Weaker regional sentiment weighs KLCI down

KUALA LUMPUR (May 11): The weaker investor sentiment at regional markets weighed on the FBM KLCI and led the benchmark index lower at the mid-day break on Friday.

Asian shares slid on Friday, spawning declines in other risk assets, as deepening political turmoil in the eurozone fuelled concerns about global growth and a huge loss from JPMorgan added to jittery sentiment, according to Reuters.

At the mid-day break, the FBM KLCI fell 1.14 points to 1,586.92.

Losers led gainers by 362 to 176, while 330 counters trade unchanged. Volume was 475.81 million shares valued at RM374.95 million.

The ringgit weakened 0.15% to 3.0725 versus the greenback, crude palm oil futures for the third month delivery fell RM41 per tonne to RM3,299, crude oil lost US$1.27 (RM3.90) per barrel to US$95.81 and gold fell US$9.25 an ounce to US$1,584.77.

At the regional markets, Japan's Nikkei 225 fell 0.48% to 8,966.10, Hong Kong's Hang Seng Index fell 1.18% to 19,989.50, the Shanghai Composite Index shed 0.25% to 2,404.31, Taiwan's Taiex fell 1.23% to 7,391.94, south Korea's Kospi lost 1.37% to 1,918.33 and Singapore's Straits Times Index was down 0.72% to 2,882.77.

On Bursa Malaysia, PPB was the top loser in the morning session and fell 34 sen to RM16.14, BAT lost 30 sen to RM53.70, United PLANTATION []s down 24 sen to RM26.26, GAB 22 sen to RM13.40, Southern Acids 19 sen to RM2.26, Tasek 17 sen to RM9.19, while Milux, Shell and Far East lost 10 sen each to RM1.18, RM9.90 and RM7.55 respectively.

Harvest Court was the most actively traded counter, with 37.29 million shares done. The stock fell 4.5 sen to 58 sen.

Other actives included Utopia, Focus, Ariantec, Permaju, LFE Corp, Naim Indah Corp, CSL, Winsun and Metronic.

Gainers included SAM Engineering, Aeon Credit, Aeon, Tahps, Binutulu Port, BLD Plantations, Malpac and Fiamma.



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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 closes lower in tandem with regional markets

KUALA LUMPUR (APRIL 17: The FBM KLCI fell on Monday, in tandem with its regional peers, as investors spooked by re-emerging worries over the European sovereign debt crisis sold down riskier assets.

The FBM KLCI fell 5.6 points to close lower at 1,597.51 on Monday.

Market breadth was negative with 428 losers, 272 gainers whiel 320 counters traded unchanged. Volume was 1.05 billion shares valued at RM 1.26 billion.

Asian shares and the euro fell on Monday as a surge in Spanish government bond yields renewed concerns about Europe's sovereign debt crisis and undermined investor appetite for riskier assets, according to Reuters.

At the regional markets, Hong Kong’s Hang Seng Index fell 0.44% to 20,610.64, Japan’s Nikkei 225 lost 1.74% to 9,470.64, South Korea’s Kospi fell 0.81% to 1,992.63, Taiwan’s Taiex lost 0.75% to 7,729.86 while, Singapore’s Straits Times Index edged up 0.14% to 2,992.12.

Among the decliners on Monday, Dutch Lady fell 42 sen to RM35.16, United PLANTATION []s down 38 sen to RM24.62, The Store fell 24 sen to RM2.25, Aeon 19 sen to RM9.61, Hibiscus 17 sen to RM1.93, Amway 14 sen to RM9.84, Genting, BAT and Shell lost 12 sen each to RM10.92, RM54.68 and RM10.16 respectively.

Ingenuity Solutions was the most actively traded counter with 59.4 million shares done. The stock fell half a sen to 9.5 sen.

Other actives included Ariantec, Naim Indah Corp, Metronic, CSL, AWC, DVM and SuperComNet.

Gainers included Jaya Tiasa, Tasek, Warisan, PMB Tech, Subur Tiasa, Ta Ann, Iterex, Ekovest and Hong Leong Industries.



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KLCI pares down losses at mid-day break

KUALA LUMPUR (APRIL 16): The FBM KLCI pared down some of its losses at the mid-day break on Monday showing some resilience compared to its regional peers, as renewed worries about the euro zone debt crisis took a toll on investor sentiment at global markets.

The FBM KLCI fell 3.35 points to 1,599.77 at the mid-day break. The index had earlier fallen to its intra-morning low of 1,594.63.

Market breadth was weaker, with losers beating gainers by 372 to 198, while 304 counters traded unchanged. Volume was 509.4 million shares valued at RM430.95 million.

The ringgit weakened 0.55% to 3.0741 versus the greenback, crude palm oil futures for the third month delivery slipped RM10 per tonne to RM3,487, crude oil shed 76 cents per barrel to US$102.07, while gold fell US$8.75 an ounce to US$1,649.40.

Asian shares and the euro fell on Monday as a surge in Spanish government bond yields renewed concerns about the euro zone's sovereign debt crisis and undermined investor appetite for riskier assets, according to Reuters.

