BCHB, UMW,GENTING fall in early trade from THE EDGE

BCHB, UMW, Genting fall in early trade

Written by Joseph Chin

Tuesday, 07 July 2009 10:35

KUALA LUMPUR: The 30-stock FBM KLCI fell in early trade on July 7 following declines in BCHB, UMW and Genting with analysts seeing more consolidation for the overall market. At 10am, the FBM KLCI fell 0.91 point to 1,064.92. Turnover was 106.09 million shares valued at RM91.37 million. There were 161 gainers, 82 losers and 125 stocks unchanged. Japan’s Nikkei 225 fell 0.18% to 9,663.45 and Shanghai’s Composite Index lost 1.22% to 3,086.59. Singapore’s Straits Times Index rose 0.62% to 2,280.24 and Hong Kong’s Hang Seng Index opened 0.17% higher at 18,010.02. RHB Research Institute said as expected, the selling pressure returned yesterday after the swift rebound from the 10-day SMA on last Friday proved to be unsustainable. Furthermore, investors have decided to trim down some of their holdings on profit-taking activities, following the absence of trading leads after a smooth migration of the KLCI to the FBM KLCI yesterday. “Also, as the FBM KLCI fell below the 10-day SMA of 1,070 yesterday, the short-term technical outlook for the index has turned more negative. Combined with poor trading volume, the chart is pointing to further consolidation in the short term. “We expect investors to sideline pending sharper correction ahead, and foresee the return of bottom-fishing activities only near the 1,000 psychological level and the long-term support at 980,” it said. BCHB fell 15 sen to RM9.35, UMW and LPI 10 sen lower to RM5.90 and RM11.40 while Genting and MISC gave up five sen each to RM5.75 and RM8.50. Yesterday, LPI declared an interim dividend of 26.25 sen per share for the second quarter ended June 30. Its net profit rose 27% year-on-year to RM22.74 million, from RM17.9 million a year ago. However, Tanjong and Public Bank added 10 sen each to RM13.70 and RM9.20 while Hong Leong Bank and Public Bank foreign rose five sen each to RM5.70 and RM9.15. Among lower liners, GBH jumped 18 sen to RM1.51 with 10,000 shares done while KPS gained five sen to RM1.89. Dreamgate was the most active with 12.98 million shares done, rising two sen to 19 sen.