KLCI dips to below 1,580-level, blue chips drag

KUALA LUMPUR (April 25): The FBM KLCI closed below the 1,580-point level on Wednesday, reversing its gains earlier in the morning session, weighed by losses including Genting, Tenaga, CIMB, KLK and Petronas Dagangan.

The index fell 2.93 points to 1,579.35.

Market breadth was weak with 405 losers, 315 gainers and 346 counters trading unchanged. Volume was 1.47 billion shares valued at RM1.53 billion.

Meanwhile, global shares rose on Wednesday ahead of the U.S. Federal Reserve's policy meeting, due mainly to signs of good demand for euro zone sovereign debt before a German bond sale, and some strong corporate earnings, according to Reuters.

Markets could take their cues from several planned public speeches by European Central Bank officials, which will be scrutinised for any signs it would consider more liquidity operations if the euro zone's problems worsened, it said.

At the regional markets, Japan’s Nikkei 225 rose 0.98% to 9,561.01, Taiwan’s Taiex added 0.86% to 7,563.18, and the Shanghai Composite Index gained 0.75% to 2,406.81 and Singapore’s Straits Times Index added 0.20% to 2,980.19.

Meanwhile, Hong Kong’s Hang Seng Index lost 0.15 % to 20,646.29 and South Korea’s Kospi shed 0.07% to 1,961.98.

Among the decliners on Bursa Malaysia, BAT fell 28 sen to RM55.12, KLK and TH PLANTATION []s lost 16 sen each to RM23.82 and RM2.65, CSL down 15 sen to RM1.48, UMS 14 sen to RM1.66, Yeo Hiap Seng 13 sen to RM2.88, Toyo Ink, Tanjung Offshore and MMC Corp down 12 sen each to RM1.36, 78 sen and RM2.62 respectively, while Quality Concrete lost 11 sen to RM1.24.

Utopia was the most actively traded counter with 186.1 million shares done. The stock added one sen to 9.5 sen.

Other actives included Ariantec, Ramunia, CSL, Metronic, Astral Supreme, HWGB and JCY.

Meanwhile, the gainers included Panasonic, UMWE, The Store, NSOP, SPB, Batu Kawan, Cepco, TDM and Scientex.



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KLCI edges down 0.1% at mid-day break

KUALA LUMPUR (April 25): The FBM KLCI edged down 0.1% at the mid-break on Wednesday in choppy trade, weighed by losses at key blue chips including Genting, Tenaga and Petronas-linked counters.

The benchmark index was down 0.81 of a point to 1,581.47 at the mid-day break.

Gainers trailed losers by 271 to 302, while 318 counters trade unchanged. Volume was 777.12 million shares valued at RM621.37 million.

The ringgit weakened 0.04% to 3.0638 versus the greenback, crude palm oil futures fell RM3 per tonne to RM3,460, crude oil gained 21 cents per barrel to US$103.76 and gold added 10 cents an ounce to US$1,642.38.

Meanwhile, Asian shares rose on Wednesday, buoyed by firm U.S. corporate earnings, signs of an improving U.S. housing market, and healthy demand for euro zone sovereign debt, while investor focus shifted to the Federal Reserve's policy meeting.

Markets will be looking for the Fed's economic assessment and clues to future monetary policy, including the probability of a third round of quantitative easing, when it ends its two-day meeting later on Wednesday.

At the regional markets, Japan’s Nikkei 225 gained 0.98% to 9,560.47, Hong Kong’s Hang Seng Index edged up 0.08% to 20,693.10, the Shanghai Composite Index rose 0.33% to 2,396.68, Taiwan’s Taiex gained 0.83% to 7,561.07, South Korea’s Kospi was up 0.23% to 1,967.99 and Singapore’s Straits Times Index was up 0.09% to 2,976.93.

Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients on Wedneday said the FBM KLCI declined 1.52 points to close at 1,582.28 on Tuesday.

“Its resistance areas of 1,582 and 1,609 will cap market gains, whilst the weaker support areas are located at 1,562 and 1,579.

“Despite the US markets’ better tone last night, we may be in for another day of heavy selling here,” he said.

On Bursa Malaysia, Petronas Dagangan was the top loser and fell 20 sen to RM19.08, Tradewinds PLANTATION []s fell 15 sen to RM5.51, UMS 13 sen to RM1.67, Yeoh Hiap Seng 12 sen to RM2.89, Aeon Credit 11 sen to RM9.87, MMC Corp 10 sen to RM2.64, TH Plantations nine sen to RM2.72, Tanjung Offshore 8.5 sen to 81.5 sen and Rapid fell eight sen to RM2.49.

