Business

Published: Thursday November 12, 2009 MYT 11:43:00 AM
Updated: Thursday November 12, 2009 MYT 11:44:44 AM

KLCI down in early trade

By Laalitha Hunt


KUALA LUMPUR: The KLCI was marginally down in early trade Thursday due to mild selling of CIMB and Sime Darby shares. In the region, however, Asian stocks rose for a fifth day led by banks and automakers on speculation that central banks would support the economic recovery by keeping borrowing costs down, according to Bloomberg.

“Excess liquidity supported by low interest rates should be an encouraging factor for the stock market,” said Mitsushige Akino, who oversees the equivalent of US$450mil in assets in Tokyo-based Ichiyoshi Investment Management Co.

According to HwangDBS Vickers Research Sdn Bhd, strong performance in the Wall Street overnight should hold up investors’ sentiment across the region including Malaysia today. “Benchmark FBM KLCI would probably range bound ahead, possibly climbing towards the resistance level of 1,280. However, after testing this barrier yesterday before backing off subsequently, it may take a bit more effort to jump over the hurdle,” the report added.

At 10am, the KLCI was 1.89 points lower at 1,268.26 while Singapore’s Straits Times Index fell 0.14% to 2,736.50.

Tokyo’s Nikkei 225 rose 0.44% to 9,915.25, Taipei’s Taiex Index added 0.31% to 7,692.21 while Seoul’s Kospi Index added 0.33% to 1,600.15.

At Bursa Malaysia, 132 counters were up, 148 were down while 194 others were traded unchanged. There were 216.94 million shares done at a total value of RM199.957mil.

Among active stocks, Scomi Group fell 6 sen to 52 sen, Hubline added 1 sen to 24 sen while Jaks Resources gained 4.5 sen to 82 sen.

QSR Brands rose 16 sen to RM3.48, Supermax gained 11 sen to RM3.75 and Affin added 10 sen to RM2.28.

Among plantation stocks, Batu Kawan added 6 sen to RM10.06 while Boustead gained 3 sen to RM3.44.

Nymex crude oil in electronic trade was up 20 cents to US$79.48 per barrel.

Spot gold gained US$3.97 to US$1,121.38 per ounce.

The ringgit was quoted at 3.3775 to the US dollar.

  • E-mail this story
  • Print this story