Market lacklustre at midday

  • Business
  • Wednesday, 31 Dec 2008

KUALA LUMPUR: The market was lacklustre in the morning session; with the KL Composite Index wavering in the positive and negative zones throughout despite some mild buying of larger capitalised stocks.

At 12.30pm, the KLCI was up 1.65 points to 883.28 after hitting a high of 884.73 and a low of 877.86.

Turnover was 112.53 million shares valued at RM160.37mil. There were 162 gainers, 174 lowers while 226 counters were unchanged.

Hong Kong’s Hang Seng Index was the top performer among the major Asian markets, rising 193.61 points or 1.36% to 14,429.11, the Nikkei 225 rose 1.28% to 8,859.56, Singapore’s Straits Times Index rose 0.91% to 1,786.7 and Shanghai’s A Share Index 0.13% higher to 1,927.14.

Light crude oil slipped 44 cents to US$38.59 on speculation that US fuel stockpiles would increase. Crude palm oil futures fell RM17 to RM1,654.

Dealers said trading was mostly lacklustre except for some share buybacks by companies to support their share prices.

BAT rose 50 sen to RM44.75 while MISC gained 25 sen to RM8.90 and KL Kepong 15 sen to RM9 in relatively thin trade. IOI Corp gained two sen to RM3.60.

Toyo Ink rose 22 sen to RM1.80 in thin trade also in the absence of fresh corporate news. On Dec 1, the company was given until May 23 to comply with the public shareholding spread requirement.

Ewein rose 13.5 sen to 98 sen, Berjaya Media 12 sen to RM1.05, SHL 12 sen also to RM1.50 and YTL-WB 11 sen to RM2.85.

BLD Planrtation rose 11 sen to RM2.48, Kulim 10 sen to RM4.66 while SP Setia and MAS rose six sen each to RM3.16 and RM3.08.

Picorp was the most active with 8.52 million shares done, rising 0.5 sen to 47 sen.

KKB Engineering slid 31 sen to RM1.47 with 56,000 shares done. HPI fell 30 sen to 58 sen, K1-WA 16 sen lower to 1 sen, while Public Bank foreign gave up 15 sen to RM8.75 and United Plantations 10 sen to RM10.50.

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