Published: Thursday June 28, 2012 MYT 6:06:00 PM
FGV closes up 75 sen to RM5.30 amid cautious market
By Joseph Chin
KUALA LUMPUR: Felda Global Ventures Bhd (FGV) was in the limelight on Thursday, making a firm debut on the Main Market, amid the cautious regional and European bourses.
FGV closed 75 sen or nearly 16.5% higher at RM5.30 with 261.57 million shares done. It was the second largest initial public offer this year after Facebook.
However, the FBM KLCI fell 7.65 points or 0.48% to 1,594.24. Turnover was 1.56 billion shares valued at RM2.74bil. Declining stocks beat advancers 477 tp 248 while 305 counters were unchanged.
The euro hit a three-week low and European shares fell on Thursday as divisions among European leaders dashed any hopes of concrete measures to tackle the region's debt crisis, sending 10-year Spanish government bond yields above 7%.
Reuters said the European Union's two-day leaders' summit, which starts on Thursday, was expected to produce a broad roadmap for fiscal, financial and political union and may agree a package of growth-boosting measures.
As for key Asian markets, the mood was mixed. Japan's Nikkei 225 rose 1.65% to 8,874.11; South Korea's Kospi eked out a marginal gain of 0.08% to 1,819.18 and Singapore's Straits Times Index inched up 0.18% to 2,846.82.
However, Hong Kong's Hang Seng Index slipped 0.79% to 19,025.27; Shanghai's Composite Index lost 0.95% to 2,195.84 and Taiwan's Taiex shed 0.19% to 7,169.27.
US light crude oil fell 33 cents to US$79.88 and Brent 83 cents lower at US$92.67. Spot gold lost US$4.29 to US$1,569.90. The ringgit was traded at 3.1964 to the US dollar.
Public Bank weighed the most on the KLCI, down 14 sen to RM13.76, dragging the index down 1.55 points.
BAT fell 90 sen to RM55.10, Nestle 22 sen to RM57.88, Dutch Lady and PetDag 20 sen each to RM35 and RM21.60 while Tradewinds fell 19 sen to RM9.09. Genting fell nine sen to RM9.39 and Genting Malaysia four sen to RM3.52.
Among the gainers were KLCCP, which surged to an all-time high of RM4.31, gaining 45 sen after it announced it was looking into the possibility of setting up a REIT. KLCCP-CA added 12.5 sen to 32.5 sen.