Mixed on Europe fears

Bursa Malaysia ended mixed despite the weaker regional markets on mounting fears that Europe’s debt crisis may affect bigger economies such as Spain and Italy, dealers said.

Gains in plantations and banking stocks helped the FTSE Bursa Malaysia KLCI (FBM KLCI) to close 5.5 points, or 0.35%, higher at 1,580.67, after hovering between 1,569.99 and 1,582.03 throughout the day.

A dealer said Spain’s banking system is under pressure a week after Bankia, its fourth-largest bank, required US$23.8bil in government aid to cover souring real estate loans.

“Investors became more worried that the problem may affect other Spanish banks. Many lent heavily during the nation’s real estate bubble and losses from the real estate crash may be too big for Spain’s government to shoulder,” he said.

Losers led gainers by 375 to 343 while 310 counters were unchanged, 527 untraded and 15 others were suspended.

Turnover rose to 1.24 billion shares worth RM2.9bil from 920.86 million shares worth RM920.86mil on Wednesday.

Among heavyweights, Maybank rose five sen to RM8.75, Sime Darby advanced four sen to RM9.68, while Petronas Chemicals and CIMB increased one sen each to RM6.70 and RM7.50, respectively. – Bernama