KUALA LUMPUR: ''The FBM KLCI retreated in early trade on Friday, Jan 28 in line with the generally tepid investor sentiment at key regional markets, as well as ahead of the shorter trading period next week due to the Chinese New Year holidays.
Yesterday, Standard & Poor's cut Japan's credit rating a notch for the first time since 2002 and Moody's warned that it might turn negative on the US rating outlook if the deficit continued to swell, according to Reuters.
On Bursa Malaysia, the FBM KLCI fell 4.44 points to 1,522.52 at mid-morning, weighed by losses including at Petronas' units, banking stocks and select blue chips.
Losers led gainers by 246 to 184 while 212 counters traded unchanged. Volume was 321.79 million shares valued at RM278.22 million.
At the regional markets, Japan's Nikkei 225 fell 0.92% to 10,381.97, South Korea's Kospi lost 0.67% to 2,100.94, the Shanghai Composite Index shed 0.10% to 2,746.39, Singapore's Straits Times Index slipped 0.03% to 3,218.72 and Hong Kong's Hang Seng Index opened 0.1% lower at 23,756.59.
Meanwhile, Taiwan's Taiex added 0.16% to 9,116.44.
BIMB Securities Research in a note Jan 28 said Wall Street closed marginally higher again yesterday as the benchmark index in US struggled to close above its year best.
It said the Dow Jones Industrial Average managed to surpass the 12,000 psychological level on intra day trading but failed for the second day in a row to close above that level.
The research house said sentiment was hampered by higher-than-expected numbers of first time claim for unemployment benefit.
It rose to 454,000 week-on-week from the economist expectation of 407,000, it said.
'Note that this is the highest number recorded since last October. Given the anemic trading performance in Wall Street, expect the local market to trade in range bound with upside bias today.
'Bank Negara Malaysia's decision to retain the Overnight Policy Rate yesterday may result in lackluster trading pattern,' it said.
On Bursa Malaysia, Batu Kawan was the top loser at mid-morning and fell 28 sen to RM16.50; Petronas Gas lost 18 sen to RM11.20 and Petronas Dagangan 12 sen to RM12.02, Dutch Lady 16 sen to RM16.72, Genting 14 sen to RM10.76, BAT 12 sen to RM47.98, Hartalega nine sen to RM5.43 and MISC eight sen to RM8.22.
Among banking stocks, Hong Leong Bank fell 15 sen to RM9.27, AMMB down five sen to RM6.65 and Maybank four sen to RM8.66.
Gainers included DiGi, KLK, QSR Brands, PacificMas, YTL Corp, Hap Seng, Uzma, Tradewinds and Paramount.
Ho Wah Genting was the most actively traded stock with 28.7 million shares done. The counter added half a sen to 65 sen. Other actives included Dataprep, MUI Industries, Tanco, Kencana and Karambunai.
Yesterday, Standard & Poor's cut Japan's credit rating a notch for the first time since 2002 and Moody's warned that it might turn negative on the US rating outlook if the deficit continued to swell, according to Reuters.
On Bursa Malaysia, the FBM KLCI fell 4.44 points to 1,522.52 at mid-morning, weighed by losses including at Petronas' units, banking stocks and select blue chips.
Losers led gainers by 246 to 184 while 212 counters traded unchanged. Volume was 321.79 million shares valued at RM278.22 million.
At the regional markets, Japan's Nikkei 225 fell 0.92% to 10,381.97, South Korea's Kospi lost 0.67% to 2,100.94, the Shanghai Composite Index shed 0.10% to 2,746.39, Singapore's Straits Times Index slipped 0.03% to 3,218.72 and Hong Kong's Hang Seng Index opened 0.1% lower at 23,756.59.
Meanwhile, Taiwan's Taiex added 0.16% to 9,116.44.
BIMB Securities Research in a note Jan 28 said Wall Street closed marginally higher again yesterday as the benchmark index in US struggled to close above its year best.
It said the Dow Jones Industrial Average managed to surpass the 12,000 psychological level on intra day trading but failed for the second day in a row to close above that level.
The research house said sentiment was hampered by higher-than-expected numbers of first time claim for unemployment benefit.
It rose to 454,000 week-on-week from the economist expectation of 407,000, it said.
'Note that this is the highest number recorded since last October. Given the anemic trading performance in Wall Street, expect the local market to trade in range bound with upside bias today.
'Bank Negara Malaysia's decision to retain the Overnight Policy Rate yesterday may result in lackluster trading pattern,' it said.
On Bursa Malaysia, Batu Kawan was the top loser at mid-morning and fell 28 sen to RM16.50; Petronas Gas lost 18 sen to RM11.20 and Petronas Dagangan 12 sen to RM12.02, Dutch Lady 16 sen to RM16.72, Genting 14 sen to RM10.76, BAT 12 sen to RM47.98, Hartalega nine sen to RM5.43 and MISC eight sen to RM8.22.
Among banking stocks, Hong Leong Bank fell 15 sen to RM9.27, AMMB down five sen to RM6.65 and Maybank four sen to RM8.66.
Gainers included DiGi, KLK, QSR Brands, PacificMas, YTL Corp, Hap Seng, Uzma, Tradewinds and Paramount.
Ho Wah Genting was the most actively traded stock with 28.7 million shares done. The counter added half a sen to 65 sen. Other actives included Dataprep, MUI Industries, Tanco, Kencana and Karambunai.
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