shares valued at RM1.06 billion.

EU leaders agreed stricter budget rules for the euro zone at a summit seen as crucial to the future of the single currency in Brussels, but failed to secure changes to the EU treaty among all 27 member states, meaning a deal will instead have to involve just euro zone states and any others that want to join, according to Reuters.

After 10 hours of talks there was little concrete progress among the leaders, apart from their commitment to work towards a new "fiscal compact", it said.

At the regional markets, Hong Kong’s Hang Seng Index lost 2.73% to 18,586.23, South Korea’s Kospi fell 1.97% to 1,874.75, Japan’s Nikkei 225 was down 1.48% to 8,536.46, Taiwan’s Taiex lost 1.28% to 6,893.30, the Shanghai Composite Index shed 0.62% to 2,315.27 and Singapore’s Straits Times Index lost 1.24% to 2,694.60.

On Bursa Malaysia, KLK fell 72 sen to RM22.28, Genting down 26 sen to RM10.62, Cepco 23 sen to RM1.66, Knusford lost 22 sen to RM1.64, PPB fell 20 sen to RM16.30, Parkson and AMMB lost 16 sen each to RM5.50 and RM5.74, Gamuda and MISC down 15 sen each to RM3.13 and RM5.80, while AirAsia lost 12 sen to RM3.67.

Among the gainers, Nestle added 28 sen to RM54.38, GAB 18 sen to RM12, Hartalega 17 sen to RM5.72, Harvest Court 15 sen to RM1.24, Dutch Lady 14 sen to RM24.92, Magni 13 sen to RM1.23, Bintulu Port and SOP 10 sen each to RM6.95 and RM5.40, while Perduren added 8.5 sen to 93.5 sen.

Compugates was the most actively traded counter with 66.9 million shares done. The stock was unchanged at 7 sen.

Other actives included SYF Resources, Versatile, DPS Resources, Utopia, Pavilion REIT and Emico.



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KLCI falls 1.14%, blue chips weigh

KUALA LUMPUR (Nov 25): The FBM KLCI closed lower on Friday, in line with key regional markets mired in the red as simmering fears over the euro zone debt crisis and the outlook for the global economy kept investors on the sidelines.

The extended weekend with the Awal Muharram public holiday next Monday also gave local investors an excuse to take profit on blue chip stocks that had made some gains over the past two days.

The FBM KLCI closed 1.14% or 16.44 points lower at 1,431.55, weighed by losses including at BAT, MISC, Genting and PPB.

Losers beat gainers by 463 to 298, while 256 counters traded unchanged. Volume was 1.58 billion shares valued at RM1.09 billion.

At the regional markets, Hong Kong’s Hang Seng Index fell 1.37% to 17.689.48, Taiwan’s Taiex lost 1.16% to 6,784.52, South Korea’s Kospi was down 1.04% to 1,776.40, the Shanghai Composite Index fell 0.72% to 2,380.22, Japan’s Nikkei 225 edged down 0.06% to 8,160.01 while Singapore’s Straits Times Index fell 1.24% to 2,643.93.

On Bursa Malaysia, BAT was the top loser and fell RM1.84 to RM45.40, MISC lost 33 sen to RM5.80, Genting and MMHE fell 26 sen each to RM10.02 and RM5.60, Tradewinds 21 sen to RM9.28, PPB and MNRB 20 sen each to RM16.06 and RM2.66, QSR 19 sen to RM5.70, while DKSH lost 17 sen to RM2.01.

Among the gainers, Nestle rose 30 sen to RM50.90, Hong Leong Bank up 22 sen to RM10.42, F&N 20 sen to RM17.90, Knusford and TDM 16 sen each to RM1.95 and RM3.45, while Supermax, Tecnic and UMW added 13 sen each to RM3.55, RM2.85 and RM6.88 respectively.

Meanwhile, the actively traded counters included Sumatec, MUI Industries, JCY, Compugates, Tiger Synergy and MBF Holdings warrants.



