KL shares subdued in early trade

Share prices on Bursa Malaysia got off to a subdued start today as investors globally remained cautious ahead of a European Union summit this week.

Fifteen minutes after the opening, the FBM KLCI slipped 10.22 points to 1,472.77. It had opened 5.24 points lower at 1,477.75.

Dealers said investors' sentiment on lingering hopes that the euro zone would figure out a solution to its ongoing debt crisis continued to weigh on the local bourse. Investors were also cautious of the upcoming China inflation data later this week.

The Finance Index fell 74.721 points to 13,158.43, the Plantation Index eased 38.7 points to 7,844.12 and the Industrial Index slipped 21.76 points to 2,658.66. The FBM Emas Index dropped 54.811 points to 10,090.06, the FBM Mid 70 Index was 26.64 points lower at 11,005.65 and the FBM ACE Index decreased 10.47 points to 4,250.77.

Decliners led advancers 135 to 83 while 149 counters were unchanged, 1,119 untraded and 25 others suspended. Turnover stood at 158.071 million shares valued at RM52.450 million.

Sycal Ven-WA added 5.0 sen to 14.5 sen, SAAG Consolidated was flat at 6.5 sen, Sycal Ventures inched up 4.0 sen to 27.5 sen and Denko Industrial advanced 3.5 sen to 41.5 sen.

For heavyweights, Maybank shed 7.0 sen to RM8.23, Sime Darby dwindled 10 sen to RM8.84, CIMB eased 8.0 sen to RM7.12 while Petronas Chemicals was unchanged at RM6.08. -- Bernama



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KL shares higher in tight-range trading

Share prices on Bursa Malaysia opened higher today in tight-range trading as investors sought for fresh direction, dealers said.

After 10 minutes of trading, the FBM KLCI rose 0.55 per cent or 8.16 points to 1,493.42 from yesterday's 1,485.26 close. The key index opened 4.18 points higher at 1,489.44 this morning.

A dealer said the local bourse is likely to remain steady in narrow trading as investors retreated to the sidelines ahead of the closely watched US non-farm payroll report.

Sentiments could turn bearish in the absence of market-stimulating news from the local front and in Asia, coupled with the weaker overnight close on Wall Street, he said.

HwangDBS Vickers Research said after posting cumulative 53.7 points gains or 3.8 per cent over three straight days, the benchmark FBM KLCI could swing sideways with a marginal downward bias ahead.

"The immediate support and resistance levels are currently seen at 1,475 and 1,500, respectively," it said in a research note today.

The research house, however, said Tenaga Nasional could support the local bourse as the power utility company would benefit from the fuel cost-sharing mechanism with Petronas and the government, which would translate to substantial cost savings.

Tenaga Nasional was among the major contributors to the key index, gaining 9 sen to RM5.77.

On Bursa Malaysia, the Finance Index gained 10.38 points to 13,338.72, the Plantation Index added 24.84 points to 7,842.47, and the Industrial Index climbed 31.06 points to 2,700.32. The FBM Emas Index jumped 42.72 points to 10,181.64 and the FTSE Bursa Malaysia Mid 70 Index rose 7.50 points to 10,964.88.

The FTSE Bursa Malaysia Ace Index, however, slipped 15.64 points to 4,138.66. Trading was moderate with 91.51 million shares worth RM57.37 million.

Gainers led losers by 119 to 61 while 96 counters were unchanged, 1,203 untraded and 15 others were suspended.

Volume leaders, Wijaya rose 0.5 sen to 24.5 sen, Sycal Ventures was 2.5 sen higher at 22 sen, while Compugates was flat at 8.5 sen.

For heavyweights, Maybank declined 3 sen to RM8.36, CIMB lost 2 sen to RM7.20, while Sime Darby gained 12 sen to RM9.16. -- Bernama



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