Wednesday, December 1, 2010

Market opens weaker

KUALA LUMPUR: Blue chips started the new month of December on a weaker note, with losses in banking stocks, as sentiment was impacted by external factors including Ireland's debt crisis and mixed corporate results.

At 9.18am, the FBM KLCI was down 2.19 points to 1,483.04. Turnover was 41.17 million shares valued at RM36.86 million. There were 39 gainers, 50 losers and 59 stocks unchanged.

KL Kepong fell 10 sen to RM20.12 with 1,700 shares done while BAT gave up eight sen to RM44.18.

MMHE lost six sen to RM4.68, Public Bank shed four sen to RM12.76 while down four sen each also were PPB, YTL and CIMB to RM17.84, RM8.20 and RM8.40 respectively.

JCY shed four sen to a fresh low of 85.5 sen after reported net losses of RM22.55 million in the fourth quarter ended Sept 30, 2010.

Hwang DBS Vickers Research said share prices on Bursa Malaysia would remain under selling pressures on Wednesday.

The research house said the FBM KLCI ' after ending at its intra-day low of 1,485.23 on Tuesday ' might show a marginal downward bias ahead, though it is not likely to test the first support level of 1,465.

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