Spain's government bond yields jumped on Friday and the cost of insuring its debt against default hit an all-time peak as record borrowing by its banks from the European Central Bank highlighted fears about the country's finances.

At the regional markets, Japan’s Nikkei 225 fell 1.4% to 9,502.61, Hong Kong’s Hang Seng Index lost 0.69% to 20,559.00, the Shanghai Composite Index was down 0.22% to 2,353.99, Taiwan’s Taiex lost 0.77% to 7,728.06, South Korea’s Kopsi fell 0.96% to 1,989.55 and singapore’s Straits Times Index edged up 0.03% to 2,988.83.

BIMB Securities Research in a note Monday said traders were now renewing their focus on Spain’s financial position and China’s economic slowdown as the main excuses to sell down equities.

As a result, it said the Dow Jones Industrial Average fell 137 points to below the 13,000 level despite the better than expected batch of earnings from corporate USA.

The research house said European bourses wobbled across the board from Spain’s mounting debts as its 10-year treasury yield jumped to 5.98% (+0.16).

Asian equities fared better as most ended the week higher obviously before the profit takings both in the US and Europe.

“We view China’s decision to expand their trading band for its Yuan as positive showing that its economy is resilient and is able to withstand the vagaries of its currency.

“Locally, the FBM KLCI added a mere 1.85 points to 1,603 signaling that the market may be due for a consolidation and may be expedited from the weaknesses in both the US and Eurozone. We expect the index may severely test the 1,600 mark after which 1,595 would be the next support level,” it said.

ON Bursa Malaysia, Dutch Lady was the top loser and fell 30 sen to RM35.28, Amway and BAT lost 18 sen each to RM9.80 and RM54.62, HLFG doen 10 sen to RM12.34, while, Sungei Bagan, CCK, Shell, Hong Leong bank and Petronas Dagangan fell eight sen each to RM2.90, 91 sen, RM10.20, RM12.48 and RM18.72 respectively.

Ingenuity Solutions was the most actively traded counter with 51.59 million shares done. The stock was down half a sen to 9.5 sen.

Other actives included Naim Indah Corp, AWC, Ariantec, CSL, Sinotop, Hibiscus and Metronic.

Gainers included Jaya Tiasa, Tasek, Ta Ann, Subur Tiasa, BLD PLANTATION []s, Hong Leong Industries and Tradewinds Plantations.



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KLCI snaps four-day winning streak, dips at mid-day break

KUALA LUMPUR (APRIL 4): The FBM KLCI snapped its four –day winning streak and retreated at the mid-day break on Wednesday, in line with the generally weaker sentiment at key regional markets following the overnight dip at Wall Street.

Asian shares fell on Wednesday after the minutes from the U.S. Federal Reserve's March meeting suggested the bank was less inclined to take further stimulus measures, leaving investors looking for more clues to the global growth outlook, according to Reuters

Fed policymakers remained focused on a still elevated jobless rate while noting signs of slightly stronger growth, but the minutes suggested the appetite for further quantitative easing, so-called QE3 has waned significantly in light of an improving U.S. economy, it said.

At the mid-day break, the FBM KLCI was down 5.78 points to 1,600.85, weighed by losses at select blue chips.

Market breadth turned negative with losers leading gainers by 369 to 199, while 315 counters traded unchanged. Volume was 571.84 million shares valued at RM399.87 million.

The ringgit weakend 0.45% to 3.0613 versus the US dollar; crude palm oil futures for the third month delivery rose RM31 per tonne to RM3,530, crude oil shed 32 cents per barrel to US$103.69 whiel gold fell US$1.82 an ounce to US$1,644.30.

At the regional markets, Japan's Nikkei share average abruptly broke below 10,000 to hit a four-week low on Wednesday, after stop-losses were triggered on index futures, raising concerns that Tokyo's strong equities rally so far this year was coming to a halt.

The Nikkei 225 fell 1.59% to 9,890.65, Hong Kong’s Hang Seng index lost 1.31% to 20,790.90, Taiwan’s Taiex and South Korea’s Kospi fell 1.3% each respectively to 7,760.85 and 2,022.54 respectively, Singapore’s Straits Times Index shed 0.38% to 3,003.16 while the Shangai Composite Index edged up 0.47% to 2,262.79 .

BIMB Securities Research in a note Wednesday said that traders I the US resorted to profit on Tuesday taking amid signs that additional stimulus were diminishing from the Feds latest signal.

As such, the Dow Jones Industrial Average dipped 65 points to just below the 13,200 level.

We find this odd as we interpret this as positive and that the US economy is on auto pilot without the requirement of more financial steroids.

Regionally, Asian markets were slightly higher across the board except for Taiwan being hit hard from rumours that capital gains tax may be imposed on stock trades.

Meanwhile, the FBM KLCI continued with its uptrend with another record high via another 2.9 point gain to close at almost 1,607.

Nonetheless, we noticed that investors are becoming wary of the local bourse’s recent uptrend and believe a correction would emerge anytime soon.

“Foreign funds had again flowed into the market with another net positive of RM203 million yesterday.”

