Regional markets advance, telcos weigh on KLCI

KUALA LUMPUR: Key regional markets rallied on Friday, as sentiment was glavanised by European Central Bank President Mario Draghi's
pledge to preserve the euro but at Bursa Malaysia, investors viewed it
was time to take some money off the table after the recent rally that
drove the FBM KLCI to fresh record highs.
The KLCI slipped into the red at midday, dragged down by profit taking in Telekom Malaysia, Maxis, plantations and some banks.
At
12.30pm, the FBM KLCI was down 1.68 points or 0.10% to 1,622.23.
Turnover was 483.80 million shares valued at RM653.18. There were 300
gainers, 302 losers and 327 stocks unchanged.
Among the key
regional markets, Japan's Nikkei 225 rose 1.10% to 8,535.67; Hong
Kong's Hang Seng Index added 1.89% to 19,249.20; Taiwan's Taiex 1.93%
higher at 7,104.88; South Korea's Kospi 2.12% to 1,820.19 while and
Shanghai's Composite Index edged up 0.06% to 2,127.26.
However, Singapore's Straits Times Index slipped 0.18% to 2,999.14.
US light crude oil rose 15 cents to US$89.54 and Brent 38 cents higher at US$105.64. Spot gold rose 10 cents to US$1,615.95
The ringgit was firmer against the US dollar at 3.1569.
Crude palm oil for third-month futures rose RM22 to RM2,904.
Meanwhile,
the Indonesian government has set its crude palm oil export tax for
August at 15%, unchanged from this month, an official at the trade
ministry was quoted saying by Reuters.
At Bursa Malaysia, Maxis fell 15 sen to RM6.39 with 13.21 million shares done. Reuters reported that tycoon T. Ananda Krishnan was selling up to 375 million shares worth around RM2.35bil.
TM fell 13 sen to RM5.61 and TM-CQ tumbled 10.5 sen to 33 sen. However, Axiata added three sen to RM5.79.
Among the plantations, PPB lost 22 sen to RM15.18, KLK 14 sen toRM23.36 and Sungai Bagan 11 sen lower at RM2.85. However, United Plantations rose 50 sen to RM25.50 with just 100 shares done and Sime Darby one sen higher to RM9.81.
The banks were mixed, with CIMB down three sen to RM7.79 and Public Bank dipped two sen to RM14.34 but Hong Leong Bank and HLFG rose six sen each to RM13.48 and RM12.30.
SAM Engineering was the top loser, down 23 sen to RM3.32 with just 8,000 shares done.
IHH
extended its gains for the third day, adding four sen to RM3.19. Its
institutional price, when listed on Wednesday, was RM2.80.
Consumer
stocks Dutch Lady and F&N added 20 sen each to RM36 and RM18.80
while BAT inched up six sen to RM59.42.Genting rose eight sen to RM9.19
and Genting Malaysia five sen to RM3.35.