Profit takings sink KLCI in tandem with regional markets 21 May 2009 6.00pm

Asian stock markets traded mostly lower on Thursday. Bellwether indices in key markets including Hong Kong, Japan and Singapore finished the day in the red. Our own KL Composite Index gave up early gains to close seven points lower at 1,035.6 points. Investors have turned a little more skittish in recent days following the almost uninterrupted rally that began in early March. Few are going so far as pronouncing the rally over, at least not at the moment. Thus, we have not yet witnessed any big and sustained selling pressure on stocks.

That itself may suggest that investor confidence remains, by and large, intact.

However, many are increasingly, taking a more cautious stance. Investors are sitting back a little awaiting further leads before making the next move. So far, the latest data does appear to support the view that the global recession is abating. Shares on the Bursa Malaysia finished broadly lower. At the close, there were roughly seven losing stocks for every four gaining ones. Trading volume too fell from the previous day’s level. Just about 1.49 billion shares changed hands Thursday.

Some of the most heavily traded counters for the day include Talam, KNM, TA-WB, Tebrau Teguh and Scomi.

At Bursa Malaysia, 242 counters were up, 429 were down and 192 others were traded unchanged. There were 1.49 billion shares done with a total value of RM1.62 billion.

Among plantation stocks, PPB dropped 30 sen to RM11.10, United Plantation gained 30 sen to RM11.70, KLK was up 20 sen to RM12.20 and Far east was 15 sen higher at RM5.95.

Petronas Gas fell 20 sen to RM9.50 while MISC-foreign dropped 20 sen to RM8.30. Hong Leong gained 15 sen to RM5.25 and Bursa dropped 25 sen to RM6.80.
BAT lost 25 sen to RM42.00, Nestle was 25 sen higher at RM29.25 and Mamee dropped 16 sen to RM2.32.