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Malaysia Market Watch 05th September 2012

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SHARE prices on Bursa Malaysia ended mixed in cautious trading yesterday with last-minute buying particularly in plantation stocks and selected heavyweights helping to push the composite index to positive territory, a dealer said.

At the end of trading, the FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) edged up 0.21 point to 1,654.11 as investors took advantage of the last 10 minutes of trading to buy key heavyweights.

Genting Malaysia rose six sen to RM3.57 and YTL Corporation added two sen to RM1.86, while Kuala Lumpur Kepong gained six sen to RM23.46.

A dealer said the market swung between gains and losses as most investors stayed on the sidelines on lack of fresh leads.

They said the local bourse was also mirroring a weak trend across the region after Moody’s lowered the European Union’s long-term rating outlook to negative, adding fears over Europe’s debt crisis.

Losers led gainers by 440 to 274, while 347 counters were unchanged, 560 untraded and 19 others suspended.

Total turnover dwindled to 1.34 billion shares worth RM1.42 billion from 1.49 billion shares worth RM1.68 billion on Monday.

Among actives, Nextnation Communication lost 2.5 sen to 14 sen, Ingenuity Solutions fell 12.5 sen to 22.5 sen and 1 Utopia decreased one sen to 8.5 sen.

As for heavyweights, Maybank and Sime Darby were flat at RM9.17 and RM9.80, respectively, while CIMB dipped five sen to RM7.82.

Meanwhile, FBM KLCI futures contract closed higher despite the uncertainties in the cash market, dealers said.

September 2012 rose 2.5 points to 1,648.5, while October 2012 and December 2012 gained 1.5 points each to 1,649 and 1,646.5, respectively. Bernama