Genting drags KLCI into the red, key markets down

KUALA LUMPUR: Most key Asian markets were in the red at midday on
Thursday as investors were disappointed the US Federal Reserve took no
action except to pledge to provide additional support for the world's
largest economy if necessary during its meeting.
At Bursa Malaysia, profit taking on Genting Bhd, Hong Leong Bank and Felda Global Ventures weighed on the market.
At
12.30pm, the FBM KLCI was down 1.04 points or 0.06% to 1,631.43.
Turnover was 640 million shares valued at RM660.19mil. There were 220
gainers, 385 losers and 319 stocks unchanged.
Among the key
regional markets, Hong Kong's Hang Seng Index fell 0.72% to 19,678.13;
Shanghai's Composite Index 0.45% lower at 2,113.87; South Korea's Kospi
down 0.35% to 1,873.37 and Singapore's Straits Times Index lost 0.37%
to 3,039.70
However, Japan's Nikkei 225 rose 0.27% to 8,664.97.
Taiwan was closed as torrential rain and strong winds triggered
landslides and flooding, forcing financial markets to shut and
disrupting transport.
US light crude oil fell nine cents to US$88.82 but Brent added nine cents to US$106.05. Spot gold rose US$1.42 to US$1,601.
The ringgit slipped against the US dollar to 3.1270.
Crude palm oil for third-month futures fell RM21 to RM2,924, but off the early low of RM2,905.
At
Bursa Malaysia, Genting fell 16 sen to RM9.16, dragging the KLCI down
1.38 points, Bumi Armada lost 14 sen to RM3.75 while Felda Global lost
12 sen to RM5.
Among the banks, HL Bank fell 18 sen to RM13.50 and RHB Capital 11 sen to RM7.25.
As for plantations, KLK fell 10 sen to RM23.72 while IOOI and PPB Group shed four sen each to RM5.28 and RM15.
Multi-Code lost 21 sen to RM1.39 on profit taking after the price surge on Wednesday.
Patimas lost one sen to 3.5 sen and it was the most active with 106.38 million shares done. It plunged on Wednesday.
Perisai rose 2.5 sen to 91.5 sen in active trade. CIMB Equities Research has an Outperform recommendation on Perisai with a target price of RM1.53.
F&N was the top gainer, up 70 sen to RM19.82. There were 168,300 shares done. The Coca-Cola Co, the world's largest soft-drinks maker, is exploring a bid for the beverage unit of Singapore's Fraser and Neave Ltd.
Dutch Lady added 38 sen to RM38.50, Lafarge 35 sen to RM8.52 and Petronas Gas 32 sen to RM18.86.