“Despite the foreign buying, we reckon the index may see some retracement today albeit marginally,” it said.

On Bursa Malaysia, Shell was the top loser in the morning session and fell 14 sen to RM10.14, PPB lost 12 sen to RM16.58, Litrak, Carlsberg and AFG fell 10 sen each to RM3.94, RM10.70 and RM3.86 respectively, Sop and Amway lost nine sen each to RM6.85 and RM9.80, Inno down eight sen to RM1.42, while MMHE and RHB Capital fell seven sen each to RM3.39 and RM7.70.

Among the gainers, Milux added 15 sen to RM1.40, Tradewinds and malPac up 10 sen each to RM9.64 and RM1.59, Tradewinds PLANTATION []s seven sen to RN4.92, Ewein and MBM Resources up six sen each to 84 sen and RM4.8, whiel Quality Concrete, Fiamma and NSOP added five sen each to RM1.29, RM1.15 and RM6.15 respectively.



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KLCI closes higher, lifted by CIMB and select blue chips

KUALA LUMPUR (March 29): The FBM KLCI closed higher on Thursday, lifted by select blue chips including CIMB, Genting, Hong Leong Bank and BAT but the broader market was cautious.

The 30-stock index added 1.69 points to 1585.44. Gainers trailed losers by 260 to 462, while 353 counters traded unchanged. Volume was 1.50 billion shares valued at RM1.39 billion.

Asian shares fell for a second successive day on Thursday as concerns about growth prospects in the world's two largest economies, the United States and China, prompted investors to trim their risk exposure ahead of the end of the quarter, according to Reuters.

The Shanghai Composite Index fell 1.43% to 2,252.16, Hong Kong’s Hang Seng Index lost 1.32% to 20,609.39, Taiwan’s Taiex fell 2.06% to 7,872.66, South korea’s Kospi fell 0.85% to 2,014.41 while Singapore’s Straits Times index fell 0.28% to 3,007.44.

However, European stocks pared early losses and rose on Thursday, bouncing off a three-week low as rallying mining shares offset losses in the energy sector, where Total extended its slide, hit by worries over a gas leak in the North Sea, said Reuters.

On Bursa Malaysia, Warisan TC gained 20 sen to RM2.70, Aeon up 19 sen to RM9.40, BAT 18 sen to RM56.52, Hong Leong Bank 16 sen to RM12.38, Jaya Tiasa and Litrak added 15 sen each to RM8.38 and RM4.10. Toyo Ink rose 12 sen to RM1.58, WCT and Crescendo 11 sen each to RM2.50 and RM1.92, and Shell 10 sen to RM10.20.

Other gainers included CIMB that rose 10 sen to RM7.60, Genting four sen to RM11.14, Genting Malaysia two sen to RM3.89.

Decliners included Dutch lady, BLD PLANTATION []s, RHB Capital, GAB, Batu Kawan, SMPC, Bursa, United Plantations and Kossan.

The actives included Ariantec, Naim Indah Corp, Metronic, SuperComnet, Focus, Ingeuity Solutions, Key West and ManagePay.



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KLCI edges up mid-day, lifted by select blue chips

KUALA LUMPUR (March 29): The FBM KLCI edged up at the mid-day break on Thursday, lifted by select blue chips including CIMB, Genting-linked counters, Petronas Chemicals and BAT.

At 12.30pm, the KLCI was up 0.41% to 1,584.16. Gainers trailed losers by 197 to 388, while 318 counters were traded unchanged. Volume was 819.28 million shares valued at RM554.24 million.

Asian shares fell for a second successive day on Thursday as concerns about growth prospects in the world's two largest economies, the United States and China, prompted investors to trim their risk exposure ahead of the end of the quarter, according to Reuters.

Hong Kong’s Hang Seng Index lost 1.2% to 20,634.30, Taiwan’s Taiex fell 2.67% to 7,823.78, South Korea’s Kospi fell 1.06% to 2,010.26, Japan’s Nikkei 225 was down 0.82% to 10,099.30, the Shanghai Composite Index 0.58% to 2,271.60 and Singapore’s Straits Times Index 0.28% to 3,007.44.

Among the gainers on Bursa Malaysia, Dutch Lady was the top gainer, up RM2.62 to RM37.50.

BAT added 18 sen to RM56.52, Aeon 14 sen to RM9.35, Toyo Ink 14 sen to RM9.35, MISC 12 sen to RM5.32 and Shell 10 sen to RM10.20. Southern Acids, Kulim, Ta Ann and Crescesndo added nine sen each to RM2.39, RM4.30, RM6.18 and RM1.90 respectively.

CIMB rose seven sen to RM7.57, while Petronas Chemicals, Genting and Genting PLANTATION []s added two sen each to RM6.70, RM11.12 and RM3.89 respectively.

Naim Indah Corp was the most actively traded counter with 56.7 million shares done. The stock added half a sen to 48.5 sen.

Other actives included Ariantec, Focus, SuperComnet, Metronic, Key West and Iris Corp.

