KLCI slips for fourth day, banks weigh

by **hlk** Tue 28 Aug 2012, 20:17

KUALA LUMPUR: The FBM KLCI slipped for the fourth day on Tuesday in
lacklustre trade, dragged by losses in bank stocks, while key Asian
markets were mixed on concerns about the global economy.
At 5pm,
the FBM KLCI was down 1.02 points or 0.06% to 1,647.11. Turnover was
1.21 billion shares valued at RM1.11bil. There were 276 gainers, 460
losers and 357 stocks unchanged.
Bloomberg reported European
stocks fell for the first time in three days, metals dropped and the
yen strengthened as Japan pared its assessment of the economy. Global
bonds erased their losses for the month.
Among the key regional
markets, Japan's Nikkei 225 fell 0.57% to 9,033.29; Taiwan's Taiex fell
1.42% to 7,361.94; South Korea's Kospi shed 0.08% to 1,916.33 and
Singapore's Straits Times Index lost 0.15% to 3,040.07.
However,
Hong Kong's Hang Seng Index gained 0.07% to 19,811.80 and Shanghai's
Composite Index edged up 0.85% to 2,073.15. The buying was supported by
market talk more state- owned companies will announce share buybacks.
US light crude oil rose 76 cents to US$96.23 while Brent added 26 cents to US$112.52. Spot gold rose 37 cents to US$1,664.34.
The ringgit weakened to 3.1190 to the US dollar.
At
Bursa Malaysia, overall trading sentiment was cautious in line with the
lacklustre overseas markets and ahead of the last batch of corporate
results for the April-June period.
CIMB fell five sen to RM7.83 and erased 0.87 of a point off the KLCI while Maybank shed three sen to RM9.15 and dragged the index down 0.53 of a point. AMMB fell two sen to RM6.33 but Hong Leong Bank gave up 16 sen to RM10.10.
Crude palm oil for third-month futures fell RM49 to RM3,042. United Plantations fell the most, down 52 sen to RM26.48 with 400 shares done while PPB shed eight sen to RM14.08. Batu Kawan rose 20 sen to RM19.14 and Far East 13 sen higher to RM7.65.
Oriental Holdings
lower-than-expected earnings saw the share price slipping 28 sen to
RM7.62 after the recent rally. Aeon Credit fell 26 sen to RM13.04 and Tradewinds 22 sen to RM7.76.
BAT was the top gainer, up RM1.30 to RM63.90, nudging the KLCI up 0.58 of a point. Nestle rose 48 sen to RM63.98, MMHE 12 sen to RM4.85 and Genting Bhd seven sen to RM9.14.