KUALA LUMPUR: The FBM KLCI extended its losses on Monday, Jan 31 in line with the negative sentiment across key global markets in the wake of the deadly civil unrest in Egypt that has sent investors rushing to reduce risks.
The FBM KLCI had fallen more than 15 points in early trade to a low of 1,505.85 before paring down some of its losses by mid-morning.
At 10am, the 30-stock index was down 8.38 points to 1,513.51, weighed by losses including at banking and PLANTATION []-related stocks. Investors were also staying on the sidelines due to the holiday-shortened trading week on Bursa Malaysia.
Losers thumped gainers by 359 to 76, while 137 counters traded unchanged. Volume was 206.09 million shares valued at RM221.81 million.
At the regional markets, Japan's Nikkei 225 fell 1.22% to 19,233.74, South Korea's Kospi tumbled 1.59% to 2,074.38, Singapore's Straits Times Index lost 0.87% to 3,201.55, Hong Kong's Hang Seng Index opened 1.3% lower at 23,314.69 while the Shanghai Composite Index managed to edge up 0.17% to 2,757.53.
BIMB Securities Research in a note Jan 31 said Wall Street'' had last Friday tumbled in one of its worst drop in a day since Nov 2010 due to the civil unrest in Egypt.
The turmoil in Egypt is feared could spread to the rest of the Middle East which sparked a huge flight from equity or risky assets to safer assets (i.e. treasury), it said.
'The civil unrest in Egypt is believed to demand the current President to step down and he in turn declared a state of curfew in major Egyptian city to keep in check the rioting from spreading.
'The uncertain situation in Egypt could result in regional equity market selling pressure and added with the extended long holiday this week, we expect the same fate in the local market today,' it said.
Meanwhile, Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi advised investors to be somewhat mindful of the overbought and bearish divergent market conditions.
'Pre-Chinese New Year profit-taking activities may predominate for this week.
'Do step aside first and allow the market to settle down before re-entering later,' he said in a note to clients on Jan 31.
On Bursa Malaysia, the top loser at mid-morning was BAT that fell 48 sen to RM47.54; DFZ Capital lost 37 sen to RM3.25, Batu Kawan 28 sen to RM16.36, KLK 12 sen to RM21.22, PPB and Keck Seng 10 sen to RM17 and RM6.46, MISC nine sen to RM8.22 while Petronas Chemicals and Gamuda lost six sen each to RM6.05 and RM3.77.
Among banks, CIMB Fell eight sen to RM8.37, Maybank seven sen to RM8.64, Public Bank six sen to RM13.34 and Affin nine sen to RM3.50.
MTD Capital, which resumed trade this morning after requesting for suspension since last Friday, was the top gainer and surged RM1.05 to RM10.60.
Other gainers included United Plantations that rose 48 sen to RM17, Nestle 20 sen to RM45.80, Top Glove eight sen to RM5.06, Allianz seven sen to RM5.42, CBIP six sen to RM4.09 and Hexagon 5.5 sen to 48.5 sen.
Century Software, which made its Main Market debut today, was among the actively traded stocks with 13.32 million shares done. The stock added 4.5 sen to 97.5 sen.
Other actives included Ho Wah Genting, Karambunai, Hexagon and SAAG
The FBM KLCI had fallen more than 15 points in early trade to a low of 1,505.85 before paring down some of its losses by mid-morning.
At 10am, the 30-stock index was down 8.38 points to 1,513.51, weighed by losses including at banking and PLANTATION []-related stocks. Investors were also staying on the sidelines due to the holiday-shortened trading week on Bursa Malaysia.
Losers thumped gainers by 359 to 76, while 137 counters traded unchanged. Volume was 206.09 million shares valued at RM221.81 million.
At the regional markets, Japan's Nikkei 225 fell 1.22% to 19,233.74, South Korea's Kospi tumbled 1.59% to 2,074.38, Singapore's Straits Times Index lost 0.87% to 3,201.55, Hong Kong's Hang Seng Index opened 1.3% lower at 23,314.69 while the Shanghai Composite Index managed to edge up 0.17% to 2,757.53.
BIMB Securities Research in a note Jan 31 said Wall Street'' had last Friday tumbled in one of its worst drop in a day since Nov 2010 due to the civil unrest in Egypt.
The turmoil in Egypt is feared could spread to the rest of the Middle East which sparked a huge flight from equity or risky assets to safer assets (i.e. treasury), it said.
'The civil unrest in Egypt is believed to demand the current President to step down and he in turn declared a state of curfew in major Egyptian city to keep in check the rioting from spreading.
'The uncertain situation in Egypt could result in regional equity market selling pressure and added with the extended long holiday this week, we expect the same fate in the local market today,' it said.
Meanwhile, Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi advised investors to be somewhat mindful of the overbought and bearish divergent market conditions.
'Pre-Chinese New Year profit-taking activities may predominate for this week.
'Do step aside first and allow the market to settle down before re-entering later,' he said in a note to clients on Jan 31.
On Bursa Malaysia, the top loser at mid-morning was BAT that fell 48 sen to RM47.54; DFZ Capital lost 37 sen to RM3.25, Batu Kawan 28 sen to RM16.36, KLK 12 sen to RM21.22, PPB and Keck Seng 10 sen to RM17 and RM6.46, MISC nine sen to RM8.22 while Petronas Chemicals and Gamuda lost six sen each to RM6.05 and RM3.77.
Among banks, CIMB Fell eight sen to RM8.37, Maybank seven sen to RM8.64, Public Bank six sen to RM13.34 and Affin nine sen to RM3.50.
MTD Capital, which resumed trade this morning after requesting for suspension since last Friday, was the top gainer and surged RM1.05 to RM10.60.
Other gainers included United Plantations that rose 48 sen to RM17, Nestle 20 sen to RM45.80, Top Glove eight sen to RM5.06, Allianz seven sen to RM5.42, CBIP six sen to RM4.09 and Hexagon 5.5 sen to 48.5 sen.
Century Software, which made its Main Market debut today, was among the actively traded stocks with 13.32 million shares done. The stock added 4.5 sen to 97.5 sen.
Other actives included Ho Wah Genting, Karambunai, Hexagon and SAAG
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