Key Asian markets down, CIMB lifts FBM KLCI

KUALA LUMPUR: Key Asian markets fell in the morning session on Wednesday, Feb 24 on concerns about the weak US consumer confidence while at Bursa Malaysia, the FBM KLCI rose on gains by CIMB and IOI Corp despite the weaker broader market.

At 12.30pm, the FBM KLCI rose 3.92 points to 1,270.35. Turnover was 328.71 million shares valued at RM574.15 million. There were 211 losers, 355 gainers and 215 stocks unchanged.

Among the key regional markets, Japan's Nikkei 225 fell 1.81% to 10,165.06, Hong Kong's Hang Seng Index shed 0.88% to 20,440.98 while Singapore's Straits Times Index lost 0.69% to 2,763.43. Shanghai's Composite Index rose 0.58% to 1,145.67.

Light crude oil rose 38 cents to US$79.24, gold added US$2.25 to US$1,105.65 while crude palm oil futures shed RM7 to RM2,628.

News reports said surprise drops in U.S. consumer confidence and German business sentiment fuelled fears about the strength of the global economic recovery and boosted safe haven currencies such as the yen.

China also implemented fresh measures to clamp down on excessive bank lending which it fears could create destabilising asset bubbles.

At Bursa Malaysia, CIMB rose 32 sen to RM12.98, enabling the 30-stock FBM KLCI to jump 3.66 points while IOI Corp added five sen to RM5.40,or 0.8 of a point to the FBM KLCI.

Other gainers were DiGi, up 10 sen to RM22.50, YTL nine sen to RM7.41, PLUS four sen to RM3.41 and Tenaga two sen to RM7.97.

KKB was the top gainer, adding 37 sen to RM4.02 while Eng Tek gained 13 sen to RM1.89 and SP Setia 12 sen to RM4.11.

Among the decliners were MISC, down 15 sen to RM8.10, Public Bank shed four sen to RM11.14 while Transmile hit limit down, falling 30 sen to 61 sen after posting heavier losses.

AE Multi fell 18 sen to 80.5 sen after its MoU with Dah Mah Corp was mutually terminated. Metrod lost 17 sen to RM3.20.