Friday, August 6, 2010

Selling in selected heavyweights, lower-liners pulls mart down

KUALA LUMPUR: Bursa Malaysia succumbed to selling pressures in selected heavyweights and low-liners to end lower on Friday, Aug 6, dealers said.

The FTSE Bursa Malaysia KUALA LUMPUR COMPOSITE INDEX [] (FBM KLCI) fell by 1.63 points, or 0.12%, to close at 1,360.45.

The benchmark index opened 2.12 points higher at 1,364.2 compared with Thursday's 1,362.08 close and moved between 1,359.72 and 1,364.2.

Dealers said market sentiment was bearish on the back of the weak close on Wall Street and sluggish regional markets.

Overnight S&P 500 fell 0.1% to 1,125.81, Nasdaq declined 0.46% to 2,293.06 and Dow Jones declined 0.05% to 10,674.98 on disappointing US initial weekly jobless claims data.

MIMB Investment Bank Bhd head of research Dr Mohd Nazri Khan said the local market has been undergoing a technical correction after recent gains.

"It is just a correction," he said, adding that the quiet market showed that some investors were awaiting the outcome of US non-farm payrolls data due for release later tonight.

However, he said, the market weakness was offset by buying spree in the laggard stocks.

The Finance Index rose 0.28 point to 12,285.55 and PLANTATION [] Index added 21.08 points to 6,489.75. The INDUSTRIAL INDEX [], however, fell 6.16 points to 2,655.1.

The FBM Emas Index decreased 13.141 points to 9,224.64, FBM70 [] Index eased 5.671 points to 9,253.27 and the FBM Ace Index fell 17.59 points to 3,827.66.

Losers led gainers by 367 to 328 while 281 counters were unchanged, 390 untraded and 27 others were suspended.

Volume declined to 866.076 million shares worth RM1.256 billion from 993.853 million shares worth RM1.575 billion Thursday. ' Bernama

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