A FURTHER decline in loan applications and approvals has turned investors away from banking stocks.

As at 4pm yesterday, the finance index on Bursa Malaysia had fallen more than 36 points but managed to bounce back to close 2.01 points higher at 6,912.13.

In early trade, most banking stocks fell at least 0.5% with Bumiputra-Commerce Holdings Bhd leading the loss. The counter fell more than 2.4% to RM6.15 in the morning but ended 10 sen higher at RM6.40. Public Bank Bhd gained 5 sen to RM8.80, Alliance Financial Group Bhd put on 3 sen to RM1.89 while EON Capital Bhd added 2 sen to RM3.46.

Among the losers were Malayan Banking Bhd and Hong Leong Bank Bhd, both down 5 sen to RM5.25 and RM5.10 respectively. RHB Capital Bhd shed 4 sen to RM3.68 while AMMB Holdings Bhd slipped 3 sen to RM2.29.
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KUALA LUMPUR: Blue chips on Bursa Malaysia fell in early trade on Friday, in line with the weaker Asian markets after US indices closed lower on concerns on weaker earnings.

At 9.30am, the KL Composite Index had fallen 7.56 points to 875.6. Turnover was thin with only 23 million shares done valued at RM35.6mil. There 37 gainers, 97 losers while 59 counters were unchanged.

Light crude oil eased to US$41.42 while the ringgit weakened against the US dollar to RM3.606.

Asian markets fell with the Nikkei 225 down 3.5% or 288 points to 7,962.47, Singapore’s Straits Times Index shed 0.72% to 2,089.89.

In the US, the S&P 500 Index fell 3.31% to 845.14 while the 30-stock Dow Jones Industrial Average shed 2.7% to 8,149.

Mayban Investment Equities Research said for the KLCI, the support areas of 867 and 883 for might be areas to nibble, and the resistance areas of 885 and 903 may cap the market rebound.
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KUALA LUMPUR, Jan 29 (Bernama) — The Kuala Lumpur Composite Index (KLCI) futures contracts on Bursa Malaysia Derivatives ended lower today amid profit taking after yesterday’s sharp gains, dealers said.

At close, spot month January 2009 shed 10.5 points to 876.5, February 2009 slipped 14 points to 871, March 2009 declined 15 points to 866 and June 2009 dropped 14.5 points to 849.5.

Turnover rose to 20,574 lots from 18,675 lots yesterday, while open interests increased to 29,081 contracts from 26,894 contracts previously.

The underlying KLCI rose 3.53 points to 883.16 at 5pm.

– BERNAMA

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PETALING JAYA: Plantation, finance and key heavyweight stocks pushed the Kuala Lumpur Composite Index higher yesterday despite lacklustre trading as investors in an extended holiday mood remained on the sidelines.

At 5pm, the KLCI was up 0.40%, or 3.53 points, to 883.16. Trading volume, however, was relatively thin, at 286.65 million shares valued at RM415.29 million. Gainers led losers by 200 to 172, while 181 counters traded unchanged.

The top gainer was Kuala Lumpur Kepong Bhd, which added 35 sen to close at RM9.90. IOI Corporation Bhd, United Malacca Bhd and United Plantations Bhd rose 10 sen each to RM3.84, RM5.70 and RM10.20, respectively.

Other plantation stocks that rose included Far East Holdings Bhd, Asiatic Development Bhd, IJM Plantations Bhd and Boustead Holdings Bhd.

Among finance counters, Bumiputra-Commerce Holdings Bhd gained 10 sen to RM6.30, Hong Leong Financial Group Bhd was up eight sen to RM4.58, EON Capital Bhd rose six sen to RM3.44 while Malayan Banking Bhd (Maybank) added five sen to RM5.30.

Other counters that rose yesterday included Bina Goodyear Bhd, Puncak Niaga Holdings Bhd, MISC Bhd and Petronas Gas Bhd.
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KUALA LUMPUR: Bursa Malaysia Bhd sees little trading disruption over its plan to trim down the KL Composite Index (KLCI) to 30 large and liquid stocks. The new primary index, called the FTSE Bursa Malaysia KLCI, will replace the existing one effective July 6.

The new market benchmark will adopt the outgoing KLCI closing value on July 3. This will ensure the KLCI price continuity since it was first introduced in 1986.