Meanwhile, Genting and Tenaga fell four sen each to RM10.52 and RM6.49, KLK eight sen to RM23.90 and Petronas Gas fell six sen to RM16.88.

Utopia was the most actively traded counter with 108.85 million shares done. The stock added one sen to 9.5 sen.

Other actives included Ariantec, Ramunia, CSL, Metronic, JCY, Karambunai and Astral Supreme.

Gainers included Panasonic, UMW, TDM, KPJ shares and warrants, Pintaras, Ekovest, MPI and Carlsberg.



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KLCI gains on US, Europe updates

KUALA LUMPUR (April 25) : Malaysians stocks rose in tandem with Asian peers following a stronger close across US markets in overnight trade. Global markets have responded positively to improving US corporate earnings and housing sector updates, apart from firm demand for European government bonds.

Analysts said investors will watch for clues of further quantitative easing (QE) by US policymakers to sustain the world’s largest economy. Signs of a further QE may spur global equities while an opposite indication could result in profit taking, they said.

“Selling pressures on Asian equities may abate today after Wall Street’s performance last night,” HwangDBS Vickers Research Sdn Bhd wrote in a note.

At 9.59am, the FBM KLCI added 1.13 points to 1,583.41. Across the exchange, some 372 million shares worth RM188 million were traded, leading to 222 gainers versus 138 decliners.

Top gainers UMW HOLDINGS BHD [] rose 18 sen to RM7.83, while Panasonic Manufacturing Malaysia Bhd was up 16 sen to RM22.30.

Among decliners, UMS HOLDINGS BHD [] fell 20 sen to RM1.60 while PPB GROUP BHD [] was down 12 sen to RM16.66.

Among actively-traded stocks, RAMUNIA HOLDINGS BHD [] added one sen to 41 sen with some 15 million shares done.

Across Asia, Japan’s Nikkei 225 rose 1% to 9,562.62 points while South Korea’s Kospi was up 0.34% to 1,970.11. The Australian exchange is closed for a public holiday.



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Regional markets rise on Eurozone rescue hopes, but scepticism remains

KUALA LUMPUR: The FBM KLCI edged higher at mid-morning on Wednesday, Oct 19 as Asian markets advanced, but gains were limited as investors remained cautious over the mixed news flow emerging from Europe.

Wall Street received a jolt in the final hour of trading yesterday after the UK Guardian reported that France and Germany had agreed to increase the size of Europe's rescue package to more than EUR2 trillion ($2.7 trillion).

However, the report was almost immediately contradicted by Dow Jones Newswires, which said that European officials were still debating the size of the bailout fund and reports that an agreement has been reached to leverage it to EUR2 trillion are "totally wrong."

Asian investors were also wary after Moody's cut Spain's sovereign ratings by two notches.

The FBM KLCI was up 7.44 points to 1,447.38 at 10am, lifted by gains at select blue chips.

Gainers led losers by 420 to 58, while 133 counters traded unchanged. Volume was 437.9 million shares valued at RM211.98 million.

At the regional markets, Hong Kong’s Hang Seng Index rose 1.56% to 18,357.76, Japan’s Nikkei 225 was up 0.61% to 8,795.46, Singapore’s Straits Times Index up 0.55% to 2,739.75, the Shanghai Composite Index gained 0.44% to 2,393.95, South Korea’s Kospi up 0.28% to 1,844.07 while Taiwan’s Taiex was flat at 7.359.72.

Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients Oct 19 said that due to the US markets’ firmer tone last night, the local index could be volatile today.

He said that some minor local buying activities could keep the local market slightly firmer today.

Among the top gainers at mid-morning were Batu Kawan, PPB and Airasia that rose 20 sen each to RM15.50. RM16.70 and RM3.87 respectively, KLK up 16 sen to RM20.86, IJM Corp and MMHE each to RM5.36 and RM6.10, Tradewinds 14 sen to RM8.69, Kencana and Genting Malaysia 13 sen each to RM2.55 and RM3.63, while UMS added 12 sen to RM1.74.

Asiapac was the most actively traded counter with 26.2 million shares done. The stock added 1.5 sen to 11 sen.

Other actives included Harvest Court, HWGB, IRCB, RedTone and GPRO.

Among the losers at mid-morning were Nestle, Lafarge Malayan Cement, Lysaght, Digi, Lay Horng, Cepco, Parkson and Maxis.