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KLCI extends losses at mid-day break

KUALA LUMPUR (Nov 25): The FBM KLCI extended its losses at the mid-day break on Friday as key regional markets mostly remained in negative territory, as investor sentiment continued to be jittery on concerns of a wider impact from the eurozone debt crisis.

Asian markets fell as statements by German and French officials convinced markets that leaders were no closer to a consensus on how to contain the euro-zone debt crisis, according to Reuters.

The FBM KLCI lost 13.56 points to 1,434.43 at 12.30pm, weighed by losses at blue chips including Genting, Axiata and Petronas Gas.

Losers led gainers by 372 to 222, while 264 counters traded unchanged. Volume was 889.02 million shares valued at RM480.66 million.

The ringgit weakened 0.23% to 3.1933 versus the US dollar; crude palm oil futures for the third month delivery fell RM3 per tonne to RM3,105, crude oil added 47 cents per barrel to US$96.64 while gold slipped US$1.63 an ounce to US$1,692.70.

At the regional markets, Hong Kong’s Hang Seng Index fell 1.29% to 17,704.54, Taiwan’s Taiex lost 1.62% to 6,753.47, South Korea’s Kospi was down 1.35% to 1,770.89, Singapore’s Straits Times Index fell 1.08% to 2,648.24 and the Shanghai Composite Index shed 0.39% to 2,388.86.

Meanwhile, Japan’s Nikkei 225 edged up 0.03% to 8,167.25.

On Bursa Malaysia, Nestle, Milux and Genting lost 20 sen each to RM50.40, RM1.05 and RM10.08 respectively, Tradewinds fell 10 sen to RM9.30, PPB and MNRB down 18 sen each to RM16.08 and RM2.68, MMHE 16 sen to RM5.70, while Axiata and Petronas Gas fell 14 sen each to RM4.82 and RM13.12.

Among the gainers, Hong Leong Bank added 22 sen to RM10.42, F&N up 20 sen to RM17.90, TDM 19 sen to RM3.48, Knusford 16 sen to RM1.95, Supermax nine sen to RM3.51, while OIB, Batu Kawan and Tecnic added eight sen each to RM1.39, RM16.60 and RM2.80, respectively.

The actives included MUI Industries, Sumatec, JCY shares and warrants, MBF Holdings warrants and Emico.



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KLCI slips into the red, blue chips weigh

KUALA LUMPUR (Nov 25): The FBM KLCI slipped back into the red on Friday, in line with the retreat at most key regional markets and the weaker overnight close at European markets.

Analysts said the retreat at the local bourse was also partially due to the extended weekend with Monday being a public holiday, and investors preferring to remain on the sidelines for now.

The FBM KLCI fell 11.25 points to 1,436.74, weighed by losses at select blue chips.

Losers led gainers by 242 to 146 while 183 counters traded unchanged. Volume was 390.38 million shares valued at RM149.76 million.

Meanwhile, Asian shares and the euro both hovered near seven-week lows on Friday as European officials failed to soothe investor fears that the euro zone's debt crisis could trigger a credit crunch if funding costs run out of control, according to Reuters.

European shares fell for the sixth consecutive session in low volume on Thursday while Wall Street was shut for the Thanksgiving holiday, it said.

With European policymakers struggling to break out of the deadlock and no convincing progress in sight over the euro zone debt crisis, investors were shunning riskier assets and selling assets normally perceived as safe to raise cash or cover losses, said Reuters.

At the regional markets, Hong Kong’s Hang Seng Index fell 0.99% to ,757.74, the Shanghai Composite Index edged down 0.03% to 2,396.81, Japan’s Nikkei 225 shed 0.02% to 8,163.38, Singapore’s Straits Times Index down 0.42% to 2,665.94, South Korea’s Kospi lost 0.91% to 1,778.77 while Taiwan’s Taiex rose 0.13% to 6,873.29.

Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients on Friday said that due to the European markets’ quite tone last night, it could be another benign day for the local index.

Persistent profit taking would take place today as the market squares positions ahead of a long holiday weekend (with Monday being the Awal Muharram holiday).

