Business

Published: Tuesday July 10, 2012 MYT 1:12:00 PM
Updated: Tuesday July 10, 2012 MYT 3:36:16 PM

KLCI hits record intra-day high of 1,625

By Joseph Chin


KUALA LUMPUR: Blue chips regained their momentum on Tuesday, with plantations and banks helping the FBM KLCI to chart a fresh intra-day record high of 1,625.04 while key regional markets fell except for Singapore.

At 12.30pm, the FBM KLCI was up 2.16 points or 0.13% to 1,622.47. Turnover was 567.25 million shares valued at RM552.83mil. There were 325 gainers, 313 losers and 313 stocks unchanged.

Key regional markets were in the red for the fourth day as Chinese trade data added to signs of slowing economic growth, Bloomberg reported.

Japan's Nikkei 225 fell 0.18% to 8,880.83; Hong Kong's Hang Seng Index fell 0.31% to 19,367.28, Shanghai's Composite Index lost 0.53% to 2,159.33, Taiwan's Taiex 1.11% to 7,228.98 and South Korea's Kospi 0.46% lower at 1,827.64.

Singapore's Straits Times Index bucked the downward trend, adding 0.43% to 2,941.65.

Oil slumped as Norway ended an energy strike, which saw US light crude oil slipping 95 cents to US$85.04 and Brent down US$1.73 to US$98.59. Spot gold fell US$1.35 to US$1,586.30.

The ringgit was firmer against the US dollar at 3.1864.

Crude palm oil for third-month futures fell RM24 to RM3,129, off the opening high of RM3,150.

Reuters reported Malaysia's June palm oil stocks fell 4.9% to 1,699,117 tonnes from a revised 1,758,684 tonnes in May, industry regulator Malaysian Palm Oil Board said.

June's fall exceeded market expectations that stocks in the world's No.2 palm oil producer likely dropped 2.2 percent to 1.73 million tonnes.

At Bursa Malaysia, IJM Plantations rose 22 sen to RM3.72, Chin Tek and TSH 19 sen each to RM9 and RM2.71, Kulim 16 sen to RM5.02, Kulim-CH 11.5 sen to 26.5 sen. IOI added four sen to RM5.28 and FGV two sen to RM5.39. However, profit taking saw Genting Plantations shedding 15 sen to RM9.85.

KLCCP was the top gainer, up 24 sen to RM5.22, as interest was revived again following its REITs plan.

BAT added 18 sen to RM56.88, MMHE 15 sen to RM5.590, MMC four sen to RM2.65 while among the banks, Maybank and AMMB added four sen each to RM8.74 and RM6.49 while CIMB gained three sen to RM7.77 but RHB Cap fell 10 sen to RM7.48.

Nestle and Pharmaniaga fell 22 sen each to RM57.58 and RM10.38, Lysaght 17 sen to RM2 and Parkson nine sen to RM4.69.

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