CIMB Research has technical sell on Versatile Creative at 53 sen

KUALA LUMPUR (Feb 2): CIMB Equities Research has a technical sell on Versatile Creative at 53 sen at which it is trading at a price-to-book value of 1.2 times.

It said on Thursday that Versatile Creative violated its wedge support few days ago and it believes this is a prelude to more downside ahead.

“If we are right, the candles should fall towards 50 sen and 46.5 sen soon. Selling pressure will intensify when the 30-day SMA is breached,” it said.

CIMB Research said the bearish divergence on the MACD indicator shows that buying momentum is losing steam. RSI has also fallen below the overbought territory.

“Traders should do well selling into strength as near term gains are likely capped at 54 sen to 55.5 sen. Put a buy stop at 58 sen, just in case,” it said.



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KL shares wring gains at midday

Share prices on Bursa Malaysia were steady at midday today, aided by gains in finance and plantation counters.

At 12.30pm, the FBM KLCI stood 2.74 points higher at 1,506.96. It had opened 2.83 points better at 1,507.05.

Dealers said sentiment was still influenced by renewed concerns about the ability of European countries to refinance their huge public debt.

The Finance Index rose 71.021 points to 13,408.74 and the Plantation Index gained 15.881 points to 8,308.69 but the Industrial Index lost 0.22 of a point to 2,738.31.

The FBM Emas Index added 12.16 points to 10,369.5, The FBM ACE Index fell 15.5 points to 4,084.42 and the FBM 70 Index eased 9.33 points to 11,580.68.

Turnover stood at 754.214 million shares worth RM579.564 million.

Gainers led losers 307 to 300 while 332 counters were unchanged, 550 untraded and 23 others suspended.

Among active stocks, JCY International-CD and JCY International gained seven sen each to 65 sen and RM1.25 respectively, Wijaya Baru-WA added 2.5 sen to 39 sen and Versatile Creative was up six sen to 48.5 sen.

For the heavyweights, Maybank improved six sen to RM8.33, Sime Darby lost seven sen to RM9, CIMB edged up four sen to RM7.14 and Petronas Chemicals inched up three sen to RM6.23. -- Bernama



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KL shares lower at midafternoon

KUALA LUMPUR - Share prices on Bursa Malaysia continued its downtrend at midafternoon today on selling pressure.

At 3.20pm, the FBM KLCI dropped 15.05 points to 1,457.87.

Dealers said disagreements between European leaders continued to dent hopes for an aggressive plan to ease the region's debt crisis, mirrored the downtrend in the global market.

The Finance Index lost 123.83 points to 12,938.33, Industrial Index declined 25.62 points to 2,645.75 and the Plantation Index fell 85.38 points to 7,843.73.

The FBM Emas Index plunged 97.97 points to 9,984.54, FBM 70 Index dwindled 96.32 points to 10,895.3 and the FBM Ace decreased 51.9 points to 4,180.53.

Losers outnumbered gainers 512 to 146, while 252 counters traded unchanged.

A total of 908.303 million shares worth RM641.191 million changed hands.

Among active counters, Compugates dropped half a sen to 6.5 sen, SYF Res-WA added seven sen to RM57.5 sen and Versatile erased two sen to 42 sen.

Of the heavyweights, Maybank slipped six sen to RM8.15, Sime Darby shed four sen to RM8.90, CIMB erased nine sen to RM6.91 and Petronas Chemicals lost nine sen to RM6. Bernama



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KL shares slump in broad sell-off

KUALA LUMPUR: Share prices on Bursa Malaysia slumped in broad-based sell-off at the end of the morning session today, dealers said.

They said the market barometer fell to below the 1,460-point level on downbeat outlook for the eurozone.

The FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 14.33 points to close at 1,458.59, after opening 8.22 points lower at 1,464.7.

Dealers said the local equity market and Asian stocks were hit on fears that the crucial European Union summit would fail to deliver actions to ease the two-year old debt crisis.

"The global market sentiment dampened as hopes fizzled further on the summit following European Central Bank ruling out more bond buy, which overshadowed China's November inflation data that eased more than expected," a dealer said.

The Finance Index plummeted 129.57 points to 12,932.59, Industrial Index edged down 27.21 points to 2,644.16 and the Plantation Index dropped 90.10 points to 7,839.01.

The FBM Emas Index lost 93.819 point to 9,988.69, FBM Ace Index fell 47.29 points to 4,185.14 and the FBM 70 Index dwindled 98.69 points to 10,892.93.

