Market snaps 3-day losing streak

Tags: Genting | Plantations | Shanghai

Written by Joseph Chin
Thursday, 03 September 2009 13:14

KUALA LUMPUR: Strong buying interest in Genting helped the FBM KLCI snap its three-day of straight losses at midday on Sept 3, mirroring the firmer key regional markets, especially Shanghai.

The broader market was also firmer, with advancing stocks beating decliners more than two to one with interest seen in selected stocks with fresh corporate news and upgrades, including E&O, UBG and Bina Darulaman.

At 12.30pm, the FBM KLCI rose 4.64 points to 1,172.65. Turnover was 278 million shares valued at RM391.3 million. There were 335 gainers, 150 losers and 208 stocks unchanged.

Shanghai's Composite Index surged 3.48% to 2,809.33; Hong Kong's Hang Seng Index added 1% to 19,715.38; Singapore's Straits Times Index gained 0.5% to 2,582.89 while Japan's Nikkei 225 lost 0.4% to 10,239.14.

Light crude oil rose 19 cents to US$68.24 while crude palm oil futures shed RM1 to RM2,228.

At Bursa, Genting rallied 28 sen to RM6.73 with 6.7 million shares done. UBG rose 22 sen to RM3 on its proposed venture into the oil and gas sector.

United PLANTATION []s rose 10 sen to RM13.10 and Far East 10 also to RM6.50 but PPB fell 10 sen to RM15.36.

E&O added 17 sen to RM1.47 after it was upgraded by CIIMB Equities Research. It was the most active with 14.7 million shares done.

Bina Darulaman added five sen to 90 sen, off its early high of RM1.04 after it received an interim letter of acceptance from Public Works Department for a RM330 million project to build the permanent campus for Kolej Universiti Insaniah in Kedah.

BAT was the top loser, down 50 sen to RM45.30, Allianz fell 49 sen to RM4.11 but with only 100 shares transacted. Tien Wah fell 29 sen to RM2 and Ireka 10 sen to 72 sen.