Published: Tuesday September 4, 2012 MYT 6:09:00 PM

KLCI closes at another record high but momentum weakens

By Joseph Chin

KUALA LUMPUR: The FBM KLCI closed at another record high on Tuesday, after trading within a three-point range throughout the day, but the broader market was weaker as buying momentum continued to slow down.

The FBM KLCI closed up 0.21 of a point to 1,654.11 after trading between 1,652.28 and 1,655.35. Turnover was 1.34 billion shares valued at RM1.42bil.

However, profit taking saw the broader market ending the day lower, with 440 decliners to 274 advancers and 347 counters were unchanged.

Key Asian markets and European bourses were mostly lower. The European Central Bank is expected to unveil its debt-purchasing scheme to tackle the region's debt crisis at a policy meeting on Thursday, where it may also cut rates as the 17-nation euro area heads towards a recession, according to wire reports.

Reuters reported European shares slipped, having already risen strongly on hopes that central bank action could start the fightback against the euro zone's chronic debt problems.

Among the key regional markets, Japan's Nikkei 225 fell 0.1% to 8,775.51; Hong Kong's Hang Seng Index gave up 0.66% to 19,429.91; Shanghai's Composite Index lost 0.75% to 2,043.83; South Korea's Kospi was down 0.29% to 1,907.13 and Singapore's Straits Times Index eased 0.19% to 3,011.55. Taiwan's Taiex was marginally higher by 0.01% to 7,451.35.

US light crude oil rose 62 cents to US$97.09 and Brent gained 53 cents to US$116.31. Spot gold fell 47 cents to 1,691.85.

The ringgit strengthened against the US dollar at 3.1073.

Crude palm oil for third-month futures fell RM31 to RM3,042.

Among the KLCI-linked stocks, Genting Malaysia rose six sen to RM3.57 and added 0.55 of a point to the KLCI while Axiata added two sen to RM6.22 and pushed the index up 0.39 of a point.

BAT was the top gainer among the KLCI stocks, up 14 sen to RM RM63.54, Petronas Gas added eight sen to RM19.26 and UMW four sen to RM10.26 while AirAsia was up three sen to RM3.50.

Dutch Lady rose the most, up 50 sen to RM43 while OSK Properties warrants, OSK Prop-WC, which started trading on Tuesday, rose 24 sen to 24.5 sen.

Nestle was the top loser, down 58 sen to RM64.02, Pharmaniaga 27 sen to RM8.01, Carlsberg 18 sen to RM12.02 and PPB 14 sen to RM13.86.

Datasonic, which was listed on Monday, fell 12 sen to RM2.05. Its offer price was RM2.

Ingenuity Solutions fell 12.5 sen to 22.5 sen with 114.60 million shares done and the warrants fell 1.5 sen to nine sen ahead of a press conference called by substantial shareholder Chin Boon Long to clear the air over the recent developments.

News

Published: Tuesday September 4, 2012 MYT 6:09:00 PM

KLCI closes at another record high but momentum weakens

By Joseph Chin