KUALA LUMPUR: Six days of straight losses pushed the FBM KLCI below the crucial 1,300 level on Monday, July 5 weighed down'' by loses in SIME DARBY BHD [] and CIMB Group Bhd, on mounting concerns about slowdowns in the United States and China.
The FBM KLCI closed 7.94 points to close at 1,299.50 as the market came under selling pressure in the late afternoon. Turnover was 449.51 million shares worth RM717.91 million. Losers beat gainers 425 to 182.
Market sentiment was dampened by the weak Wall Street and uncertainties about the economic recovery in the US and a slowdown in the China.
Key Asian markets were mostly lower. Japan's Nikkei 225 rose 0.69% to 9,266.778 but Hong Kong's Hang Seng Index lost 0.32% to 19,842.2 while Shanghai's Composite Index fell 0.8% to 2,363.95 and Singapore's Straits Times Index was unchanged at 2,844.02.
Crude palm oil futures fell RM40 to RM2,282, the lowest since Nov 12 last year. RHB Research had recently downgraded its call on the sector to neutral from overweight.
"We believe there are not many positive catalysts which would move CPO prices up in the near term, and therefore expect PLANTATION [] share prices to remain lacklustre. Despite our now more cautious outlook for the sector for the short term, we maintain our CPO price forecasts of an average of RM2,500 per tonne for 2010, RM2,700 for 2011 and RM2,500 for 2012," the research house said.
Sime Darby fell 20 sen to RM7.58, dragging the 30-stock FBM KLCI down a hefty 2.92 points while CIMB's seven sen decline dragged the index down by 1.2 points.
Investors trimmed their exposure to GENTING BHD [], which saw the stock shedding 12 sen to RM7.13 while MALAYAN BANKING BHD [] fell'' four sen to RM7.53. BRITISH AMERICAN TOBACCO (M) [] Bhd was the top loser, down RM1.02 to RM43.18.
The gainers were LPI CAPITAL BHD [], up 64 sen to RM15.98 while Titan Chemical Corp Bhd added 17 sen to RM1.62 and Tanjong plc advanced eight sen to RM17.14.
The FBM KLCI closed 7.94 points to close at 1,299.50 as the market came under selling pressure in the late afternoon. Turnover was 449.51 million shares worth RM717.91 million. Losers beat gainers 425 to 182.
Market sentiment was dampened by the weak Wall Street and uncertainties about the economic recovery in the US and a slowdown in the China.
Key Asian markets were mostly lower. Japan's Nikkei 225 rose 0.69% to 9,266.778 but Hong Kong's Hang Seng Index lost 0.32% to 19,842.2 while Shanghai's Composite Index fell 0.8% to 2,363.95 and Singapore's Straits Times Index was unchanged at 2,844.02.
Crude palm oil futures fell RM40 to RM2,282, the lowest since Nov 12 last year. RHB Research had recently downgraded its call on the sector to neutral from overweight.
"We believe there are not many positive catalysts which would move CPO prices up in the near term, and therefore expect PLANTATION [] share prices to remain lacklustre. Despite our now more cautious outlook for the sector for the short term, we maintain our CPO price forecasts of an average of RM2,500 per tonne for 2010, RM2,700 for 2011 and RM2,500 for 2012," the research house said.
Sime Darby fell 20 sen to RM7.58, dragging the 30-stock FBM KLCI down a hefty 2.92 points while CIMB's seven sen decline dragged the index down by 1.2 points.
Investors trimmed their exposure to GENTING BHD [], which saw the stock shedding 12 sen to RM7.13 while MALAYAN BANKING BHD [] fell'' four sen to RM7.53. BRITISH AMERICAN TOBACCO (M) [] Bhd was the top loser, down RM1.02 to RM43.18.
The gainers were LPI CAPITAL BHD [], up 64 sen to RM15.98 while Titan Chemical Corp Bhd added 17 sen to RM1.62 and Tanjong plc advanced eight sen to RM17.14.
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