Decliners led advancers 471 to 136 while 237 counters were unchanged, 634 untraded and 19 others suspended.

Total volume stood at 727.432 million shares worth RM485.120 million.

Among active stocks, Compugates was flat at seven sen, SYF Res-WA added six sen to 56.5 sen and Versatile eased 1.5 sen to 42.5 sen.

Of the heavyweights, Maybank slipped seven sen to RM8.14, Sime Darby edged down four sen to RM8.90, CIMB fell six sen to RM6.93 and Petronas Chemicals lost nine sen to RM6. - BERNAMA



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KL shares start on bearish note

KUALA LUMPUR: Amid the sluggish market condition, share prices on Bursa Malaysia started trading Friday on a bearish note, with heavy selling seen in selected bluechips and low-liners, dealers said.

The global markets were on a downtrend further as the European Central Bank squelched hopes for increased bond purchases ahead of the European Union Leaders' Summit which is expected to come out with an aggressive plan to contain the region's debt crisis.

Thirty mminutes after the opening, the FTSE Bursa Malaysia (FBM KLCI) lost 10.42 points to 1,462.5, with losses mostly seen in Petronas Dagangan and Kuala Lumpur Kepong.

Earlier, the benchmark index opened 8.22 points lower at 1,464.7.

China's key inflation data to be out this week also contributed to the local bourse's sentiments today, dealers said.

The Finance Index plunged 100.141 points to 12,962.02, the Plantation Index dipped 56.64 points to 7,872.47 and the Industrial Index slipped 20.95 points to 2,650.42.

The FBM Emas Index dwindled 62.25 points to 10,020.26, the FBM Mid 70 Index was 54.71 points lower at 10,936.91 and the FBM ACE Index fell 34.18 points to 4,198.25.

Decliners led advancers 220 to 65 while 160 counters were unchanged, 1,033 untraded and 19 others were suspended.

Turnover stood at 201.474 million shares worth RM125.931 million.

Actives, Compugates inched down half-a-sen to 6.5 sen, Versatile Creative was flat at 44 sen, SYF Res-WA gained 2.5 sen to 53 sen and Wijaya Bari-WA added half-a-sen to 37.5 sen.

For heavyweights, Maybank lost five sen to RM8.16, Sime Darby and CIMB shed four sen each to RM8.90 and RM6.95, respectively, while Petronas Chemicals slipped three sen to RM6.06. - Bernama



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Market Commentary

The FBM KLCI index gained 27.38 points or 1.90% on Wednesday. The Finance Index increased 1.26% to 13157.76 points, the Properties Index up 0.50% to 956.15 points and the Plantation Index rose 0.69% to 7690.02 points. The market traded within a range of 28.51 points between an intra-day high of 1472.10 and a low of 1443.59 during the session.

Actively traded stocks include COMPUGT, ARMADA, VASTALX, VERSATL, TIGER, MITHRIL, MBFHLDG-WA, NICORP, SAAG and AIRASIA. Trading volume increased to 1534.36 mil shares worth RM2024.33 mil as compared to Tuesday’s 1304.50 mil shares worth RM1563.23 mil.

Leading Movers were AXIATA (+25 sen to RM5.10), MAYBANK (+28 sen to RM8.30), GENTING (+46 sen to RM10.96), SIME (+19 sen to RM9.00) and TENAGA (+21 sen to RM5.65). Lagging Movers were UMW (-10 sen to RM6.68), PPB (-14 sen to RM16.06), MISC (-4 sen to RM5.88), RHBCAP (-7 sen to RM7.31) and PETDAG (-6 sen to RM16.50). Market breadth was positive with 417 gainers as compared to 352 losers. -- JF Apex Securities Bhd



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Bursa Securities queries Versatile over unusual market activity

KUALA LUMPUR (Nov 30): Bursa Malaysia Securities Bhd has issued an unusual market activity over the trading of VERSATILE CREATIVE BHD []’s shares recently.

The regulator said on Wednesday the query was over the sharp rise in price and high volume in the shares.

At 4.22pm, its share price was up 8.5 sen to 38 sen with 49.73 million units done.

The FBM KLCI was up 13.56 points to 1,458.28. Turnover was 1.24 billion shares valued at RM1.33 billion. There were 356 gainers, 378 losers and 285 stocks unchanged.



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