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Thursday, September 23, 2010

BURSA MALAYSIA >>> Morning Outlook

Malaysian Stocks May Extend Losses
The Malaysian stock market lost just a point on Wednesday - but that was enough to halt the two-day winning streak in which it had collected nearly 10 points or 0.6 percent. The Kuala Lumpur Composite Index ended just below the 1,475-point plateau, and now investors are bracing for additional softness when the market kicks off trade on Thursday.

The KLCI finished barely lower on Wednesday as weakness from the plantation stocks and industrial issues was pared by gains from the financial sector.

For the day, the index eased 1.24 points or 0.08 percent to finish at 1474.75 after trading between 1,474.73 and 1,479.44. Volume was 1.332 billion shares worth 2.021 billion ringgit. There were 398 gainers and 363 decliners, with 280 stocks finishing unchanged.Among the actives, Maybank, Kuala Lumpur Kepong, IOI Corporation and Tenaga Nasional all finished lower, while Sime Darby was unchanged and Gamuda, MMC Corporation, YTL Corporation and CIMB ended higher.

In economic news, Malaysia's consumer price index rose 2.1 percent year-on-year in August, the Department of Statistics said on Wednesday, faster than a 1.9 percent rise in the previous month. Economists had expected a rate of 2 percent.Month-on-month, consumer prices grew 0.4 percent in August, following a 0.3 percent rise in July. Food & non-alcoholic beverages prices rose 0.3 percent and restaurants & hotels costs climbed 0.2 percent. In the January to August period, the CPI increased 1.5 percent compared to the same period of the previous year.

Also, Malaysia's international reserves were at US$95.9 billion as on September 15, larger than US$95.2 billion as on August 30, the Bank Negara Malaysia said on Wednesday.

Foreign currency reserves amounted to US$85.7 billion, slightly up from US$85.1 billion as on August 30. Meanwhile the value of other reserve assets was at US$6.3 billion, unchanged from the previous period.The IMF reserve position was at US$0.4 billion, same as in the previous period. Gold reserves and Special Drawing Rights amounted to US$1.5 billion and US$2 billion, respectively, the central bank said.


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