BURSA MALAYSIA >>> Closing Market Report 27 Oct 2010

FBM KLCI Backed-Off 1500;
Traders Lock In Profits
Stocks on Bursa Malaysia rose 0.14% to close at 1499.11 points on Wednesday, after rising as high as 1504.37 points on selective buying in key heavyweights. However, the market failed to uphold the strong momentum in the afternoon due to profit taking as investors took cue from the weaker overseas markets.

The FBM KLCI closed in positive territory but just shy of the 1,500 -point mark on Wednesday, Oct 27, after key regional markets declined following the slump at the Hong Kong and China stock markets.

Hong Kong's benchmark Hang Seng Index and the Shanghai Composite Index fell, weighed down by falls in commodity prices.

Hang Seng Index fell 1.85% to 23,164.58, the Shanghai Composite Index lost 1.46% to 2,997.05, Singapore’s Straits Times Index lost 1.21% to 3,124.38, Taiwan’s Taiex lost 0.63% to 8,291.04, the South Korean Kospi fell 0.51% to 1,909.54 while Japan’s Nikkei 225 edged up 0.10% to 9,387.03.

The 30-stock FBM KLCI, which briefly crossed the psychologically crucial 1,500-level in the morning session, closed 2.17 points higher at 1,499.11, supported by gains at DiGi, PBB and PLUS. Gainers led losers by 497 to 328, while 283 counters traded unchanged. Volume was 1.17 billion shares valued at RM1.64 billion.

The Finance Index added 0.55% to 13612.91 points, the Properties Index climbed 0.66% to 982.72 points and the Plantation Index fell 0.28% to 7602.25 points. The market traded within a range of 8.17 points between an intra-day high of 1504.37 and a low of 1496.20 during the session.

Actively traded stocks include KBUNAI, L&G, SCOMI, PLUS, RAMUNIA, SPSETIA-WB, MKLAND, JAKS, SAAG and TIMECOM. Trading volume declined to 1169.58 mil shares worth RM1636.53 mil as compared to Tuesday's 1375.01 mil shares worth RM1874.15 mil.

Leading Movers were CIMB (+7 sen to RM8.15), AMMB (+12 sen to RM6.19), DIGI (+34 sen to RM25.00), PPB (+28 sen to RM19.00) and MISC (+6 sen to RM8.76).

Lagging Movers were GENTING (-14 sen to RM10.36), SIME (-4 sen to RM8.84), TNB (-5 sen to RM8.83), GENM (-5 sen to RM3.50) and MAXIS (-4 sen to RM5.25). Market breadth was negative with 328 gainers as compared to 497 losers.

HAPPY TRADING