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Friday, May 8, 2009

Property stocks up midday

KUALA LUMPUR: Asian markets were off their morning’s low at the midday break on May 8 , with the KL Composite Index also following suit on some buying interest in lower priced stocks.

Property stocks were among the major gainers which included Bina Darulaman, Magna, UEM Land, KLCCP and Sunrise.

At 12.30pm, the KLCI was up 0.07 of a point to1,023.54. Turnover was 1.85 billion units valued at RM939.3 million. Advancers led decliners 395 to 227 while 189 stocks were flat.

Light crude oil continued to advance, adding 50 cents to US$57.30. Crude palm oil futures fell RM4 to RM2,616.

Among key Asian markets, Japan’s Nikkei 225 rose 0.3% to 9,414.27, Hong Kong’s Hang Seng Index added 0.2% to 17,253.63 while Singapore’s Straits Times Index gained 0.9% to 2,262.22.

Bloomberg reported Japan’s economy was no longer in freefall and would rebound as global demand picks up, according to a member of the government committee that charts the economic cycle.

“The worst is over,” Takao Komine, 62, an economist and professor at Hosei University in Tokyo, said in an interview yesterday. “We’ll probably see the beginning of recovery at the end of this year.”

Property stocks topped the gainers list with Bina Darulaman surging 28 sen to RM1.10 with 1,800 shares done. Magana added 23 sen to RM2.60, UEM Land 18 sen to RM1.38, KLCCP 12 sen to RM3.30 and Sunrise 11 sen to RM1.57.

MISC and Bursa added 15 sen each to RM8.65 and RM7.20 while Petra Energy gained 12 sen to RM1.64 and Dutch Lady 10 sen to RM10.20. Compugates was the most active with 126 million shares done, added 0.5 sen to 15 sen.

BAT was the top loser, down 25 sen to RM41.75 while DiGi and BCHB fell 20 sen each to RM21.80 and RM8.75 while UBG and Top Glove shed 15 sen each to RM2.72 and RM5.80 and Kulim-WB 12 sen lower to RM3.24.

By The EDGE Malaysia

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