Among the decliners were Shangri-la, BLD Plantations, GAB, Sungei Bagan, RHB Capital, SMPC, PPB, SBC Corp and Kris Assets.



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Shell: New diesel processing unit ready year-end

KUALA LUMPUR (March 28): Shell Refining Company (Federation of Malaya) Bhd said its new diesel processing unit is 73% complete and is expected to be commissioned by year-end.

Sepaking after its annual general meeting on Wednesday, its chairman Anuar Taib said the new 6,000 tonnes per day diesel processing unit, which cost RM810 million, will allow the company to vary feedstock options and is expected to improve refining margins.

He said the company's profitability this year would depend not only on crude oil prices, but the prices of oil processed products.



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KLCI closes sharply higher as regional markets end mixed

KUALA LUMPUR (March 14): the FBM KLCI rose sharply higher in late trade on Wednesday to stay firmly above the 1,570-point level, lifted by gains at select bue chips including Sime Darby, Axiata, Petronas Gas, PPB and BAT.

The 30-stock index closed 11.69 points higher at 1,575.71.

Meanwhile, Shanghai and Hong Kong shares reversed early gains to snap a four-session winning streak on Wednesday, dragged by China plays after Premier Wen Jiabao doused expectations for easing in the property sector at the close of China's annual parliamentary meeting, according to Reuters.

At the regional markets, the Shanghai Composite Index fell 2.63% to 2,391.23 and Hong kOng’s Hang Seng Index lost 0.15% to 21,307.89.

Meanwhile, Japan’s Nikkei 225 closed 1.53% higher at 10.050.52, South Korea’s Kospi added 0.99% to 2,045.08, and Taiwan’s Taiex gained 1.17% to 8,125.26 and Singapore’s Straits Times Index

CIMB Research in its Alpha Edge report on March 14 covering regional markets said last week’s resurgence of US and regional equity markets indicated that it was still not time for a major correction though markets should be close to one.

“Last night, the VIX (Chicago Board Options Exchange (CBOE) Volatility Index) fell to a four-year low, showing signs of complacency among investors. We remain bearish on prospects for this year,” it said.

The research house said that over the past week, the KLCI had been drifting downwards. It is now holding just above the support trendline at 1,568 points.

“A sharp breakdown of this support would convince us that the uptrend since last November has already ended.

“Until that happens, we cannot discount another short upleg towards the 1,580-1,600 levels,” it said.

On Bursa Malaysia, the top gainer was BAT that rose RM1.18 to RM53.98, Petronas Gas gained 48 sen to RM16.98, Far East up 35 sen to RM7.60, Aeon 29 een to RM9.40, PPB 28 wen to RM16.98, Aeon Credit up 25 sen to RM8.35, GAB 24 sen to RM13.48, Shell 22 sen to RM10.22 while Sarawak Oil Palm added 20 sen to RM6.23, while Axiata added six sen to RM5.12 and Sime Darby gaind two sen to RM9.71.

Naim Indah Corp was the most actively traded counter with 117.8 million shares done. The stock fell 2.5 sen to 66 sen.

Other actives included CSL, YTL, Tiger Synergy, HWGB, Euro Holdings, Axiata, Sime Darby, Astral Supreme and Silber Bird.



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KLCI stays above 1,570-level at mid-day

KUALA LUMPUR (March 14): The FBM KLCI remained in positive territory at the mid-day break on Wednesday and stayed above the 1,570 level in line with the positive sentiment at key regional markets.

Asian markets extended their gains from the morning on the back of a firmer overnight close at Wall Street and were given an added impetus after most of the largest U.S. banks passed their annual stress test, according to the Federal Reserve, in a conservative report card that underscored the recovery of the financial sector but called out a few laggards, including Citigroup.

The Fed announced the results in an earlier-than-expected release on Tuesday. JPMorgan Chase pulled the trigger on announcing its own glowing marks before the Fed's release, and helped lift the stock market, according to Reuters.

At 12.30pm, the KLCI was up 9.20 points to 1,573.22. Gainers led losers by 427 to 221, while 318 counters traded unchanged. Volume was 630.98 million shares valued at RM701.74 million.

The ringgit weakened 0.20% to 3.0044 versus the US dollar; crude palm oil futures for the third month delivery rose RM45 per tonne to RM3,337, crude oil added 32 cents per barrel to US$107.90 while gold rose US$5.18 an ounce to US$1,704.95.

At the regional markets, Japan's Nikkei 225 rose 1.74% to 10,071.70, Hong Kong’s Hong Seng Index rose 1.28% to 21,613.40, the shanghai Composite Index added 0.74% to 2,474.07, South Korea’s Kospi gained 1.34% to 2,052.22 and Singapore’s Straits Times Index was up 1.14% to 3,023.10.

At Bursa Malaysia, BAT added RM1.18 to RM53.98, Aeon 39 sen to RM9.50, GAB 20 sen to RM13.44, Toyo Ink 19 wen to RM1.63, United PLANTATION []s and Shell 18 sen each to RM25 and RM10.18, Jaya Tiasa 14 sen to RM7.60, UMW 12 sen to RM7.24, Panasonic and Johore Tin 12 sen each to RM22.20 and RM1.33.

