Markets take a breather, Genting weighs

KUALA LUMPUR: Key regional markets took a breather at the midday break on Sept 9 after surging to fresh year high the previous day with investors taking profit on stocks which could have run ahead of valuations.

At Bursa Malaysia, the FBM KLCI fell 5.49 points to 1,196.58. Turnover was 345 million shares valued at RM514 million. There were 215 gainers, 348 losers and 211 stocks unchanged.

Japan's Nikkei 225 fell 1.19% to 10,269.07; Hong Kong's Hang Seng Index lost 0.1% to 20,870.34, Shanghai's Composite Index 0.33% lower at 2,920.76 and Singapore's Straits Times Index 0.7% lower at 2,642.41.

Light crude oil eased 13 cents to US$70.97 while crude palm oil futures retreated RM23 to RM2,174.

Gold rose US$5.50 an ounce to US$1,000.70 and hovered just below the high of US$1,007.45 hit on Tuesday, putting it on course to target the record high of US$1,030 hit in March 2008 when the dollar hit its all-time lows.

At Bursa Malaysia, the decline in Genting shares weighed down the 30-stock FBM KLCI on reports Genting Singapore would raise more than US$1 billion via a rights issue for its upcoming casino and also building a war chest for possible acquisitions.

Genting Singapore is about 54% held by GENTING BHD []. Genting fell 23 sen to RM6.94 with 9.7 million shares done. Genting Malaysia, formerly Resorts World, lost four sen to RM2.88.

PLANTATION []s also eased, with Far East down 28 sen to RM6.22 and Sime Darby shed 10 sen to RM8.50. However, plantation-related PPB rose 12 sen to RM15.70, United Plantations six sen to RM13.44 and IOI Corp added three sen to RM5.29.

YTL Cement-LA was the top loser, down 30 sen to RM1.87 with just 100 shares done, BAT 20 sen to RM45.36, MISC 19 sen to RM8.81 while Shell, Panasonic and Aeon eased 10 sen each to RM10.60, RM12.90 and RM4.50 respectively.

KNM was the most active with 32.8 million shares done, unchanged at 74 sen.
IJM added seven sen to Rm5.97 and IJM-WB six sen to RM1.36.

IJM Corp had obtained the required approvals from Bursa Malaysia for its two-for-five bonus issue, and rights issue of up to 134.9 million new warrants. IJM also announced the issue price for the IJM warrants has been fixed at 25 sen per IJM warrant and the exercise price for the IJM warrants has been fixed at RM4 for every one new IJM share.

High Tec was the top gainer, surging 21 sen to 88 sen with just 2,000 shares done. Amway 14 sen to RM7.44 and Metrod 10 sen to RM3.40.