Friday 29 Mar 2024
By
main news image

KUALA LUMPUR (Feb 11): The FBM KLCI settled almost flat in volatile trade while the ringgit weakened as investors focused on volatile crude oil prices and the Greece debt crisis.

Market observers said investors were also weighing international reaction to Malaysia's highest court decision yesterday to reject opposition leader Datuk Seri Anwar Ibrahim's appeal against his sodomy conviction. Anwar's five-year jail term was upheld after his appeal was rejected.
 
At 12.30pm, the KLCI rose 0.5 point or 0.03% to finish at 1,811.62 points.

In a note, JF Apex Securities said while it expected Asian markets to rise today following positive leads from the US, crude oil markets were still closely watched.

"Concerns on oil price is still lingering," JF Apex said.

Across Bursa Malaysia, decliners outpaced gainers by 345 to 314 while 315 counters traded unchanged. Volume was 1.124 billion shares valued at RM862.48 million.

Top gainers included Syarikat Takaful Malaysia Bhd and Heveaboard Bhd. Top decliners included Time Dotcom Bhd and Petronas Dagangan Bhd.

The most actively-traded counters included oil and gas (O&G)-related Perisai Petroleum Teknologi Bhd and Sumatec Resources Bhd.

Heveaboard gained after analysts said a stronger US dollar augured well for the export-based furniture manufacturer. Heveaboard rose 19 sen or 8% to settle at RM2.69 at 12:30pm.

"Hevea derived almost 90% of its USD-denominated sales from exports, with Japan and China contributing 35% and 12% of sales respectively in 2013," The Edge Research said in a report today.

Edge Research had tagged Heveaboard as a Stock with Momentum, selected using algorithm.

Edge Research's report is available in the The Edge Financial Daily and theedgemarkets.com today.

Focus Lumber Bhd is also worth noting. Edge Research identified Focus Lumber as another stock with momentum today after the stock gained 10.8% yesterday, with volume surging about ten-fold compared to its five-day average.

Today, the stock rose seven sen or 6% to settle at RM1.30 at 12:30pm.

The ringgit was also closely watched as crude oil is a major component of the Malaysian economy.

At 12 noon, the ringgit weakened to 3.5998 versus the US dollar, and eased to 2.6526 to the Singapore dollar.

Across Asia, Hong Kong's Hang Seng declined 0.78% while South Korea's Kospi rose 0.56%. Japan markets are closed today for a holiday.

Reuters reported that Asian stock markets were subdued on Wednesday while major currencies barely budged as looming euro zone meetings to discuss the Greek debt crisis overshadowed a firmer finish on Wall Street.

 

      Print
      Text Size
      Share