Tanjong, Bursa fall in early trade

Tags: Bursa | IJM | Tanjong

Written by Joseph Chin
Friday, 25 September 2009 10:23

KUALA LUMPUR: Shares of Tanjong and Bursa dragged down the FBM KLCI in early trade on Sept 25, mirroring the declines in key Asian markets after Wall Street's second day of losses weighed on investors' risk appetite for equities.

At 10am, the FBM KLCI fell 3.42 points to 1,214.64. Turnover was 166.37 million shares valued at RM133 million. There were 122 gainers, 204 losers and 157 stocks unchanged.

Light crude oil rose 39 cents to US$66.28.

Hong Kong's Hang Seng Index opened 1.3% lower at 20,781.3 while Japan's Nikkei 225 skidded 2.87% to 10,241.91 and Shanghai's Composite Index eased 0.68% to 2,834.28. Singapore's Straits Times Index lost 0.64% to 2,650.23.

Maybank Investment Research said the FBM KLCI lost 1.01-point to 1,218.06 yesterday on a weaker regional tone. Resistance areas at 1,218 and 1,237 will cap market gains, whilst weaker support areas for the FBM KLCI are located at 1,200 and 1,216.

Due to the DJIA overnight loss of 41.11 points, the research house said it expected the FBM KLCI to endure some further profit-taking ahead of the pre-weekend close today.

"The FBM KLCI will stall in its saturation zone of 1,237.25 to 1,248.34 very soon. As such, potential rewards diminish significantly, whilst risks to the downside increase greatly.

"Remain in a 'selling' mode and stay vigilant. Blue chip stocks that had led the rally would be under heavy liquidation pressure after the DJIA's overnight decline," it said.

IJM fell the most, down 12 sen to RM6.48 with 339,600 shares done. HwangDBS Vickers Research raised the target price for IJM Corp target price to RM8.70 (ex-bonus RM6) as it is confident the infrastructure company would secure more orders.

Bursa and Tanjong fell 10 sen each to RM8.14 and RM9.24, MISC gave up nine sen to RM8.88 while KL Kepong, Genting and CIMB shed six sen each to RM13.80, RM7.134 and RM11.18 respectively.

OilCorp was the most active, down 1.5 sen to 17.5 sen with 16.8 million shares done.

Sungei Bagan was the top gainer, adding 38 sen to RM2.79, Asas 13 sen higher to 73 sen while Coastal gained seven sen to RM1.99 and Proton six sen to RM4.13. LFE rose nine sen to 26 sen on a report that it was bidding for RM1 billion of projects. ING terminates contract with Renault F1< Prev Next >Higher target price for IJM Corp

Back to topAmResearch Anwar Ibrahim Barisan Nasional BCHB Brokers Call Bursa Bursa Malaysia China CIMB Research DAP diary GDP InsiderAsia KLCI Lim Guan Eng MACC Maybank MCA Muhyiddin Yassin Najib Razak Nizar Jamaluddin Ong Tee Keat OSK Research Pakatan Rakyat Parti Keadilan Rakyat Pas Penang Perak Political Crisis PKA PKFZ PKR Port Klang Free Zone Proton RHB Research Umno Wall Street Zambry Abdul Kadir
+ All tags

Last Updated on Friday, 25 September 2009 17:21

Sorry, you cannot post a comment unless you are a registered user.

JComments

Other Publications & Pullouts
Home|About Us|Contact Us|Advertise with Us|Terms of Use|PrivilEdge|Subscribe|Sitemap

© All rights reserved. 2009. The Edge Communications Sdn Bhd. (266980-X)
Website developed by Bitter-Coffee Studio