By JOSEPH CHIN
KUALA LUMPUR: The market gave up most of its early gains at midday on Friday as investors were quick to lock in gains but AMMB was in focus, surging 5% in active trade.
At 12.30pm, the KLCI added just 0.82 point to 1,293.9, FBM Emas added six points to 8,734.89 while the FBM Second Board lost 19.33 points to 5,903.74.
Turnover was 261.93 million shares valued at RM396.97mil. There were 189 gainers, 334 losers and 228 counters traded unchanged.
Asian markets were mostly higher, with Japan’s Nikkei 225 advancing 2.10% or 284.38 points to 13,825.25, the Singapore Straits Times Index added 0.59% to 3,196.14, Hong Kong’s Hang Seng Index 0.14% gained 0.14% to 25,715.6 and Shanghai’s A Share Index 0.31% higher at 3,771.32.
The US dollar rebounded against the major currencies including the ringgit as there were expectations the US federal reserve would stop cutting interest rates. The local unit was quoted at RM3.1470 to the greenback.
Light crude oil was trading at US$115.96 (RM365) per barrel while crude palm oil futures fell RM35 to RM3,425 per tonne.
Analysts said while they expected the market to improve, amid some profit taking, but there were still a lot of “headwinds” from external factors and local political issues.
Bank Negara Malaysia governor Tan Sri Zeti Akhtar Aziz was quoted saying in the morning that she did not believe interest rates were the answer to curbing high food prices. Annual inflation hit a 13-month high of 2.8% in March due to costlier food.
Zeti also said the food-price inflation was driven by structural problems with supply and it would be better dealt with by increasing the supply instead of adjusting interest rates.
At Bursa, AMMB was among the major gainers, adding 18 sen to RM8.35 in relatively active trade with 5.64 million shares done. The Australian & New Zealand Banking group owns 26.21% of AMMB.
Kurnia-WA was the top gainer, surging 32 sen to RM1.03 while MSC added 30 sen to RM8.35 on higher tin prices. Deleum gained 12 sen to RM3.02, PPB, Aeon and KL Kepong added 10 sen each to RM10.60, RM9.45 and RM17.10.
KLCC Property advanced 10 sen to RM3.08. Citigroup Global Markets research has set a target price of RM4.72 for KLCC Property Holdings Bhd (KLCCP) based on its revised net asset value (RNAV).
The research house said the stock offered investors the best exposure to the prime office and retail and hotel sector in Kuala Lumpur, adding that KLCCP was a core holding. It offered investors a secure, steady earnings stream from its commercial investment property and dividend was sustainable.
Liqua was the most active with 15.15 million shares done. It fell four sen to 14 sen on news the Securities Commission had launched a probe into the company.
LKT was the top loser, sliding 30 sen to RM3.10 with only 6,300 shares done. IOI Properties lost 20 sen to 51.5 sen while EON Cap, Asiatic and LCL fell 15 sen each to RM5.10, RM8.40 and RM6 respectively.
KUALA LUMPUR: The market gave up most of its early gains at midday on Friday as investors were quick to lock in gains but AMMB was in focus, surging 5% in active trade.
At 12.30pm, the KLCI added just 0.82 point to 1,293.9, FBM Emas added six points to 8,734.89 while the FBM Second Board lost 19.33 points to 5,903.74.
Turnover was 261.93 million shares valued at RM396.97mil. There were 189 gainers, 334 losers and 228 counters traded unchanged.
Asian markets were mostly higher, with Japan’s Nikkei 225 advancing 2.10% or 284.38 points to 13,825.25, the Singapore Straits Times Index added 0.59% to 3,196.14, Hong Kong’s Hang Seng Index 0.14% gained 0.14% to 25,715.6 and Shanghai’s A Share Index 0.31% higher at 3,771.32.
The US dollar rebounded against the major currencies including the ringgit as there were expectations the US federal reserve would stop cutting interest rates. The local unit was quoted at RM3.1470 to the greenback.
Light crude oil was trading at US$115.96 (RM365) per barrel while crude palm oil futures fell RM35 to RM3,425 per tonne.
Analysts said while they expected the market to improve, amid some profit taking, but there were still a lot of “headwinds” from external factors and local political issues.
Bank Negara Malaysia governor Tan Sri Zeti Akhtar Aziz was quoted saying in the morning that she did not believe interest rates were the answer to curbing high food prices. Annual inflation hit a 13-month high of 2.8% in March due to costlier food.
Zeti also said the food-price inflation was driven by structural problems with supply and it would be better dealt with by increasing the supply instead of adjusting interest rates.
At Bursa, AMMB was among the major gainers, adding 18 sen to RM8.35 in relatively active trade with 5.64 million shares done. The Australian & New Zealand Banking group owns 26.21% of AMMB.
Kurnia-WA was the top gainer, surging 32 sen to RM1.03 while MSC added 30 sen to RM8.35 on higher tin prices. Deleum gained 12 sen to RM3.02, PPB, Aeon and KL Kepong added 10 sen each to RM10.60, RM9.45 and RM17.10.
KLCC Property advanced 10 sen to RM3.08. Citigroup Global Markets research has set a target price of RM4.72 for KLCC Property Holdings Bhd (KLCCP) based on its revised net asset value (RNAV).
The research house said the stock offered investors the best exposure to the prime office and retail and hotel sector in Kuala Lumpur, adding that KLCCP was a core holding. It offered investors a secure, steady earnings stream from its commercial investment property and dividend was sustainable.
Liqua was the most active with 15.15 million shares done. It fell four sen to 14 sen on news the Securities Commission had launched a probe into the company.
LKT was the top loser, sliding 30 sen to RM3.10 with only 6,300 shares done. IOI Properties lost 20 sen to 51.5 sen while EON Cap, Asiatic and LCL fell 15 sen each to RM5.10, RM8.40 and RM6 respectively.
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