Maybank, BCHB weigh on market

  • Business
  • Thursday, 07 Aug 2008

KUALA LUMPUR: Selling of Maybank and BCHB pushed the key 100-stock KLCI lower at midday on Thursday, but the market fared better compared with other key regional indices.

At 12.30pm, the KLCI was down 12.07 points or 1.06% to 1,121.52. Turnover was 173.35 million shares valued at RM368.55mil. There were 98 gainers, 332 losers while 173 counters were unchanged.

Light crude oil was trading at US$118 per barrel while crude palm oil futures fell RM34 to RM2,756, but off the early low of RM2,735. The ringgit weakened to a six month low of RM3.248 against the US dollar.

Singapore’s Straits Times Index fell 58.67 points to 2.03% to 2,828.11, making it the worst affected market, dragged down by losses in the financial stocks. The Nikkei 225 fell 1.43% to 13,064.7 and Shanghai’s A Share Index lost 0.47% to 2,839.42. However, Hong Kong’s Hang Seng Index rose 0.59% to 22,079.51.

On the local front, Second Finance Minister Tan Sri Nor Mohamed Yakcop reassured tolled road concessionaires that there would be no windfall tax.

Asked to comment on the Maybank-Bank Internasional Indonesia issue, he told reporters that it was not for the Finance Ministry to intervene since it was a commercial agreement.

Maybank fell 25 sen to RM7.65, Public Bank foreign 20 sen to RM10.10 while BCHB lost 15 sen to RM8.80.

Among plantation related stocks, Kulim and the warrants fell 15 sen each to RM7.60 and RM5.15 while Sime Darby gave up 10 sen to RM7.05 and IOI Corp four sen lower to RM4.82. However, KLK snapped the recent losing streak, adding 10 sen to RM12 while Sindora gained nine sen to RM2.24.

Timber stock Jaya Tiasa was the top loser, sliding 58 sen to RM3.26 with 6,000 shares. DiGi, MPI and KFCH fell 25 sen each to RM25, RM6.70 and RM6.05 respectively.

MMC Corp fell nine sen to RM2.14 as investors were cautious over the Senai Airport Terminal Services acquisition.

There was some nibbling on lower priced stocks. Manulife rose eight sen toRM2.86, IGB three sen higher to RM1.48 while Allianz gained two sen to RM3.42.

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