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Malaysia in Business Today 10th July 2012

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KUALA LUMPUR : The FBM KLCI closed higher on Tuesday, but pared down some of its gains in line with the mixed sentiment at key regional markets. The FBM KLCI rose 3.98 points to 1,624.29. The index had earlier risen to intra-day and all-time high of 1,627.50.

Limited progress at a meeting of eurozone finance ministers left the single currency near a two-year low on Tuesday, while oil fell US$2 (RM6.36) a barrel after a slowdown in China’s imports fuelled anxiety about the global economy, according to Reuters. But European shares ended four straight sessions of losses, inching up 0.2% to 1,032.12 points led by banks, after the finance chiefs ratified a deal to rescue Spanish lenders, it said.

At the regional markets, the Shanghai Composite Index shed 0.29% to 2,164.44, Hong Kong’s Hang Seng Index lost 0.16% to 19,396.36; Taiwan’s Taiex lost 0.80% to 7,251.35; South Korea’s Kospi fell 0.36% to 1,829.45; and Japan’s Nikkei 225 shed 0.44% to 8,857.73. Meanwhile, Singapore’s Straits Times Index rose 1.245 to 2,965.40.

On Bursa Malaysia, BAT was the top gainer, jumping 30 sen to RM57. TSH Resources added 28 sen to RM2.80; Chin Teck and MMHE rose 24 sen each to RM9.05 and RM5.59 respectively; KLCCP was up 23 sen to RM5.21; IJM Plantations, KLK, PPb and Tradewinds Plantation added 22 sen each to RM3.72, RM24.12, RM16 and RM5.25 respectively; Dutch Lady grew 20 sen to RM36.

Ariantec was the most actively-traded counter, with 592 million shares done. The stock fell 1.5 sen to eight sen. Other actives included Metronic, Luster, CSl, FGV, Ingenuity Solutions, GPRO and Tricubes. Decliners included UMW, Mentiga, Knusford, Pharmaniaga, Genting Plantations, SAM Engineering, Shang-ri La and Cocoaland. – By Surin Murugiah of theedgemalaysia.com | The Edge Malaysia