Naim Indah Corp was the most actively traded counter with 99.9 million shares done. The stock fell 1.5 sen to 67 sen.

Other actives included astral Supreme, Euro Holdings, YTL, Sing Heng Chan, Tiger Synergy, Hwatai and Camres.

Meanwhile, decliners in the morning session included Tahps, Sunchirin, Warisan, Scientex, BOnia, MIlux, APB and Batu Kawan.



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KLCI up 0.6% at mid-morning

KUALA LUMPUR (March 14): The FBM KLCI rose at mid-morning on Wednesday, in line with the improved sentiment at key regional markets following the firmer overnight close at Wall Street.

At 10am, the 30-stock index was up 9.18 points to 1,573.20. Gainers led losers by 326 to 106, while 223 counters were traded unchanged. Volume was 246.15 million shares valued at RM221.51 million.

Asian shares rose on Wednesday as upbeat US economic data boosted investors' risk appetite, while reduced expectations for further monetary easing from the Federal Reserve underpinned the dollar, according to Reuters.

At the regional markets, Japan’s Nikkei 225 rose 1.92% to 10,089.60, Hong Kong's Hang Seng Index gained 0.96% to 21,544.50, the Shanghai Composite Index edged up 0.18% to 2,460.12, Taiwan’s Taiex rose 0.60% to 10,489.60, South Korea’s Kopsi rose 1.28% to 2,051.03 and Singapore’s Straits Times Index added 0.95% to 3,017.49.

BIMB Securities Research said US stocks climbed sharply overnight, pushing the major averages to multi-year highs since 2007 backed by stronger US economy; improved retail sales and recovering banking sector.

The S&P 500 rose 1.8 percent to 1,395.95 while the Dow added 217.97 points to 13,177.68. The rally picked up speed in the final hour after JPMorgan Chase boosted its dividend and announced a US$15 billion buyback, said the research house.

Over in Europe, shares climbed to their highest in more than seven months boosted by encouraging economic data from Germany and the US.

“Domestically, the FBM KLCI closed flat (on Tuesday) just below the 1,565 support level; nonetheless net foreign trading participation remains positive at RM77.7 billion," it said.

BIMB Research said the strong rally over in US and Europe might boost sentiment on the local market and it expected the KLCI might test the immediate 1,570.

On Bursa Malaysia, BAT was the top gainer, up RM1.48 to 54.28, Hwatai 19.5 sen to 74 sen, Toyo Ink 19 sen to RM1.63, Genting PLANTATION []s 17 sen to RM9.40, UMW 16 sen to RM7.27.

Shell and Tasek gained 10 sen each to RM10.10 and RM8.70, while Ta Ann and AirAsia added nine sen each to RM5.69 and RM3.63.

Sin Heng Chan, which fell earlier following a query by Bursa Malaysia Securities over its unusual market activity on Tuesday, rose 16 sen to RM1.25,

Naim Indah Corp was the most active counter with 43.99 million shares done. The stock fell three sen to 65.5 sen.

Other actives included Euro Holdings, FFHB, Sinh Heng Chan, Winsun, Silver Bird, Hwatai, YTL and CAM Resources.

Decliners included Quality Concrete, Sunchirin, MISC, LTKM, Gadang, PFCE, UPA Corp and Selangor Dredging.



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KLCI takes a breather, Tenaga, Genting weigh

KUALA LUMPUR (March 6): Stocks on Bursa Malaysia took a breather on Tuesday as investors locked in recent gains, with profit taking seen in heavyweight Tenaga and Genting while key regional markets put on a lackluster performance after the weaker close on Wall Street.

At 10.04am, the FBM KLCI was down 2.79 points to 1,586.43. Turnover was 284.50 million shares valued at RM202.80 million. Losers led gainers 245 to 152 while 276 stocks were unchanged.

Reuters reported Asian shares and growth-linked currencies were under pressure on Tuesday as slowing economies in China and Europe and tension over Iran dampened sentiment, prompting investors to take profits from recent rallies that had been driven by ample liquidity.

CIMB Equities Research said that while the KLCI close to testing its all-time high of 1,597 in July 2011, it expected the index to face resistance.

“Only a successful close above the 1,600 psychological level could further lift prices towards a new heights at 1,620. Otherwise, we expect some consolidation to take place. On the downside, the 1,550 key support level is still a level to keep watch as it would eliminate all bullish potential if it is breached. There is also a minor support at 1,570,” it said.

Among the decliners were Tenaga and Genting, down six sen each to RM6.25 and RM10.70. Shell was the top loser, down 26 sen to RM10.12 but in very thin volume of 200 shares done.

PBB lost 26 sen to RM16.68, Oriental Holdings 13 sen to RM6.52, Can-One six sen to RM1.83, MBM Resources five sen to RM4.58 and Batu Kawan four sen to RM18.90.



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KLCI closes at highest since July 2011

KUALA LUMPUR: Fund buying of GENTING BHD [] and Sime Darby following their strong earnings and positive developments in the Eurozone pushed the FBM KLCI to its highest level in six months.

