MARKET DEVELOPMENT
Market Sentiment Turns Negative as Public Bank Falls
Market Sentiment Turns Negative as Public Bank Falls
20/06/2014 (The Star) - The FBM KLCI fell at the midday break on Friday in the absence of strong buying support by funds ahead of the weekend, though the KLCI did scale to a high of 1,887.54 in intra-morning trade.
At midday, the FBM KLCI fell 1.15 points or 0.06% to 1,880.33. Turnover was 757.32 million shares valued at RM674.68mil. There were 330 gainers, 374 losers and 304 counters unchanged.
Public Bank was the main drag on the KLCI as it fell 12 sen to RM20.24 after its rights shares went ex the previous day. It erased 1.21 points from the KLCI.
Analysts had deemed its valuations as too high compared to its peers and expected a slow down in consumer loan growth.
Hong Leong Bank fell six sen to RM13.90 and HLFG four sen lower at RM15.94 but CIMB rose two sen to RM7.32.
Plantations were mixed but there could be some buying support later as crude palm oil (CPO) futures recovered on news that exports improved. CPO futures rose RM17 to RM2,464.
Reuters quoted cargo surveyor Intertek Testing Services as saying Malaysian palm oil products in June 1 to 20 fell 5.8% to 806,303 tonnes from 856,128 tonnes shipped in May 1-20.
Batu Kawan fell 24 sen to RM19.74 while IJM Plantations-WA and PPB Group fell 10 sen each to RM1.10 and RM14.82 while IOI Corp and FGV lost four sen each to RM5.11 and RM4.35.
However, small players like TAHPS added 32 sen to RM10.30 and BLD Plantations 20 sen to RM8.30.
Metal Reclamation fell 27 sen to RM1.51 extending its losses for the second day as speculators took profit after the recent run-up.
MAS was the most active with 85 million shares done, falling one sen to 22.5 sen after Abu Dhabi's Etihad Airways said it was not taking an equity stake.
However, SapuraKencana Petroleum gained 13 sen to RM4.46 after posting a strong set of earnings and bagging more contracts. It pushed the KLCI up 1.78 points.
Petronas Dagangan tose 10 sen to RM24.04 and Petronas Gas two sen to RM24.16.
Among the key regional markets,
Japan's Nikkei 225 fell 0.05% to 15,353.24;
Hong Kong's Hang Seng Index rose 0.28% to 23,232,87;
Shanghai's Composite Index rose 0.53% to 2,013.09;
Taiwan's Taiex fell 0.39% to 9,280.50;
South Korea's Kospi fell 1.25% to 1,967.04 and
Singapore's Straits Times Index fell 0.15% to 3,264.11.
US light crude oil rose 15 cents to US$106.58 and Brent shed one cent to US$115.05.
Spot gold fell US$5.42 to US$1,314.97.
At midday, the FBM KLCI fell 1.15 points or 0.06% to 1,880.33. Turnover was 757.32 million shares valued at RM674.68mil. There were 330 gainers, 374 losers and 304 counters unchanged.
Public Bank was the main drag on the KLCI as it fell 12 sen to RM20.24 after its rights shares went ex the previous day. It erased 1.21 points from the KLCI.
Analysts had deemed its valuations as too high compared to its peers and expected a slow down in consumer loan growth.
Hong Leong Bank fell six sen to RM13.90 and HLFG four sen lower at RM15.94 but CIMB rose two sen to RM7.32.
Plantations were mixed but there could be some buying support later as crude palm oil (CPO) futures recovered on news that exports improved. CPO futures rose RM17 to RM2,464.
Reuters quoted cargo surveyor Intertek Testing Services as saying Malaysian palm oil products in June 1 to 20 fell 5.8% to 806,303 tonnes from 856,128 tonnes shipped in May 1-20.
Batu Kawan fell 24 sen to RM19.74 while IJM Plantations-WA and PPB Group fell 10 sen each to RM1.10 and RM14.82 while IOI Corp and FGV lost four sen each to RM5.11 and RM4.35.
However, small players like TAHPS added 32 sen to RM10.30 and BLD Plantations 20 sen to RM8.30.
Metal Reclamation fell 27 sen to RM1.51 extending its losses for the second day as speculators took profit after the recent run-up.
MAS was the most active with 85 million shares done, falling one sen to 22.5 sen after Abu Dhabi's Etihad Airways said it was not taking an equity stake.
However, SapuraKencana Petroleum gained 13 sen to RM4.46 after posting a strong set of earnings and bagging more contracts. It pushed the KLCI up 1.78 points.
Petronas Dagangan tose 10 sen to RM24.04 and Petronas Gas two sen to RM24.16.
Among the key regional markets,
Japan's Nikkei 225 fell 0.05% to 15,353.24;
Hong Kong's Hang Seng Index rose 0.28% to 23,232,87;
Shanghai's Composite Index rose 0.53% to 2,013.09;
Taiwan's Taiex fell 0.39% to 9,280.50;
South Korea's Kospi fell 1.25% to 1,967.04 and
Singapore's Straits Times Index fell 0.15% to 3,264.11.
US light crude oil rose 15 cents to US$106.58 and Brent shed one cent to US$115.05.
Spot gold fell US$5.42 to US$1,314.97.