CIMB lifts FBM KLCI out of the red

Written by Joseph Chin
Wednesday, 21 October 2009 13:00

KUALA LUMPUR: Blue chips got off a firmer start in the early session on Wednesday, Oct 21 but profit-taking set in the later part of the morning, pushing the key FBM KLCI into the red, mirroring the declines in key Asian markets.

However, some buying support for CIMB helped nudge the 30-stock FBM KLCI back into the positive zone at the midday break.

The FBM KLCI rose just 0.24 of a point to 1,265.98 at midday. Turnover was 481.38 million shares valued at RM564.6 million. Declining counters beat advancers more than three to one, with 489 losers to 151 gainers while 200 counters were unchanged.

Among key Asian markets, Japan's Niikkei 225 rose just 0.08%to 10,345.39, but Shanghai's Composite Index fell 0.17% to 3,079.22, Hong Kong's hang Seng Index lost 0.14% to 22,353.58 and Singapore's Straits Times Index slipped 0.47% to 2,698.36.

At Bursa, Batu Kawan fell the most, down 25 sen to RM9.81 with 10,500 shares done. Tanjong, with interests in power and gaming, fell 22 sen to RM15.22. Bursa and Petronas Dagangan lost 13 sen each to RM8.42 and RM8.99.

IGB, which surged last Friday, fell 13 sen to RM2.07 as it was T+3 day for settlement of contracts. The absence of fresh positive news, despite earlier speculation of distribution of treasury shares, saw investors selling off the shares.

Meanwhile, gains in CIMB helped lift the 30-stock FBM KLCI, when the banking group's shares rose 16 sen to RM12.78. LPI rose 32 sen to RM12.80 but with only 100 shares done, Hong Leong Bank added 11 sen to RM7.49 and Evergreen eight sen to RM1.14.

Metronic, which was queried by Bursa Securities, shed two sen to 10.5 sen. It was the most active with 52.5 million shares done. Trading was halted at 11.41am and will resume at 2.30pm.

Olympia rose 0.5 sen to 24.5 sen and related company DutaLand 1.5 sen to 61 sen following the positive news by DutaLand of a higher net profit after a write-back.

On Tuesday, DutaLand said audited net profit for FY ended June 30, 2009 rose to RM89.58 million, which was RM23.63 million higher than the unaudited net profit of RM65.94 million announced in the quarterly report on Aug 28.