NST Online Business Times : latest
NST Online Business Times : latest |
| KL shares firmer in early trade Posted: 24 Oct 2012 07:06 PM PDT KUALA LUMPUR: Share prices on Bursa Malaysia were firmer in early trading today despite negative leads from the United States At 9.15 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.9 of a point higher at 1,668.89 after opening at 1,663.47, up 0.53 of a point. Wall Street fell between 0.2 per cent and 0.3 per cent at the closing bell last night after the US Federal Open Market Committee did not say anything new after its meeting ended last night. The policymakers essentially reiterated that economic growth had been moderate and the unemployment rate remained elevated, hence, its monetary policy would continue to be accommodative. "This will likely put pressure on Malaysian equities," HwangDBS Vickers Research said in a research note. The Finance Index rose 2.03 points to 14,893.38, the FBM Ace Index was 2.42 points higher at 4,255.15 and the FBM Mid 70 Index rose 15.53 points to 12,264.94. The Industrial Index gained 9.77 points to 2,907.51, the FBM Emas Index advanced 7.71 points to 11,344.37 and the FBMT100 added 7.55 points to 11,181.16. However, the Plantation Index fell 7.36 points to 8,206.39. Gainers led losers 122 to 65, with 124 counters unchanged and 1,327 untraded. Volume stood at 98.15 million shares worth RM42.16 million. For the actives, TH Heavy Engineering gained half sen to 42.5 sen, Tiger Synergy rose two sen to 24 sen and TH Heavy Engineering added one sen to 60.5 sen. Among heavyweights, Maybank increased one sen to RM9.01 with Sime Darby and CIMB each one sen lower at RM9.79 and RM7.63, respectively. -- BERNAMA |
| US stocks tumble for second day Posted: 24 Oct 2012 07:11 PM PDT NEW YORK: US stocks ended lower for a second day on Wednesday, as investors soured on another round of underwhelming corporate results and the Federal Reserve said it would stick to its stimulus plan until the job market improves. The S&P 500 has lost 3.6 per cent over the past five sessions, hurt by weak earnings outlooks and top-line revenue misses from large multinational companies. The index is now down 3.9 per cent from its closing high of 1,465.77 set on September 14. Boeing (BA.N) bucked the trend with a more optimistic outlook, but it could not break away from the rest of the market as it was pulled into negative territory in the afternoon. Shares of the defense and aerospace company, a Dow component, fell 0.2 percent to $72.71. The Fed, in its latest policy statement, said it would keep buying $40 billion in mortgage-backed debt per month to keep interest rates low until the job picture gets better. On September 13, the Fed unveiled a third round of economic stimulus, or quantitative easing, known as QE3. The Dow Jones industrial average .DJI shed 25.19 points, or 0.19 percent, to close at 13,077.34. The Standard & Poor's 500 Index .SPX dropped 4.36 points, or 0.31 percent, to 1,408.75. The Nasdaq Composite Index .IXIC slipped 8.77 points, or 0.29 percent, to end at 2,981.70. After the close, shares of Best Buy Co (BBY.N) slid 6.9 percent to $15.75 after the No. 1 U.S. electronics chain warned that its fiscal third-quarter earnings and same-store sales would fall. Best Buy closed the regular session at $16.92, up 0.3 percent. But shares of online game maker Zynga (ZNGA.O) jumped 12.7 percent to $2.40 after the bell after the company raised the lower end of its 2012 earnings outlook. In regular trading, Zynga fell 3.2 percent to close at $2.13. During the regular session, Facebook Inc (FB.O) shares soared 19.1 percent to $23.23 a day after the social networking company's quarterly results showed a surprising surge in mobile advertising revenue. Shares of Apple (AAPL.O), scheduled to report after Thursday's close, rose 0.6 percent to $616.83. The day's other gainers included Dow Chemical Co (DOW.N), the largest U.S. chemical maker, which said late on Tuesday it would cut 5 percent of its work force and shut 20 plants to counter a slowing global economy. Its stock jumped 4.7 percent to $29.88. On the down side, shares of movie rental company Netflix (NFLX.O) tumbled 11.9 percent to $60.12 after it cut its subscriber forecast, and shares of data-storage equipment maker EMC Corp (EMC.N) fell 0.9 percent to $24.46 after it cut its full-year outlook. Eli Lilly and Co (LLY.N) and Bristol-Myers Squibb Co (BMY.N) posted lower-than-expected profit and their shares fell. Eli Lilly shares tumbled 2.7 percent to $50.50. Shares of Bristol-Myers slipped 0.6 percent to $33.05. With results in from 186 of the S&P 500 companies, 59.1 percent have reported earnings above analysts' expectations, below the 62 percent long-term average, according to Thomson Reuters data. For revenue, just 38.2 percent of companies have beaten analysts' expectations, while 61.8 percent have fallen short. In a typical quarter, 62 percent of companies beat estimates. Homebuilders' stocks ranked among the session's best performers. An index of housing stocks .HGX shot up 0.7 percent. Shares of PulteGroup (PHM.N), one of the largest U.S. homebuilders, gained 0.8 percent to $17.45. Sales of new U.S. single-family homes jumped 5.7 percent in September to the highest level in nearly 2-1/2 years, offering more evidence that the housing market's recovery is improving. Volume was roughly 6.2 billion shares traded on the New York Stock Exchange, the Nasdaq and the NYSE MKT, compared with the year-to-date average daily closing volume of 6.51 billion. Decliners outnumbered advancers on the NYSE by a ratio of about 16 to 13. On the Nasdaq, about 14 stocks fell for every 11 that rose. (Reporting |
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