KUALA LUMPUR: Foreign fund selling on blue chips weighed on market sentiment at the start of the new trading week on Monday, Jan 24, with most Southeast Asian key indices in the red in the morning session.
At Bursa Malaysia, the broader market was weak as most local funds stayed on the sidelines, awaiting the foreign selling to abate while the latest company to see selling pressure was AirAsia.
At midday, the FBM KLCI was down 7.3 points to 1,540.13. Turnover was 902.94 million shares valued at RM913.37 million. There were 175 gainers, 515 losers and 265 stocks unchanged.
The ringgit strengthened 0.08% to 3.0575 versus the US dollar; crude palm oil futures added RM51 to RM3,799 while light crude oil added 25 cents to US$89.36. Gold jumped US$9.23 to US$1,351.90.
Among the Southeast Asian markets, most of them were in the red and and year-to-date all were in negative territory except Singapore which notched marginal gains.
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Thailand's SET Index -2.09% 985.58
Jakarta Composite -1.11% 3,341.96
Philippines SE Index -1.22% 3,902.71
Shanghai Composite -0.5% 2,701.84
Shenzen Composite '1.73% 1,157.77
Hang Seng Index -0.34% 23,795.79
Singapore STI +0.47% 3,199.46
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Despite the foreign selling, the Malaysian Institute of Economic Research (MIER) sees the country's economic fundamentals to be intact despite slower growth this year when compared to 2010.
MIER projects the Malaysian economy to record a moderate growth of 5.2% this year, underpinned by domestic demand. The MIER also projects the economy to have grown by 6.8% in 2010.
At Bursa, DiGi fell the most, down 56 sen to RM25, MMHE 33 sen to RM5.75, AirAsia 20 sen to RM2.74 and Petronas Chemicals 19 sen to RM6.01.
Among PLANTATION []s, Kulim lost 28 sen to RM13, Batu Kawan 24 sen to RM16.68 and Glenealy 20 sen to RM5.
Borneo Oil-WB rose 8.5 sen in very active trade while its shares shed one sen to 75.5 sen. Time dotCom lost 5.5 sen to 71.5 sen.
MSC was the top gainer, adding 17 sen to RM4.77 ahead of its proposed secondary listing on SGX.
CIMB managed to recover some of last week's losses, up nine sen to RM8.43 while Pos advanced eight sen to RM3.58.
At Bursa Malaysia, the broader market was weak as most local funds stayed on the sidelines, awaiting the foreign selling to abate while the latest company to see selling pressure was AirAsia.
At midday, the FBM KLCI was down 7.3 points to 1,540.13. Turnover was 902.94 million shares valued at RM913.37 million. There were 175 gainers, 515 losers and 265 stocks unchanged.
The ringgit strengthened 0.08% to 3.0575 versus the US dollar; crude palm oil futures added RM51 to RM3,799 while light crude oil added 25 cents to US$89.36. Gold jumped US$9.23 to US$1,351.90.
Among the Southeast Asian markets, most of them were in the red and and year-to-date all were in negative territory except Singapore which notched marginal gains.
''
Thailand's SET Index -2.09% 985.58
Jakarta Composite -1.11% 3,341.96
Philippines SE Index -1.22% 3,902.71
Shanghai Composite -0.5% 2,701.84
Shenzen Composite '1.73% 1,157.77
Hang Seng Index -0.34% 23,795.79
Singapore STI +0.47% 3,199.46
''
''
Despite the foreign selling, the Malaysian Institute of Economic Research (MIER) sees the country's economic fundamentals to be intact despite slower growth this year when compared to 2010.
MIER projects the Malaysian economy to record a moderate growth of 5.2% this year, underpinned by domestic demand. The MIER also projects the economy to have grown by 6.8% in 2010.
At Bursa, DiGi fell the most, down 56 sen to RM25, MMHE 33 sen to RM5.75, AirAsia 20 sen to RM2.74 and Petronas Chemicals 19 sen to RM6.01.
Among PLANTATION []s, Kulim lost 28 sen to RM13, Batu Kawan 24 sen to RM16.68 and Glenealy 20 sen to RM5.
Borneo Oil-WB rose 8.5 sen in very active trade while its shares shed one sen to 75.5 sen. Time dotCom lost 5.5 sen to 71.5 sen.
MSC was the top gainer, adding 17 sen to RM4.77 ahead of its proposed secondary listing on SGX.
CIMB managed to recover some of last week's losses, up nine sen to RM8.43 while Pos advanced eight sen to RM3.58.
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