KUALA LUMPUR: Blue chips on Bursa Malaysia fell, with the FBM KLCI down more than 11 points in early trade on Wednesday, Feb 23, dragged by losses in KL Kepong, Genting and Tenaga.
At 9.06am, the FBM KLCI was down 11.12 points to 1,502.51. Turnover was 60.2 million shares valued at nearly RM50 million. Losers beat gainers 251 to 36 while 83 stocks were unchanged.
KL Kepong fell the most, down 28 sen to RM21.20, Tradewinds 19 sen to RM7.70, Genting 18 sen to RM10.22 while IJM shed 17 sen to RM6.36. WCT gave up 12 sen to RM2.97 and Tenaga 10 sen to RM6.27.
Hwang DBS Vickers Research said Wall Street played catch-up on Tuesday night after closing for a holiday on Monday as major U.S. equity indices plunged between 1.4% and 2.7% dragged down mainly by the ongoing political crisis in Libya. Crude oil prices reacted too by jumping 8.5% to US$93.57 per barrel in overnight U.S. trading.
'The wobbly external sentiment suggests that Asian equities are likely to remain under selling pressures ahead. Back home, the benchmark FBM KLCI will probably slide further towards its immediate support level of 1,495 today.
'Given the jittery outlook, investors naturally will be more inclined to sell rather than buy equities at the moment,' it said.
At 9.06am, the FBM KLCI was down 11.12 points to 1,502.51. Turnover was 60.2 million shares valued at nearly RM50 million. Losers beat gainers 251 to 36 while 83 stocks were unchanged.
KL Kepong fell the most, down 28 sen to RM21.20, Tradewinds 19 sen to RM7.70, Genting 18 sen to RM10.22 while IJM shed 17 sen to RM6.36. WCT gave up 12 sen to RM2.97 and Tenaga 10 sen to RM6.27.
Hwang DBS Vickers Research said Wall Street played catch-up on Tuesday night after closing for a holiday on Monday as major U.S. equity indices plunged between 1.4% and 2.7% dragged down mainly by the ongoing political crisis in Libya. Crude oil prices reacted too by jumping 8.5% to US$93.57 per barrel in overnight U.S. trading.
'The wobbly external sentiment suggests that Asian equities are likely to remain under selling pressures ahead. Back home, the benchmark FBM KLCI will probably slide further towards its immediate support level of 1,495 today.
'Given the jittery outlook, investors naturally will be more inclined to sell rather than buy equities at the moment,' it said.
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