FBM KLCI up at midday

by **hlk** Thu 03 May 2012, 13:51

PETALING JAYA: Asian markets were mostly lower in Thursday's midday trade, as investors maintained a cautious outlook on the global economy, inline with the lower overnight close on Wall Street.

On the local front, the FBM KLCI was however up 0.57 points to 1,582.96, buoyed by the buying of selected bluechip stocks, such as British American Tobacco and Nestle. AirAsia was the biggest gainer at midday, rising 21 sen to RM3.54.

On Wednesday, Khazanah Nasional and Tune Air, the major shareholders of MAS and AirAsia respectively had agreed to terminate their share swap agreement.

Following the termination of the agreement, Khazanah will take back the 685.14 million MAS shares representing a 20.50% stake in MAS held by Tune Air, according to announcements made by MAS and AirAsia to Bursa Malaysia.

As for regional markets, Hong Kong's Hang Seng Index was down 0.55% to 21,191.72 while Shanghai's A index slipped 0.37% to 2,429.49.

Taiwan's Taiex Index slipped 0.31% to 7,652.85 while Seoul's Kospi Index shed 0.39% to 1,991.28, with Singapore's Straits Times Index falling 0.05% to 3,004.63.

Nymex crude oil slipped 9 cents to US$105.13 per barrel. Spot gold slipped US$4.82 to US$1,648.68 per ounce. The ringgit was quoted at 3.033 to the US dollar.