Wednesday, April 14, 2010

JAKS in focus, chips advance


KUALA LUMPUR: Blue chips gave up part of their gains by the midday on Wednesday, April 14 on extended profit taking but the broader market was mostly mixed.

Chip-related stocks advanced on Intel's positive outlook while JAKS rose on a positive outlook for the pipe-to-property company.

At 12.30pm, the FBM KLCI was up 1.64 points to 1,336.16. Turnover was 416.4 million shares valued at RM598 million. There were 308 gainers, 285 losers and 272 stocks unchanged.

Light crude oil was up 33 cents to US$84.38, crude palm oil futures rose RM2 to RM2.527 while US spot gold added US$4.85 to US$1,155.55.

Japan's Nikkei 225 rose 0.36% to 11,201.58, Singapore's Straits Times Index advanced 1.08% to 3,003.81 while Hong Kong's Hang Seng Index slipped 0.06% to 22,089.83 and Shanghai's Composite Index lost 0.2% to 3,154.80.

At Bursa Malaysia, GENTING BHD [] rose five sen to RM6.56, pushing up the FBM KLCI up by 0.44 of a point while Axiata added two sen to RM3.73, nudging the index up by 0.41 of a point.

Panasonic Malaysia gained 28 sen to RM16.30 while Dutch lady added 20 sen to RM12.40.

Chip-related stocks MPI rose 22 sen to RM7.24 and Unisem 14 sen to RM3.14 while hard disk drive component maker JCY gained four sen to RM1.76. The stocks rose after Intel reported a positive outlook.

JAKS rose five sen to 88 sen with 14.79 million shares done after RHB Research said it believed JAKS' outlook is about to change for the better, given three major positive developments since March, which would improve its financial position from FY10/10.

Transmile fell four sen to 40.5 sen with 8.7 million shares done on a news report the EPF is seeking to recover RM50 million owed to it by the beleaguered air cargo transporter. The report said Transmile owed RM500 million.

Top Glove fell 26 sen to RM12.64, but in shrinking volume after the recent de-rating for glove makers though CIMB Research sees upside for the sector.

Tan Chong fell 18 sen to RM4.75 while KKB lost 11.5 sen to 52 sen.

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