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Malaysia in Business Today 24th July 2012

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KUALA LUMPUR –  The FBM KLCI pared down some of its losses on Tuesday, while regional markets ended mixed on improving China manufacturing data.
The index closed 3.60 points lower to 1,632.57. It had earlier fallen to its intra-day low of 1,629.18. There were 413 losers and 294 gainers, while 351 counters traded unchanged. Volume was 845.75 million shares valued at RM1.51 billion.
At the regional markets, the Shanghai Composite Index rose 0.24% to 21,46.59; South Korea’s Kospi gained 0.25% to 1,793.93; and Singapore’s Straits Times Index rose 0.65% to 3,002.01. Meanwhile, Hong Kong’s Hang Seng Index fell 0.79% to 18,903.20; Taiwan’s Taiex was down 0.29% to 7,008.35; and Japan’s Nikkei 225 shed 0.24% to 8,488.09.

European shares reversed course and fell on Tuesday after weak German factory data overshadowed signs of an improvement in China and sent the euro sliding towards two-year lows, according to Reuters. Germany’s manufacturing sector contracted at its fastest pace in three years in July, suggesting Europe’s largest economy may shrink in the third quarter as the country feels the effects of the region’s debt crisis, it said.

On Bursa Malaysia, Nestlé was the top loser, falling 88 sen to RM59.02. Tasek dropped 38 sen to RM9.50; PPB shrunk 30 sen to RM15.20; KLK deducted 28 sen to RM23.70; Pharmaniaga decreased 25 sen to RM9.52; Y&G was down 19 sen to 33 sen; Bintulu Port retreated 16 sen to RM7.02; Hing Yap depreciated 13 sen to RM2.35; Aeon Credit lost 12 sen to RM11.08.

Cybertowers was the most actively-traded counter, with 47.79 million shares done. The stock rose 5.5 sen to 37.5 sen. Other actives included Metronic, Tanjung Offshore, Axiata, AT Systemization, Naim Indah Corp, SapuraKencana, Asia Media and Telekom Malaysia. Meanwhile, the gainers included BAT, DKLS, F&N, Tahps, Batu Kawan, Tanjung Offshore, Panasonic, Boustead and Gold IS. -By Surin Murugiah of theedgemalaysia.com | The Edge Malaysia