Published: Monday February 18, 2013 MYT 9:23:00 AM

Blue chips slip in early trade, Genting, Sime down

By Joseph Chin

KUALA LUMPUR: Malaysia's blue chips slipped in early trade on Monday, with Genting Bhd and Sime Darby among the major decliners.

At 9.07am, the FBM KLCI was down 0.74 of a point to 1,627.19. Turnover was 29.33 million shares valued at RM11.21mil. There were 68 gainers, 41 losers and 78 counters unchanged.

Japanese shares rallied and the yen fell on Monday after Tokyo escaped direct criticism from its Group of 20 peers on its aggressive reflationary plans that have weakened the currency, Reuters reported.

At Bursa Malaysia, Genting fell 20 sen to RM9.46 and Sime Darby three sen to RM9.21.

Among plantations, IJM Plantations fell three sen to RM2.87 and PPB Group two sen to RM12.22.

CMSB lost six sen to Rm3.02, Dijaya four sen to RM1.25 and Coastal three sen to RM1.99.

P&O fell two sen to RM1.33 as investors took profit after Friday's rise as they expected more dividends from the sale of a 49% stake in the insurance unit.

P&O is expected to pay out only RM37mil (or about 15 sen per share) in special dividends to shareholders from the total proceeds of RM270mil that it would receive from the sale of its insurance business, analysts said.

However, UMW and CCB rose 10 sen each to RM12.22 and RM2.84 while Lafarge added four sen to RM9.24. MISC and Tenaga gained three sen each to RM5.33 and RM6.98.

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