Business

Published: Wednesday February 22, 2012 MYT 10:58:00 AM
Updated: Wednesday February 22, 2012 MYT 5:52:07 PM

Local bourse closed down, Asia more positive


KUALA LUMPUR: The local benchmark index fared poorer today while most Asian bourses tilted towards the positive amid mixed sentiments following Greece's second bailout that did not quite excite investors.

The FBM KLCI closed 3.26 points or 0.21% to 1,560.52. The local benchmark index opened almost flat this morning, gaining a meagre 0.04 point to 1,563.82 in early trade.

The local market volume traded was 2.23bil shares done worth RM1.937bil. Market breadth was negative, with 542 counters down against 305 gainers while 301 remained unchanged.

Top gainers were Dutch Lady Milk Industries Bhd, rising 40 sen to RM25.80; TAHPS Group Bhd, which rose 39 sen to RM4.80 and Chin Teck Plantations Bhd which gained 34 sen to RM9.00.

Top losers were Harrisons Holdings (M) Bhd, which was down 53 sen to RM3.17; Fima Corp Bhd which dipped 52 sen to RM6.23 and PPB Group Bhd, which shed 50 sen to RM17.14.

Hwang DBS Vickers Research expected the local bourse to continue its sideways trading pattern, swinging between immediate support and resistance levels of 1,555 and 1,580 ahead due to latest development on the eurozone crisis.

“Greece has sealed a new bailout deal after securing approvals from eurozone finance ministers yesterday. Yet, the news could have already been discounted by investors as key US equity indices ended little changed of between -0.1% and +0.1% last night,” it reported in its daily preview.

The research house noted that two construction-related stocks could stand out today - Mudajaya and Eversendai.

Both companies are said to be part of a consortium that would be appointed as the main engineering, procurement and construction contractor for the new Tanjung Bin power plant project.

“According to the media report, Mudajaya is expected to be awarded the civil work portion (worth RM950m) while Eversendai would secure the boiler erection contract (worth RM140m). Also, in a separate announcement to the stock exchange, Eversendai said it has clinched contracts in the Middle East and Malaysia valued at RM185mil,” it said.

Regional bourses were more positive than earlier in the day with Tokyo's Nikkei 225 gaining 0.96% to 9554.00 and Shanghai's A index was up 0.93% to 2403.59.

Hong Kong's Hang Seng Index was up 0.33% to 21549.28 while Seoul's Kospi Index rose 0.22% to 2028.65.

Nearer to home, Singapore's Straits Times Index fell 0.97% to 2995.59.

Nymex crude oil was quoted at US$105.83 per barrel, spot gold at US$1755.10 per ounce and silver at US$34.12. The ringgit was quoted at 3.0283 to the US dollar and 4.0055 to the euro.

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