At the close, the FBM KLCI was up 12.92 points or 0.83% to close at 1,569.65, its highest since July 2011. Turnover was 1.94 billion shares valued at RM2.694 billion. Gainers beat losers 535 to 297, while 300 counters traded unchanged.

Regionally, markets closed on a positive note except for Shanghai's Composite Index which fell 0.95% to 2,428.49. Japan's Nikkei 225 closed up 0.01% to 9,723.24, South Korea's Kospi 1.33% to 2,030.25, Taiwan's Taiex 2.04% to 8,121.44, Hong Kong's Hang Seng Index 0.52% to 21,680.08 and Singapore's Straits Index 0.57% to 2,986.65.

Genting rose 22 sen to RM10.76, Sime Darby 12 sen to RM9.69 and Tenaga Nasional 13 sen to RM6.33 which helped push the KLCI by 5.28 points.

Sime Darby announced a 42% increase in net profit of RM2.2 billion for the six months ended Dec 31, 2011, on the back of higher crude palm oil (CPO) prices which boosted its PLANTATION [] division's profit. Genting reported its earnings jumped 66% to RM772.9 million in its fourth quarter compared to RM465.4 million a year ago.

While TNB said its second quarter would perform better after it received the RM2 billion compensation from Petroliam Nasional Bhd and the government as part of the the fuel cost sharing mechanism.

However, gains on the KLCI may be short-lived as Reuters reported that the European markets were supported by news of the European Central Bank's latest cheap loan offer on Wednesday, Feb 29.

It said that the markets are expecting a large number of banks to borrow around 500 billion euros ($671 billion) of the three-year money, and that a lot of this liquidity will find its way into riskier assets as well as easing pressure on bank balance sheets.

On Bursa Malaysia, consumer stocks were among top gainers after stocks such as Dutch Lady Industries Bhd rose RM1.00 to RM29.98, Nestle was up 90 sen to RM55.80 and AEON Credit Services was up 63 sen to RM8.82.

YTL Bhd rose 17 sen to RM1.75, with 109.77 million shares traded in, making it the most active stock on the bourse.

Meanwhile, top losers included Tawin down 25 sen to 30 sen, Tradewinds 21 sen to RM9.89 and Shell down 20 sen to RM9.70.



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Shell Refining falls after posting losses in 4Q, FY11

KUALA LUMPUR (Feb 17): Shell Refining Company (Federation of Malaysia) Bhd’s share price fell on Monday after it posted losses of RM99.49 million in the fourth quarter ended Dec 31, 2011 and RM125.74 million losses for FY11.

At 4.29pm, it was down 14 sen to RM9.66 with 47,200 shares done.

The FBMKLCI was just 0.83 of a point higher at 1,557.98. Turnover was 1.68 billion shares valued at RM1.36 billion. The market turned cautious as profit taking set in, with 318 gainers, 496 losers and 327 stocks unchanged.

Last Friday, Feb 17, Shell Refining said for the 4QFY11, the net losses of RM99.49 million were a stark contrast to net profit of RM114.66 million a year ago.

Shell Refining said its 4QFY11 revenue was 32.8% higher at RM3.369 billion compared with RM2.537 billion.

However, its cost of sales was RM3.415 billion versus RM2.371 billion a year ago. Loss per share was 33.16 sen compared with earnings per share of 38.22 sen.

For FY11, its net loss was RM125.74 million compared with net profit of RM106.38 million a year ago.

It recorded revenue of RM11.212 billion, an increase of 8% from RM10.376 billion a year ago.



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Key markets up on Greece optimism, China policy

KUALA LUMPUR: Key regional markets including Bursa Malaysia rose on Monday as investors’ risk appetite improved after China's easing policy and confidence that Greece would secure its second bailout.

At midday, the FBM KLCI was up 3.94 points or 0.25% to 1,561.09. Volume traded was 991.2 million shares valued at RM687.6 million. Gainers beat losers 372 to 307 while 348 counters remained unchanged.

Japan's Nikkei 225 rose 0.92% to 9,470.72, Shanghai's Composite Index 0.88% to 2,377.96, Taiwan's Taeix Index 0.73% to 7,952.32, Hong Kong's Hang Seng Index 0.68% to 21,638.05, Singapore's Straits Index 0.40% to 3,012.74 and South Korea's Kospi 0.17% to 2,026.96.

US light crude oil rose US$1.72 to US$104.96 per barrel and Brent crude US$1.51 higher to US$121.09 while the ringgit strengthened to 3.0027 against the US dollar.

At Bursa Malaysia, the top gainers included Aeon, up 38 sen to RM8.08, Oriental Holdings 30 sen to RM5.65 and Cypark up 19 sen to RM2.07.

Maybank rose 8.0 sen to RM8.64, nudging the KLCI up by 1.42 points, RHB Capital gained 14 sen to RM7.49, Public Bank four sen to RM13.74 and CIMB one sen to RM7.29.

