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Bursa Securities quizzes IRM Group over surge in share price
Petronas Gas buoys KLCI amid cautious trade
Yen firmer but near lows, Asian shares capped

Bursa Securities quizzes IRM Group over surge in share price

Posted: 18 Feb 2013 06:18 PM PST

Published: Tuesday February 19, 2013 MYT 10:18:00 AM

KUALA LUMPUR: Bursa Malaysia Securities had queried IRM Group Bhd on Tuesday over the unusual market activity of its shares recently.

At 10.03am, it was up two sen to 26.5 sen. There were 1.18 million shares done at prices ranging from 24 sen to 28.5 sen.

The FBM KLCI fell 2.3 points to 1,618.63. Turnover was 227.13 million shares valued at RM97.70mil. There were 105 gainers, 174 losers and 166 counters unchanged.

Bursa Securities queried IRM Group over the sharp increase in the share price recently.

It queried the company if there was any corporate development relating to the goup's business and affairs that had not been previously announced that might account for the unusual market activity including those in the stage of negotiation and or discussion.

It also asked the company whether there was any rumour or report concerning the business and affairs of the group that might account for the unusual market activity.

Petronas Gas buoys KLCI amid cautious trade

Posted: 18 Feb 2013 05:44 PM PST

KUALA LUMPUR: Some mild buying of Petronas Gas helped put the FBM KLCI back in positive territory early Tuesday amid a cautious market, especially after the late sell-off on Monday

At 9.26am, the KLCI was up just 0.24 of a point to 1,621.17. Turnover was 136.78 million shares valued at RM34.42mil. There were 83 gainers, 76 losers and 127 counters unchanged.

Maybank KE Research said after the KLCI fell 7.0 points to close at 1,620.93 on Monday, the resistance level of 1,620 and 1,640 would cap market gains, whilst weaker support areas are located at 1,597 and 1,617.

Stock market data showed retail investors were net sellers at RM23.7mil and institutions net sellers at RM9.9mil but foreigners were net buyers at RM33.6mil.

Petronas Gas was the top gainer, adding 24 sen to RM18.70 with 1,100 shares done. UMW gained six sen to RM12.18 and RHB Cap three sen higher at RM7.68.

Plantation stocks were mixed, with PPB Group up eight sen to RM12.20 but KL Kepong lost 28 sen to RM21 with 200 shares done and Batu Kawan eight sen lower at RM18.56.

Tasek fell 18 sen to RM14.38 on profit taking after the price surge on its dividends announcement.

Hospital operator KPJ-WA fell nine sen to RM4.08 and the shares eight sen to RM5.87

Yen firmer but near lows, Asian shares capped

Posted: 18 Feb 2013 05:28 PM PST

TOKYO: The yen remained near recent lows on Tuesday, as attention turned to the appointment of a new Bank of Japan governor.

Regional share markets held to tight ranges as the absence of catalysts and a holiday in the U.S. overnight capped demand.

The yen, which has dropped 20 percent against the dollar since mid-November, fell further at the start of the week after financial leaders from the G20 promised not to devalue their currencies to boost exports and avoided singling out Japan for any direct criticism.

The choice of the next BOJ governor and two deputies has drawn market attention as a gauge to how strongly Prime Minister Shinzo Abe is committed to reflating the economy. The G20's message was that as long as Japan pursues aggressive monetary easing to achieve that goal, a weaker yen as a result of such domestic monetary policy will be tolerated, analysts say.

"But that means that some other economy's monetary conditions have been tightened," said Barclays Capital in a note.

"Japan hasn't even changed its policy stance thus far, and the effect of expectations of a looser setting have led to limited moves in domestic interest rates, but the sell-off of the JPY has been marked and has clearly caused unease in other economies."

Market reaction was muted to the release of the minutes of the BOJ's January 21-22 meeting, when the bank set a 2 percent inflation target and pledged to an open-ended quantitative easing from 2014, but the yen was bought when Finance Minister Taro Aso told reporters Japan has no plans to buy foreign currency bonds as part of monetary easing, a trader said.

The dollar was down 0.2 percent to 93.75 yen, but remained near its highest since May 2010 of 94.465 hit on February 11. The euro also eased 0.3 percent to 125.05 yen, below its peak since April 2010 of 127.71 yen touched on February 6.

The MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was nearly flat.

The Nikkei stock average .N225 opened down 0.6 percent, after closing up 2.1 percent on Monday to approach its highest level since September 2008 of 11,498.42 tapped on February 6. .T

Australian shares .AXJO inched down 0.1 percent on the back of weakness in metals prices, with investors focusing on local corporate earnings for direction after a three-month rally that has taken the market to 4-1/2 year highs.

Seoul shares .KS11 opened little changed, and were expected to struggle to find momentum on worries about the weak yen.

"The market has been taking a breather recently after staging a recovery earlier this month," said Lee Jae-man, an analyst at Tong Yang Securities in Seoul. "The weaker yen has been priced in to some extent, and the pace of its fall is expected to slow down."

Disappointing earnings pushed European shares lower on Monday for a third straight session of losses while U.S. markets were closed for the President's Day holiday.

The euro was steady around $1.3348. The currency eased slightly on Monday after European Central Bank President Mario Draghi said in a speech at the European Parliament that "the exchange rate is not a policy target but is important for growth and price stability" and that its rise is "a risk."

The risk of an inconclusive outcome in Italy's election this weekend added to investor concerns.

Sterling hovered near a seven-month low against the dollar touched on Monday after a key policymaker made comments about the need for further weakness, while recent poor data has spurred worries of another British recession.

U.S. crude fell 0.4 percent to $95.47 a barrel. - Reuters

Kredit: www.thestar.com.my

Isnin, 18 Februari 2013