Positive start, consumer stocks up

Written by Joseph Chin
Thursday, 10 December 2009 10:33

KUALA LUMPUR: Sentiment on Bursa Malaysia was positive in early trade on Thursday, Dec 10 with some nibbling of consumer stocks while most key regional markets, except Japan, were also higher.

At 10.16am, the FBM KLCI was up 3.15 points to 1,258.91. Turnover was 129.24 million shares valued at RM114 million. There were 169 gainers, 115 losers and 191 counters unchanged.

Japan's Nikkei 225 fell 0.09% to 9,995.34 but Hong Kong's Hang Seng Index added 0.88% to 21,933.65, Shanghai's Composite Index gained 0.62% to 3,259.64 and Singapore's Straits Times Index 0.05% higher at 2,798.70.

Light crude oil rose US$42 rto US$71.09 while US spot gold added US$6.03 to US$1,134.63.

HwangDBS Vickers Research said as the external backdrop turns slightly more positive - key U.S. stock bellwethers were up between 0.4% and 0.5% overnight - the benchmark FBM KLCI will probably bounce up after plunging in the final minute of trading yesterday.

Its immediate challenge is to pull away from the first support level of 1,255 ahead.

In terms of news flows, the index of industrial production (IPI) report for Oct - due for release later today with one media poll projecting an annual decline of 2.0% for the month - will be eagerly watched by economists.

Of interest is a broader indication whether the Malaysian economy is picking up momentum after exports registered an unanticipated year-on-year increase of 1.6% in October, its first positive growth rate following 12 straight months of contraction.

Consumer stocks were the major gainers, with Nestle up 48 sen to RM33.10 but with only 100 shares done. BAT managed to eke out a gain of 10 sen to RM42.52 after the recent selldown while Dutch Lady added eight sen to RM12.58.

Department store operator Suiwah added 12 sen to RM1.34. PCCS rose 29 sen to 81 sen

EtiTech was the most active with 11.41 million shares done, easing 0.5 sen to 49.5 sen.

OIB was the top loser, sliding 25 sen to RM1.05 with 2,000 shares done. Insurer Jerneh fell five sen to RM1.99 and IJM PLANTATION []s five sen lower also to RM2.50.