Profit taking on Maybank, Genting sends KLCI into the red

by **hlk** Wed 22 May 2013, 22:37

KUALA LUMPUR: Profit taking emerged in the afternoon session on Wednesday and sent the FBM KLCI into the red, with Maybank and Genting Bhd among the decliners.
At
the close, the KLCI fell 3.5 points or 0.2% to 1,783.88, off the intra
morning high of 1,795.59. Turnover was 2.88 billion shares valued at
RM2.97bil. Decliners beat advancers 618 to 323 while 249 counters
unchanged.
Bloomberg reported Asia's regional benchmark stock index held near its highest level since June 2008, as the Bank of Japan maintained its plan to expand the monetary base. Sony Corp. surged, while Chinese power producers declined.
At Bursa Malaysia, Maybank fell 14 sen to RM10.08 and wiped out 2.17 points from the KLCI while HLFG fell 28 sen to RM15.40, Affin 25 sen to RM4.15 and Hong Leong Bank eight sen to RM14.30.
However, CIMB bucked the trend to rise 12 sen to RM8.62 after announcing its first quarter results on Tuesday. Pulic Bank added eight sen to RM16.78.
Genting
Bhd fell 20 sen to RM10.50 and erased 1.59 points from the KLCI while
UMW gave up eight sen to RM14.32. Among the Petronas-related stocks, Petronas Gas fell 30 sen to RM21.34 and Petronas Dagangan 16 sen to RM25.52.
Consumer
stocks were mostly lower, with BAT down 44 sen to RM64.50, Dutch Lady
28 sen to RM47.72 and GAB 28 sen to RM20.50 but Carlsberg rose 16 sen
to RM16.22.
Crude palm oil for third-month futures rose RM20 to RM2,355. However, TAHPS fell 48 sen to RM5.32, PPB Group 12 sen lower to RM13.76 and IOI Corp nine sen to RM5.26
The ringgit eased against the US dollar to 3.0214 from 3.0185.
Among the key regional markets:
Japan's Nikkei 225 rose 1.60% to 15,627.26;
Hong Kong's Hang Seng Index fell 0.45% to 23,261.08;
Shanghai's Composite Index fell 0.11% to 2,302.40;
Taiwan's Taiex rose 0.19% to 8,398.84;
South Korea's Kospi rose 0.64% to 1,993.83; and
Singapore's Straits Times Index rose 0.3% to 3,454.37.
US light crude oil fell 51 cents to US$95.67 and Brent 80 sen lower at US$103.11.
Spot gold rose US$11.31 to US$1,387.59.