KUALA LUMPUR (Feb 10): The 30-stock FBM KLCI snapped its two-day run-up as investors decided to take profit and await the outcome of the long-awaited Greek debt deal which remained elusive, analysts said.
The profit taking was confined to Tenaga, Genting and IOI Corp, dragging the KLCI down 3.66 points to 1,561.66. Turnover was 3.35 billion shares valued at RM2.81 billion.
The broader market was firmer, underpinned by some nibbling of penny stocks and lower liners, enabling advancing counters to beat decliners 566 to 371 while 315 stocks were unchanged.
Reuters reported the FTSEurofirst 300 index of top European shares was down 0.55% at 1,067.63. The STOXX Europe 600 euro zone Banking Index, exposed to the euro zone's sovereign debt crisis, shed 1.4%.
Earlier, Asian stocks also lost ground, leaving global stocks as measured by the MSCI index down 0.6% at 326.04.
At Bursa Malaysia, Tenaga fell 19 sen to RM6.11 on rising concerns about further compensation for the power giant which is still facing a severe gas shortage. While Tenaga, Petroliam Nasional Bhd and the government had agreed to share the RM3 billion incurred between January 2010 and October 2011, there was no plan yet on how to absorb the additional cost of burning distillates after that period.
Genting Bhd fell 16 sen to RM10.30. DRB-Hicom, which had a strong run-up on its takeover of Khazanah Malaysia’s 42.7% stake of Proton, fell 16 sen to RM2.98.
Puncak Niaga fell the most, down 23 sen to RM1.66 after surging 44 sen on Thursday. KPS lost 15 sen to RM1.24 and KHSB 11.5 sen to 66.5 sen.
Tebrau Teguh rose 8.5 sen to 89 sen and it was the most active with 150.66 million shares done. The 89 sen closing price was a 13 sen premium over the takeover price of 76 sen offered by Iskandar Waterfront Holdings Sdn Bhd (IWH). IWH is buying a 33.15% stake in the company from Kumpulan Prasarana Rakyat Johor Sdn Bhd (KPRJ) for RM168.7 million.
Among plantations, plantation player IOI Corp shed 13 sen to RM5.47. However, BLD Plantations was the top gainer, up 52 sen t o RM9.67, Far East 30 sen to RM7.30 and United Plantations 20 sen higher at RM22.
Among consumer stocks, Dutch Lady added 50 sen to RM25.38 and Amway 14 sen to RM9.80.
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