Published: Monday July 2, 2012 MYT 1:05:00 PM
Updated: Monday July 2, 2012 MYT 1:10:03 PM
Blue chips off to firmer start for H2
By Joseph Chin
KUALA LUMPUR: Some fund buying of blue chips helped kick start the second half of 2012 on a firm note on Monday, on buying on consumer and banking stocks, in line with key regional markets.
At 12.30pm, the FBM KLCI was up 4.12 points or 0.26% to 1,603.27. Turnover was 618.98 million valued at RM571.32mil.
The broader market was firmer with 357 gainers, 235 losers and 290 stocks unchanged.
Bloomberg reported Japan's Tankan index of large manufacturers' sentiment and China's Purchasing Managers' Index exceeded economist estimates, while a reading late Monday may show factory activity in the euro zone contracted for an 11th month.
Among the key regional markets, Japan's Nikkei 225 rose 0.25% to 9,029.03; Shanghai's Composite Index added 0.05% to 2,226.56; Taiwan's Taiex 0.81% to 7,355.06; South Korea's Kospi 0.17% to 1,857.13 and Singapore's Straits Times Index 0.67% higher at 2,897.61.
US light crude oil fell US$1.17 to US$83.79 and Brent US$1.64 to US$96.16. Spot gold fell US$4.37 to US$1,593.08 while the ringgit was firmer against the US dollar at 3.1675.
Crude palm oil futures for third-month delivery rose RM44 to RM3,064, the highest in one month. The increase in CPO was driven by concerns about a contraction in soybean yields due to the hot, dry weather in US.
Among the plantations, KLK rose 24 sen to RM23.18 while FGV rose seven sen to RM5.39. However, PPB fell 10 sen to RM15.88, SOP and Kulim nine sen each to RM6.20 and RM4.61.
Consumer stocks continued to top the gainers' list, with Nestle up RM1.30 to RM58.80 with 1,800 shares done, BAT RM1 to RM57 and Dutch Lady 30 sen to RM35.50.
Pharmaniaga added 42 sen to RM10.60, Warisan 23 sen to RM2.50 while Allianz-PA gained 16 sen to RM5.18 and Allianz 15 sen to RM5.19.
Among the decliners were Cybertowers, down 16 sen to RM1.47, QSR 13 sen to RM6.50 and GAB eight sen lower to RM13.28.