Thursday 28 Mar 2024
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KUALA LUMPUR: The FBM KLCI rose marginally higher at mid-morning on Thursday, June 9 as selective buying on blue chip stocks lifted the index.

Regional markets were mostly down following the weaker overnight close at Wall Street.

Asian stocks slipped for a sixth straight day on Thursday as investors cut exposure to risky assets on signs the global economy is losing steam, even as oil prices and the high-yielding Australian dollar pushed higher, according to Reuters.

The Federal Reserve's beige book summary of economic conditions confirmed that the economy slowed in May due to higher gasoline prices and the supply chain disruptions following Japan's earthquake and tsunami in March, it said.

The FBM KLCI edged up 1.98 points to 1,553.77 at mid-morning, boosted by gains including at Genting, Petronas Dagangan and BAT.

Gainers led losers by 177 to 150, while 215 counters traded unchanged. Volume was 134.71 million shares valued at RM161.21 million.

At the regional markets, Japan’s Nikkei 225 slipped 0.29% to 9,421.59, Hong Kong’s Hang Seng Index fell 0.22% to 22,612.71, the Shanghai Composite Index shed 0.19% to 2,745.04, and South Korea’s Kospi lost 0.33% to 2,076.57.

Meanwhile, the Singapore Straits Times Index added 0.26% to 3,110.98 and Taiwan’s Taiex edged up 0.01% to 9,008.21.

BIMB Securities Research said that with Wall Street succumbing to its sixth consecutive losses on slower than expected recovery in the US, there was little impetus to jack up regional bourses today.

“We expect selective buying to continue on blue chips as some funds may roll-over their valuation horizon to 2012.

“As such, we envisage the FBM KLCI to be well supported at 1,550,” it said in a note June 9.

Among the gainers at mid-morning, KrisAssets added 52 sen to RM 4.80, United Plantations 30 sen to RM19.30, BAT 18 sen to RM46.48, Petronas Dagangan 16 sen to RM16.16, Aeon Credit 13 sen to RM4.84, Genting and Ekovest 12 sen each to RM11.10 and RM3.02, and HPI eight sen to RM3.24.

Meanwhile, Latexx shares and warrants rose 12 sen each to RM2.39 and RM1.88 after its merger with the YTY Group of companies went through, although the pricing was lower at RM1.25 billion instead of RM1.365 billion earlier.

MAA was the most actively traded counter but it fell sharply in early trade on Thursday, June 9 on investors' disappointment over the price which it was selling the insurance unit to Zurich Insurance Company Ltd.

The stock lost 21 sen to RM1.17 with 32.8 million shares done.

Other actives included Focus, Tejari, Asia Media,Sanichi and Key West.

Decliners at mid-morning included Carlsberg, Hap Seng, Ho Hup, DiGi, Tradewinds Plantations, AirAsia, SOP, Parkson and UMW.

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