Petronas Chemicals added 10 sen to RM6.98, pushing the index up by 1.01 points. GENTING BHD [] added six sen to RM10.70 and Maxis five sen to RM5.80.

Green Ocean was the most active with 51.16 million shares done. It added three sen to 25.5 sen. The company was queried by Bursa Securities following the sharp rise in price and high volume recently.

Envair also saw active trade, adding 1.5 sen to 28 sen with 18.34 million units done.

Among the losers were, Dutch Lady, down 60 sen to RM25.16 but with only 600 shares done, Shell Refining 10 sen to RM9.70 after posting losses.

Ewein lost 19 sen to 80 sen, Boxpak 15 sen to RM2.21 and Malpac 14 sen to RM1.50 in thin trade.



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Stocks to watch: Shell, MMC, Sarawak Cable, Wing Tai

KUALA LUMPUR (Feb 18): Stocks on Bursa Malaysia could advance on Monday, Feb 20 following positive developments in Greece and China’s move to shore up the slowing economy.

Reuters reported late Saturday that Greece's cabinet tackled on Saturday how to implement austerity demanded by the EU and IMF as a 130-billion-euro (US $171-billion) rescue seemed within reach, while the euro zone considered modifying a deal with private creditors to help Athens reduce its huge debts.

In another development, China's central bank cut the amount of cash that commercial lenders must hold as reserves on Saturday for the second time in nearly three months, the latest step to shore up the slowing economy.

The People's Bank of China (PBOC) delivered a 50-basis-point cut in banks' reserve requirement ratio (RRR), effective from next Friday, Feb. 24, after repeatedly defying market expectations for such a move.

At Bursa Malaysia, stocks to watch include Shell Refining Company (Federation of Malaysia) Bhd, MMC CORPORATION BHD [], Sarawak Cable Bhd and Wing Tai Malaysia Bhd.

Shell Refining posted net losses of RM99.49 million in the fourth quarter ended Dec 31, 2011 compared to the net profit of RM114.66 million a year ago.

Shell attributed the losses due to weak refining margins which had also impacted the FY11 results, where it reported net losses of RM125.74 million.

MMC said on Friday the listing of its 41.8% owned Gas Malaysia Bhd on the Main Market of Bursa Malaysia Securities was delayed to the second quarter of 2012.

MMC said Gas Malaysia was “still in the midst of complying with the conditions imposed by the Securities Commission”.

Sarawak Cable has scrapped the MoU with Sinohydro Corporation (M) Sdn Bhd and KEC International Ltd to develop transmission lines in Sarawak.

This latest development could possibly see Sarawak Cable going alone to undertake the project.

On Aug 17, 2011, the three parties had signed the MoU to prepare and submit proposals for the project.

Meanwhile, Wing Tai Malaysia Bhd saw its major shareholder increasing its stake to 61.07% or 191.218 million shares with the recent acquisition of 2.20 million shares on Feb 17.

The Edge Malaysia reports that Century Logistics ahs put the FSU setback behind it. The service provider is confident of matching its 2010 record performance this year despite a minor setback with its floating storage units in 2H2011.

S P Setia Bhd reported that the Securities Commission has declined a ruling application sought by the joint offerors of S P Setia – Permodalan Nasional Bhd and S P Setia president and CEO Tan Sri Liew Kee Sin.

The joint offerors had decided not to appeal. However, the decision would not impact the joint offer.



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Shell Refining posts losses of RM99m in 4Q, RM125m in FY11

KUALA LUMPUR (Feb 17): Shell Refining Company (Federation of Malaysia) Bhd posted losses of RM99.49 million in the fourth quarter ended Dec 31, 2011 and RM125.74 million losses for the financial year 2011, impacted by weak refining margins.

For the 4QFY11, the net losses of RM99.49 million were a stark contrast to the net profit of RM114.66 million a year ago.

“The board explained that the loss was mainly due to weak refining margins and lower production resulting from the statutory turnaround. The weak refining margins were caused by a spike in crude prices as a result of the Japan energy crisis and Middle-east geopolitical turbulent events,” it said on Friday.

Shell Refining said its 4QFY11 revenue was 32.8% higher at RM3.369 billion compared with RM2.537 billion.

However, its cost of sales was RM3.415 billion versus RM2.371 billion a year ago. Loss per share was 33.16 sen compared with earnings per share of 38.22 sen.

It proposed a final dividend of 20 sen per share despite the losses compared with the 30 sen dividend a year ago.

In 4QFY11, the refinery processed 8.6 million barrels of crude oil and sold 9.2 million barrels of product.

It added the CONSTRUCTION [] of a 6,000 tonnes per day diesel processing unit was on schedule and allow it to vary its feedstock options, increase diesel production and improve refining margins.

On the outlook, it said refining margins were expected to be continuously under pressure in 1QFY12. It added its key focus areas were to optimise financial and operational performance, which included ensuring processing flexibility, high plant reliability and commissioning the diesel processing unit upon its anticipated completion in 4QFY12.

For FY11, its net loss was RM125.74 million compared with net profit of RM106.38 million a year ago.

