Business News

Published: Thursday March 21, 2013 MYT 12:00:00 AM
Updated: Wednesday April 24, 2013 MYT 1:38:22 PM

Genting counters among top losers

KUALA LUMPUR: Genting-related counters were among the major decliners on Thursday, which saw some late selling push the FBM KLCI into the red, despite the broader market was more positive with two gainers to one loser.

At 5pm, the FBM KLCI fell 0.79 of a point to 1,630.75, dragged into the red by BAT and Genting. It was off its day's best of 1,634. It is down 3.45% year-to-date.

Turnover increased to 1.20 billion shares valued at RM1.85bil, with property stocks related to Iskandar Malaysia seeing active trade. Advancing counters beat decliners 461 to 224 while 298 counters were unchanged.

Reuters reported European shares and the euro dipped on Thursday because of concerns over Cyprus but a pick-up in Chinese factory activity and the U.S. Federal Reserve's commitment to its loose policy stance limited the losses.

Data showing French Purchasing Managers Indexes (PMI) shrank in March at the fastest pace in four years added to investor's worries, sending the euro 0.3 percent lower to around $1.29 but safe haven government bonds futures were also slightly easier.

Among the key regional markets, Japan's Nikkei 225 rose 1.34% to 12,635.69; Shanghai's Composite Index added 0.3% to 2,324.24; Taiwan's Taiex edged up 0.18% to 7,811.84 and Singapore's Straits Times Index climbed 0.59% to 3,267.65.

Hong Kong's Hang Seng Index fell 0.14% to 22,225.88 and South Korea's Kospi shed 0.44% to 1,950.82.

At Bursa Malaysia, Genting Bhd fell 17 sen to RM9.44 with 11.89 million shares done, dragging the KLCI down 1.35 points. Genting Malaysia lost nine sen to RM3.38 and shaved 0.96 of a point of the index. Genting Plantations was down 11 sen to RM8.39 and

BAT fell RM1.26 to RM60.14 in late selling and erased 0.65 of a point. GAB shed 10 sen to RM18.40.

Other decliners were UMW, down eight sen to RM13.22 while Astro gave up three sen to RM2.86.

Crude palm oil for third-month futures rose RM19 to RM2,461. FGV fell five sen to RM4.49 but IOI Corp added three sen to RM4.65 and PPPB Group 16 sen higher at RM12.46.

Among the banks, Maybank rose two sen to RM9.14 and CIMB one sen to RM7.18.

The ringgit was stronger against the US dollar at 3.1210 from RM3.1218 the previous day.

US light crude oil fell 57 cents to US$92.93 and Brent 40 cents lower at US$108.32. Spot gold rose US$1.55 to US$1,608.47.

Muhibbah surged 16 sen to RM1.17 with 59.31 million shares done, despite some concerns about its exposure to Asian Petroleum Hub (APH), which saw it sinking into the red with RM150mil losses in the fourth quarter ended Dec 31, 2012.

However, Muhibbah is said to be involved in the Pengarang oil storage project in Johor which had investors hoped could turnaround the company.

Tebrau Teguh, which was queried by Bursa Malaysia Securities over the share price surge, closed 11 sen higher at RM1.46. Ekovest jumped 28 sen to RM2.90. MRCB and UEM Land added 10 sen each to RM1.49 and RM2.74.

Tags / Keywords: News, Business, Genting-related counters, FBM KLCI, Cyprus, Chinese factory activity, Tebrau Teguh, Business

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