Business

Published: Friday July 24, 2009 MYT 1:46:00 PM

Bursa marginally down at midday on profit-taking activities


KUALA LUMPUR: The local bourse was marginally down Friday to end the morning session due to profit-taking activities, while Asian markets advancing due to encouraging news in US and the region.

The bank of Korea said today in Seoul that the country’s gross domestic product rose 2.3% from the first quarter, when the nation skirted a recession by growing 0.1%, which was better than the 2.2% growth estimated by economists.

Samsung Electronics Co today joined exporters Hundai Motor Co and LG Electronics Inc in reporting profit surged last quarter due to weaker currency and demand fed by US$2.2 trillion in stimulus worldwide, according to a Bloomberg report.

Consumer spending rose 3.3% from the first quarter, the most in seven years, the report said.

Meanwhile, the Nikkei business daily reported on Friday that Sony Corp would likely invest more than 100 billion yen (US$1.1 billion) in a planned liquid crystal display TV panel venture with Sharp Corp.

In Hong Kong, a rebound in property prices helped pushed the Hang Seng Index up to above 20,000 points in morning trade for the first time since the collapse of Lehman Brothers Holdings Inc.

At 12.30pm, the benchmark FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) down 0.34 points or 0.03% to 1,151.81 while Singapore’s Straits Times Index advanced 1.19% to 2,514.43.

Tokyo’s Nikkei 225 rose 0.85% to 9,876.48, Hong Kong’s Hang Seng Index gained 0.47% to 19,909.95 and Shanghai’s A share index climbed 1.40% to 3,375.16.

Taipei’s Taiex Index added 0.10% to 6,978.89 while Seoul’s Kospi Index advanced 0.28% to 1,500.75.

At Bursa Malaysia, 281 counters were up, 217 counters were down and 262 counters were unchanged. There were 596.72 million shares traded with a total value of RM770.69 million.

Among top gainers, Bursa gained 15 sen to RM7.55, Nestle and BAT added 25 sen each to RM31.50 and RM45.00 respectively, Genting rose 15 sen to RM6.40, Ann Joo up 12 sen to RM2.35.

The most actively stocks inluded KNM rose 1 sen to 87 sen, Lion Corp lost 1 sen to 49 sen, TA up 3 sen to RM1.08 and SAAG was unchanged at 29 sen.

Talam added 0.5 sen to 9.5 sen, UEM Land rose 2 sen to RM1.69 and Mulpha up 1 sen to 55 sen.

Among losers, Litrak fell 60 sen to RM2.58, Public Bank-foreign dropped 30 sen to RM10.00 and DIGI lost 20 sen to RM22.00.

Tenaga shed 10 sen to RM8.05, IOI Corp was 12 sen lower at RM4.86 while Dutch Lady and United Plantations down 10 sen each to RM11.00 and RM12.30 respectively.

Nymex crude oil fell 27 cents to US$66.89 per barrel.

Crude palm oil 3-month futures lost RM13 to RM2,087 per tonne.

The ringgit was quoted at 3.538 to the US dollar.

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