Market stages technical rebound, CIMB, Tenaga lead

by **hlk** Thu 13 Sep 2012, 14:24

KUALA LUMPUR: The Malaysian market staged a technical rebound on
Thursday, aided by some fund buying for recently oversold stocks
including CIMB and Tenaga but AirAsia fell to a 12-month low.
At
12.30pm, the FBM KLCI was up 7.49 points to 1,621.27, snapping a
three-day loss. Turnover improved to 501.11 million shares valued at
RM672.85mil. There were 319 gainers, 262 losers and 269 counters
unchanged.
Key regional markets were mixed as investors were
unsure whether the US Federal Reserve will unveil a bond-buying
programme at a policy meeting on Thursday.
Japan's Nikkei 225
rose 0.57% to 9,011.16; Hong Kong's Hang Seng Index edged up 0.04% to
20,083.97 and Taiwan's Taiex gained 0.05% to 7,574.31.
However,
Bloomberg reported China's stocks fell to a one-week low after the
official Xinhua News Agency said massive stimulus measures would be
"detrimental" to sustainable growth, overshadowing the government's
plan to provide aid to exporters.
Shanghai's Composite Index
fell 0.49% to 2,116.14. South Korea's Kospi slipped 0.11% to 1,947.85
and Singapore's Straits Times Index lost 0.44% to 3,016.19.
US
light crude oil was down one cent to US$97 while Brent inched up three
cents to US$115.99. Spot gold gained 80 cents to US$1,731.55.
The ringgit eased against the US dollar to 3.0829.
At
Bursa Malaysia, CIMB rose 15 sen to RM7.55 and pushed 2.6 points to the
KLCI while Tenaga gained 14 sen to RM6.69, adding 1.78 points.
BAT was the top gainer, up 70 sen to RM62.70, CMSB 12 sen to RM3.36, Cocoland 11 sen to RM2.32 and Genting Malaysia 10 sen to RM3.60.
Glenealy
rose 10 sen to RM7.85, extending its gains after it offered a special
dividend of 52.75 sen per share as a sweetener to Samling Global Ltd's offer to privatise the company.
Crude palm oil for third-month futures fell RM8 to RM2,922. SOP rose 10 sen to RM6.42 but PPB continued to decline, down 30 sen to RM12.10.
AirAsia fell 18 sen to RM2.84, to the lowest since September 2011. It was actively traded with 62 million shares done.
Tasek fell 24 sen to RM10.16, KESM 18 sen to RM1.82 and Kossan eight sen to RM3. KLCCP shed nine sen to RM5.47 on profit taking after the rally on its plan for a REIT.