It recorded revenue of RM11.212 billion, an increase of 8% from RM10.376 billion a year ago. However, its cost of sales in FY11 was RM11.310 billion versus RM10.222 billion in FY10.



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Labuan Shipyard eyes jobs worth RM150m

Labuan Shipyard and Engineering Sdn Bhd aims to secure at least two major projects from Petroliam Nasional Bhd (Petronas) and Shell worth RM150 million this year.

Its chief executive officer Azman Nasir said the company, which is bidding for RM800 million worth of fabrication and shipbuilding projects locally, has been shortlisted for four projects that it bid for last year.

The projects -- Shell's F14, D12 and Laila and Petronas' Bulan B -- are all located in East Malaysia. He was speaking to reporters after a signing ceremony between Labuan Shipyard and Malaysia Building Society Bhd (MBSB) for loan facilities here today.

The company also aims to secure the contract for the Tanjung Kapal Services (M) Sdn Bhd second diesel electric propulsion platform supply vessel (PSV).



"We are proceeding well with our first vessel and it is scheduled to be completed in June 2013, but we are targeting to complete it three months earlier, which shows to our client that we are very serious with our business," he said.

Azman added Labuan Shipyard is also targeting at least three major refit and repair vessel projects from the government, each costing more than RM50 million.

Azman said the company is also eyeing projects valued at more than RM100 million in Permas, Endau and Belut fields from Murphy Oil Corp and Hess Aremada next month.

He said as at Dec 31, 2011, the company's book order stood at RM170 million comprising major shipbuilding and minor fabrication projects in the oil and gas sector.

"Hence, we are confident this year we will achieve revenue of about RM300 million, compared to the estimated revenue of RM100 million in 2011, backed by these projects," Azman said.

Meanwhile, MBSB chief executive officer Datuk Ahmad Zaini Othman said the deal between Labuan Shipyard is for the Murabahah Tawarruq financing facility of up to RM41 million and Kafalah bank guarantee of up to RM10 million.

"This is for the purpose of the engineering, construction, testing and delivery of the 77m Dynamic Positioning 2 diesel electric PSV," he said.

He added the company believes that such financial assistance would greatly benefit its corporate customers by easing their cash flow, allowing them to focus on business at hand while the bank attends to their capital needs. -- Bernama



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Labuan shipyard eyes Shell, Petronas jobs

Labuan Shipyard and Engineering Sdn Bhd aims to secure at least two major projects from Petroliam Nasional Bhd (Petronas) and Shell worth RM150 million this year.

Its chief executive officer, Azman Nasir said the company, which is currently biding for RM800 million worth of projects locally, has been shortlisted for four projects that it bid for last year.

The company also aims to secure the contract for the Tanjung Kapal second diesel electric propulsion platform supply vessel.

He was speaking to reporters after a signing ceremony between Labuan Shipyard and Malaysia Building Society Bhd for loan facilities in Kuala Lumpur today.



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KLCI stays in the black, lags regional markets

KUALA LUMPUR (Jan 17): The FBM KLCI managed to stay barely above the 1,510-point level at the mid-day break on Tuesday, and lagged behind key regional markets.

At 12.30pm, the index edged up 1.20 points to 1,510.26.

Losers overtook gainers by 313 to 288, while 314 counters traded unchanged. Volume was 737.43 million shares valued at RM793.79 million.

The ringgit strengthened 0.22% to 3.1318 versus the US dollar; crude palm oil futures for the third month delivery rose RM23 per tonne to RM3,149, crude oil added 43 cents per barrel to US$100.12 while gold jumped US$14.52 an ounce to US$1,658.32.

At the regional markets, Japan’s Nikkei 225 rose 0.77% to 8,442.75, Hong Kong’s Hang Seng Index gained 1.88% to 19,369.90, the Shanghai Composite Index added 0.93% to 2,226.67, Taiwan’s Taiex rose 1.29% to 7,194.93, South Korea’s gained 1.49% to 1,887.00 and Singapore’s Straits Times Index was up 0.91% to 2,781.60.

Among the gainers on Bursa Malaysia this morning, BAT was up 40 sen to RM49.70, Ibraco 21 sen to RM1.44, Petronas Dagangan up 20 sen to RM17.42, Genting 18 sen to RM10.74, Teck Guan 13 sen to 79 sen, Subur Tiasa and Bursa up 12 sen each to RM2.44 and RM6.94, Degem 11.5 sen to RM1.04 and Shell 11 sen to RM9.53.

Proton was the most actively traded counter after Khazanah Nasional Bhd finally put an end to months of speculation and announced it was divesting its 42.72% Proton stake to DRB-HICOM BHD [] for RM5.50 per share or RM1.291 billion cash.

Upon completion of the sale and purchase agreement, DRB-Hicom will be obliged to undertake a mandatory general offer on the remaining Proton shares.

Proton jumped 26 sen to RM5.44 with 53.61 million shares done.

Other actives included Compugates, DRB-Hicom shares and warrants, E&O, Hovid and DGSB.

Decliners at mid-day included GAB, Nestle, United PLANTATION []s, Dutch Lady, Panasonic, MISC and MMHE.



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