Midday Market Limited gains for KLCI as Nikkei enters bear market

Midday Market Limited gains for KLCI as Nikkei enters bear market
Business & Markets 2013
Written by Surin Murugiah of theedgemalaysia.com
Friday, 07 June 2013 12:46


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KUALA LUMPUR (June 7): The FBM KLCI registered limited gains at the midday break on Friday, as Japan’s Nikkei 225 entered into bear market territory, signaling that the worst was not over for global markets.

At 12.30pm, the FBM KLCI added 3.24 points to 1772.84.

Gainers led losers by 380 to 269, while 284 counters traded unchanged. Volume was 736.39 million shares valued at RM826.64 million.

The top gainers included Cahya Mata Sarawak, Yinson, Can-One, Shangri-La, Genting, MMC Corp, Kwantas, Petronas Dagangan, and AFG.

MAS was the most actively traded counter with 60.28 million shares done. The stock added halg a sen to 33 sen.

The other actives included Ingenco, Luster, DVM, Smartag, TH Heavy Engineering and Scomi.

The decliners in the morning session included United PLANTATION []s, Nestle, Hong Leong Bank, F&N, UMS, Dutch Lady, Aeon Credit, Crescendo and BAT.

Meanwhile, the Nikkei entered bear market territory on Friday as the yen rose against the dollar on concerns that the key U.S. jobs data will disappoint, while wary investors awaiting clarity on the Federal Reserve's stimulus sent Asian shares to six-month lows, according to Reuters.

Worries the nonfarm payrolls will undershoot expectations prompted investors to cut heavy bets that had been profitable for months, particularly those seeing the U.S. currency rise against the yen on a firming U.S. economy, and those buying Japanese stocks on hopes a weaker yen will underpin the Nikkei, it said.