Thursday, May 28, 2009

KLCI falls midday, KLK top loser

UALA LUMPUR: Stocks fell at midday on May 28 as investors turned cautious after the weaker 1Q GDP data, with KL Kepong the top loser after announcing weaker earnings.

At 12.30pm, the KL Composite Index was down 7.15 points or 0.68% to 1,040.53. Turnover was 640.5 million shares valued at RM495.9 million. The broader market was weaker, with 453 losers compared with 96 gainers.

Singapore’s Straits Times Index fell 0.57% to 2,292.86 but Japan’s Nikkei 225 inched up 0.37% to 9,473.23.

Crude palm oil third-month futures fell RM10 to RM2,495 while light crude oil shed 58 cents to US$62.87.

KL Kepong fell the most, down 40 sen to RM11.50 after it reported net profit of RM112.68 million for the second quarter (2Q) ended March 31, 2009, down 52% from RM236.66 million a year ago, as profits from plantation and manufacturing divisions fell.

United Plantations lost 30 sen to RM11.90, Batu Kawan 15 sen to RM8.65. Other decliners were LKT and Tanjong, shedding 20 sen each to RM1.90 and RM13.50 while Maybulk lost 12 sen to RM3.20. Telekom slipped four sen to RM2.74.

Genting lost 10 sen to RNM5.35 while Resorts added three sen to RM2.71 following the fresh corporate developments involving Genting Singapore.

Compugates was the most active with 95.7 million shares done, losing 0.5 sen to 9.5 sen.

Measat and Astro were among the gainers after analysts recommended investors switch out of the traditional media to Astro. Measat added 11 sen to RM1.15 and Astro nine sen to RM2.90.


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