“Yesterday’s rise was quite amazing as it came on the back of global equity adversity in USA and Europe.

“Ultimately, even the Malaysian bourse will fall in-line with the weaker global equity markets. Trade with obvious caution,” he said.

Among the losers at mid-morning, Nestle fell 20 sen to RM50.40, MISC down 18 sen to RM5.95, MNRB 16 sen to RM2.70, MAHB 15 sen to RM6.05, Axiata and Petronas Gas 14 sen each to RM4.82 and RM13.12, Telekom 11 sen to RM4.33, Harvest Court 10 sen to RM1.01, Bonia nine sen to RM1.61 and PPB down eight sen to RM16.18.

HLFG was the top gainer and rose 24 sen to RM11.56; Hong Leong Bank added 20 sen to RM10.40, TDM 17 sen to RM3.46, Knusford 16 sen to RM1.95, TSH 10 sen to RM3.95, Proton nine sen to RM3.27, Batu Kawan eight sen to RM16.60, Brem seven sen to RM1.33 while Kwantas added six sen to RM2.08.

Meanwhile, the actives included MUI Industries, Compugates, Emico, Sumatec, Tiger Synergy and JCY.



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KLCI remains in the red at mid-day break

KUALA LUMPUR (Nov 22): The FBM KLCI remained in negative territory at the mid-day break on Tuesday as investor confidence at key Asian markets continued to sapped by the uncertainties in the outlook for Western economies.

At the mid-day break, the FBM KLCI was down 2.87 points to 1,431.21.

Gainers trailed losers by 178 to 416, while 260 counters traded unchanged. Volume was 728.09 million shares valued at RM520.24 million.

The ringgit weakened 0.23% to 3.1883 versus the US dollar; crude palm oil futures for the third month delivery fell RM34 per tonne to RM3,157, crude oil slipped 22 cents per barrel to US$96.70 while gold added US$2.18 an ounce to US$1,679.50.

At the regional markets, Japan’s Nikkei 225 fell 0.85% to 8,277.03, Hong Kong’s Hang Seng Index lost 0.98% to 18,047.54, the Shanghai Composite Index was down 0.94% to 2,392.47, Taiwan’s Taiex lost 0.66% to 6,996.21, South Korea’s Kospi shed 0.13% to 1,817.69 and Singapore’s Straits Times Index edged down 0.03% to 2,697.20.

On Bursa Malaysia, Harvest Court was the top loser and fell 42 sen to 98 sen; Panasonic lost 36 sen to RM19.60, Triplc down 30 sen to 70 sen, Sarawak Oil Palms 21 sen to RM4.45, SHL 20 sen to RM1.15, PLB 13.5 sen to 83.5 sen, DKSH 13 sen to RM2.20, BHIC 12 sen to RM2.70 while Petronas Gas fell 10 sen to RM13.06.

Meanwhile, Sumatec became the latest company to be queried by Bursa Malaysia Securities over the recent sharp rise in price and high volume of the securities.

The regulator had on Tuesday cautioned investors to be take note of the company’s reply when making their investment decision.

Sumatec rose 5.5 sen to 26 sen with 81 million shares done, while its warrants rose 2 sen to 15 sen with 41.4 million units traded.

Other actives included Compugates, DPS Resources, MMSV, Tricubes, GPRO, SAAG and SYF Resources.

Among the gainers, KrisAssets added 40 sen to RM5, Dutch Lady up 30 sen to RM23.70, BLD PLANTATION []s and TSH Resources 17 sen each to RM6.90 and RM3.85, Knusford, Nestle and BAT added 14 sen each to RM1.72, RM50 and RM46.82, while United Plantations and Ekovest lost 12 sen each to RM18.42 and RM2.62.



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Knusford jumps as Q3 profit surges

Knusford Bhd, which refurbishes machinery for the construction industry, jumped 27 percent in Kuala Lumpur trading, the most in more than three years after third-quarter profit surged ninefold to RM25.1 million.

The stock surged 42 sen to RM2 at 9:16 a.m. local time, set for its steepest increase since April 15, 2008. -- Bloomberg



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