KUALA LUMPUR: Some fund buying of plantation stocks helped lift the KL Composite Index in the morning session on Monday but the broader market reflected the cautious sentiment with losers beating decliners more than two to one.
MK Land share price skidded 22.6% to 36 sen after announcing it was seeking to defer the obligation to place monies into the sinking fund account (SFA).
At 12.30pm, the KLCI was up 2.79 points to 1,274.27, the FBM Emas rose 15.29 points to 8,570.58 but the FBM Second Board lost 29.86 points to 5,881.15.
Turnover was 261.46 million shares valued at RM461.65mil. There were 170 gainers, 374 llosers while 218 counters were traded unchanged.
Major Asian markets were higher at midday, with Shanghai’s A Share Index rising 0.81% or31.41 points to 3,906..63, Singapore’s Straits Times Index added 0.65% to 3,257.27 and Hong Kong’s hang Seng Index up 0.04% to 26,250.68.
US light crude oil was at US$116.19 (RM367) per barrel while crude palm oil futures jumped RM52 to RM3,393 per tonne. The ringgit was quoted at RM3.1615 against the US dollar.
Aseambankers Equity Research said in a report earlier that indicators showed signs of exhaustion. Key downside risks remained a potential breakaway below 1,265 which could derail the KLCI towards the lower band of the support level.
“While the index is still riding a mid-term uptrend, any rebound could be short-lived as trading volume remains lackluster. “Bull Traps” could fuel the trading floor and therefore, investors should avoid playing catch-up,” it said.
KL Kepong rose 20 sen to RM6.70 while Sime Darby and Asiatic added 15 sen each to RM9.45 and RM7.95 respectively and United Plantations advanced 10 sen to RM14 while IOI Corp rose five sen to RM7.
TM International rose 15 sen to RM7.20 but TM lost six sen to RM3.60, Tenaga added five sen to RM6.65. Maybank was suspended for its announcement to acquire a 20% stake in a Pakistan bank.
MSC was the top gainer, adding 40 sen to RM8.90, underpinned by strong tin prices while KFCH and Tanjong added 30 sen each to RM6.70 and RM16.40 respectively.
BCHB grouup chief executive Datuk Nazir Razak said the banking group was selling RM1.5bil of non-performing loans (NPLs) in open tender. The current gross NPLs was at RM7bil. BCHB fell 10 sen to RM9.55.
Amtek was the top loser, down 25.5 sen to 0.5 sen with only 1,200 shares done. Cepco lost 22 sen to RM2.98, EON Cap 15 sen to RM5.10 and Puncak 14 sen to RM3.40.
Time Engineering, the most active counter with 23.52 million shares, fell four sen to 22.5 sen.
MK Land fell 10.5 sen to 36 sen with 10.7 million shares done. It was seeking the indulgence from holders of the seven-year series of tranche one bonds and tranche two bonds to defer the obligation to place monies into the sinking fund account (SFA).
Last Friday, for tranche one bonds, it sought to defer the placements of RM30mil (being the second and final installment) to the SFA due on May 29 to Aug 25. As for tranche two bonds, it sought to defer the payment of RM30mil (being the first installment) to the SFA due on June 13 to June 2009.
Transmile lost five sen to RM1.60. Last Friday, it announced that its unit Transmile Air (SPV) Ltd defaulted on the principal payment for its syndicated unsecured term loan amounting to US$9.6mil (RM30.3mil).
The Star
MK Land share price skidded 22.6% to 36 sen after announcing it was seeking to defer the obligation to place monies into the sinking fund account (SFA).
At 12.30pm, the KLCI was up 2.79 points to 1,274.27, the FBM Emas rose 15.29 points to 8,570.58 but the FBM Second Board lost 29.86 points to 5,881.15.
Turnover was 261.46 million shares valued at RM461.65mil. There were 170 gainers, 374 llosers while 218 counters were traded unchanged.
Major Asian markets were higher at midday, with Shanghai’s A Share Index rising 0.81% or31.41 points to 3,906..63, Singapore’s Straits Times Index added 0.65% to 3,257.27 and Hong Kong’s hang Seng Index up 0.04% to 26,250.68.
US light crude oil was at US$116.19 (RM367) per barrel while crude palm oil futures jumped RM52 to RM3,393 per tonne. The ringgit was quoted at RM3.1615 against the US dollar.
Aseambankers Equity Research said in a report earlier that indicators showed signs of exhaustion. Key downside risks remained a potential breakaway below 1,265 which could derail the KLCI towards the lower band of the support level.
“While the index is still riding a mid-term uptrend, any rebound could be short-lived as trading volume remains lackluster. “Bull Traps” could fuel the trading floor and therefore, investors should avoid playing catch-up,” it said.
KL Kepong rose 20 sen to RM6.70 while Sime Darby and Asiatic added 15 sen each to RM9.45 and RM7.95 respectively and United Plantations advanced 10 sen to RM14 while IOI Corp rose five sen to RM7.
TM International rose 15 sen to RM7.20 but TM lost six sen to RM3.60, Tenaga added five sen to RM6.65. Maybank was suspended for its announcement to acquire a 20% stake in a Pakistan bank.
MSC was the top gainer, adding 40 sen to RM8.90, underpinned by strong tin prices while KFCH and Tanjong added 30 sen each to RM6.70 and RM16.40 respectively.
BCHB grouup chief executive Datuk Nazir Razak said the banking group was selling RM1.5bil of non-performing loans (NPLs) in open tender. The current gross NPLs was at RM7bil. BCHB fell 10 sen to RM9.55.
Amtek was the top loser, down 25.5 sen to 0.5 sen with only 1,200 shares done. Cepco lost 22 sen to RM2.98, EON Cap 15 sen to RM5.10 and Puncak 14 sen to RM3.40.
Time Engineering, the most active counter with 23.52 million shares, fell four sen to 22.5 sen.
MK Land fell 10.5 sen to 36 sen with 10.7 million shares done. It was seeking the indulgence from holders of the seven-year series of tranche one bonds and tranche two bonds to defer the obligation to place monies into the sinking fund account (SFA).
Last Friday, for tranche one bonds, it sought to defer the placements of RM30mil (being the second and final installment) to the SFA due on May 29 to Aug 25. As for tranche two bonds, it sought to defer the payment of RM30mil (being the first installment) to the SFA due on June 13 to June 2009.
Transmile lost five sen to RM1.60. Last Friday, it announced that its unit Transmile Air (SPV) Ltd defaulted on the principal payment for its syndicated unsecured term loan amounting to US$9.6mil (RM30.3mil).
The Star
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