Published: Wednesday August 8, 2012 MYT 5:48:00 PM
Blue chips recover some lost ground
KUALA LUMPUR: Malaysia's FBM KLCI managed to close higher on Wednesday, recouping half of the losses the previous day, on some fund buying of selected key stocks but the broader market was mixed.
At 5pm, the FBM KLCI was up 4.80 points or 0.29% to 1,635.92. Turnover was 1.23 billion shares valued at RM1.75bil. There were 348 gainers, 357 losers and 360 stocks unchanged.
European shares weakened on Wednesday, retreating from more than four-month highs hit in the previous session, although expectations that central banks could provide further support to boost ailing economies were seen likely to stem any weakness, Reuters said.
Fed Chairman Ben Bernanke said on Tuesday the U.S. economic recovery was still fragile and low interest rates were necessary to promote stronger growth and bring down unemployment.
Among the key regional markets, Japan's Nikkei 225 added 0.88% to 8,881.16; Shanghai's Composite Index rose 0.16% to 2,160.99; Taiwan's Taiex 0.33% higher at 7,319.80 while South Korea's Kospi edged up 0.87% to 1,903.23.
Singapore's Straits Times Index fell while Hong Kong's Hang Seng Index shed 0.04% to 20,065.52.
US light crude oil retreated 49 cents to US$93.18 and Brent 51 cents lower at US$111.49. Spot gold fell US$3.95 to US$1,608.41.
The ringgit was quoted at 3.1025 to the US dollar.
At Bursa Malaysia, BAT closed 92 sen higher to RM60.30 but this was still in contrast to the late selling on Tuesday, where the stock fell RM2.68 to RM59.38.
Tenaga rose seven sen to RM6.97 and DiGi six sen to RM4.69. Petronas-related stocks were among the gainers in the 30-stock KLCI. Petronas Dagangan added 30 sen to RM22.06, Petronas Gas 10 sen to RM19.10 and Petronas Chemicals five sen to RM6.56.
Crude palm oil for third-month futures fell RM41 to RM2,866, the lowest since June 15 on concerns that stockpiles might increase as exports declined. Stockpiles rose 10% to 1.87 million tonnes in July from 1.7 million tonnes in June, according to wire reports.
Plantations were mixed, with United Malacca up 26 sen to RM7.89 while IOI and PPB gained four sen each to RM5.17 and Rm13.92 but Far East fell 15 sen to RM7.45 and Tradewinds Plantations 14 sen lower to RM4.38.
IHH fell six sen to RM3.19 with 28.71 million shares done.
F&N fell 44 sen to RM19.90 on weaker third quarter earnings. However, AmResearch said the long-term earnings growth remained intact, well underpinned by higher demand for core soft drinks and dairies divisions.
Pharmaniaga lost 15 sen to RM8.83 on profit taking. Its net profit rose 12.8% to RM15.71mil from RM13.92mil a year ago, mainly due to the newly acquired subsidiary Idaman Pharma Manufacturing Sdn Bhd.
Genting Bhd and genting Malaysuia fell two sen each to RM8.87 and RM3.28.