Bursa Malaysia chief executive officer Datuk Yusli Mohamed Yusoff said based on the exchange’s consultation with the industry, most index tracking fund managers were already focused on 25 to 30 counters that made up the KLCI.
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PETALING JAYA: Asian markets tumbled yesterday, with the KL Composite Index (KLCI) losing more than nine points on renewed concerns of the conditions of the global banks amid a protracted economic slump.

The KLCI finished 1.11%, or 9.91 points, down at 880.37 following heavy selling of blue-chip stocks.

Markets throughout the region sank following news that the Royal Bank of Scotland (RBS) expected a massive loss of £28bil for 2008.

Other Asian markets that skidded were Hong Kong, Taiwan and Japan. The Hang Seng closed 2.85% lower at 12,959.77 points, Taiex fell 2.84% to 4,242.61 and the Nikkei 225 dipped 2.31% to 8,065.79.

However, European markets were higher in early trade yesterday following a sell-off the day before when news of RBS’ loss was made known.

Meanwhile, crude oil fell below US$35 a barrel on concerns a global recession might deepen after Britain bailed out banks for the second time in three months.
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KUALA LUMPUR: Asian markets skidded in early trade on Tuesday while at Bursa Malaysia, losses in power giant Tenaga and BCHB weighed on blue chips. At 9.30am, the KL Composite Index had fallen 4.23 points to 886.05. Turnover was 45.17 million shares valued at RM35.64mil. There were 25 gainers, 116 losers and 76 counters unchanged.

Light crude oil was trading at US$34.59, down US$1.92.

Australia’s S%P/ASX 200 fell 125.6 points or 3.5% to 3,463.7, dragged down by losses in commodity stocks. Among Asian markets, Japan’s Nikkei 225 fell 3.25% to 7,988.86; Singapore’s Straits Times Index declined 2.65% to 1,700.77 and the Shanghai A Share Index 0.55% lower at 2,074.55.
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PETALING JAYA: The KL Composite Index (KLCI) fell below the 900 level yesterday, taking the cue from the US market on Wednesday which plunged following fresh concerns of a global recession.

The KLCI finished 1.75%, or 16.01 points, down at 897.45 following heavy selling of blue-chip stocks.

Other Asian markets that skidded were Hong Kong, Taiwan and Japan where the Hang Seng closed 3.37% lower at 1,3242.96, Taiex dipped 4.44% to 4,320.77 and the Nikkei fell 4.92% to 8,023.31 respectively.

European markets also traded lower in early trade yesterday.

On the currency front, the yen continued to strengthen against major currencies. Against the ringgit, the yen traded the highest in memory.

“As expected,” Pong Teng Siew, research head at Jupiter Securities Sdn Bhd, said of the fall of the KLCI yesterday.

“This is a trading market. If investors want to go in for the long term, they should be prepared for episodes of sell-downs like that every now and then.
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KUALA LUMPUR: Blue chips ended the morning session in the red on Wednesday, weighed down by losses in BCHB after a foreign research house cut its outlook for the banking group.

However, there was some mild buying interest in property counters like LBS, Bina Goodyear and SP Setia.

At 12.30pm, the KL Composite Index fell 3.21 points to 910.49. Turnover was 178 million shares valued at RM249mil. There were 121 gainers, 213 losers and 178 counters unchanged.

Hong Kong’s Hang Seng Index rose 195 points ot 1.43% to 13,863.04 while Shanghai’s A Share Index added 1.45% to 1,984.7 while Singapore’s Straits Times Index advanced 1.14% to 1,781.96. The Nikkei 225 gained 0.17% to 8,428.05.
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KUALA LUMPUR: Profit taking on key stocks including plantations dragged the KL Composite Index down more than 11 points in early trade on Thursday.

Investors’ sentiment was also affected by the overnight fall on Wall Street on worsening profit outlook for aluminum producer Alcoa Inc. and Intel Corp.

At 9.30am, the KLCI was down 11.49 points to 916.13. Turnover was 57.84 million shares valued at RM60mil. There were 30 gainers, 161 losers and 67 counters unchanged.

Major Asian markets fell, with the Nikkei 225 down 2.48% or 230 points to 9,009.73 while Shanghai’s A Share Index lost 2.11% to 1,977.57 and Singapore’s Straits Times Index shed 1.5% to 1,852.09.

Light crude oil fell to US$42.65 while the ringgit was quoted at RM3.522 to the US dollar.
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