KUALA LUMPUR: The FBM KLCI pared down some of its early losses at mid-morning on Wednesday, April 13 as key regional markets mostly remained in the red following the weaker overnight close at Wall Street, as well as on risk aversion in view of the nuclear crisis overhanging Japan.
However, some nibbling at battered stocks indicated that the risk aversion might be short-lived, as Japan's Nikkei edged upwards after yesterday's sharp fall.
But crude oil slipped, extending two days of losses after Goldman Sachs urged investors to book profits, warning for a second time in as many days of an increased risk of price reversal , according to Reuters.
The FBM KLCI was down 4.39 points to 1,521.53 at 10am, weighed by losses at key blue chips.
Losers edged gainers by 203 to 202, while 235 counters traded unchanged. Volume was 213.52 million shares valued at RM209.02 million.
At the regional markets, the Shanghai Composite Index was down 0.53% to 3,005.31, Japans' Nikkei 225 fell 0.11% to 9,545.12, Hong Kong's Hang Seng Index shed 0.10% to 23,952.53, South Korea's Kospi was down 0.08% to 2,087.69 and Taiwan's Taiex edged down 0.05% to 8,727.91.
Meanwhile, Singapore's Straits Times Index was up 0.13% to 3,142.09.
Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi said that due to the Dow Jones's much weaker tone last night, the FBM KLCI would be in a further liquidation mode today.
A recent secondary high of 1,565.53 (April 4, 2011) had been seen and a major downward retracement phase has now emerged, he said.
'Failure to hold above 1,529.41 yesterday has now implied a very bearish outlook for the FBM KLCI.
'Sell on rallies and keep cash for the potential crash! Why buy now when you can buy lower in the distant future?' he said in a note to clients on April 13.
On Bursa Malaysia, DiGi was the top loser at mid-morning and fell 14 sen to RM29.52; UMW lost 13 sen to RM7.21, Petronas Dagangan and Genting fell 12 sen each to RM16.20 and RM10.64, Ho Hup 7.5 sen to 70.5 sen, Hap Seng seven sen to RM5.93, while Public Bank and CIMB fell six sen each to RM13 and RM8.13.
Gainers included Panasonic, Nestle, BAT, Texchem, Ta Ann, GAB, Subur Tiasa and Petronas Chemicals.
Meanwhile, the actively traded counters included HWGB, E&O, MAA, Berjaya Food and Symphony.
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However, some nibbling at battered stocks indicated that the risk aversion might be short-lived, as Japan's Nikkei edged upwards after yesterday's sharp fall.
But crude oil slipped, extending two days of losses after Goldman Sachs urged investors to book profits, warning for a second time in as many days of an increased risk of price reversal , according to Reuters.
The FBM KLCI was down 4.39 points to 1,521.53 at 10am, weighed by losses at key blue chips.
Losers edged gainers by 203 to 202, while 235 counters traded unchanged. Volume was 213.52 million shares valued at RM209.02 million.
At the regional markets, the Shanghai Composite Index was down 0.53% to 3,005.31, Japans' Nikkei 225 fell 0.11% to 9,545.12, Hong Kong's Hang Seng Index shed 0.10% to 23,952.53, South Korea's Kospi was down 0.08% to 2,087.69 and Taiwan's Taiex edged down 0.05% to 8,727.91.
Meanwhile, Singapore's Straits Times Index was up 0.13% to 3,142.09.
Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi said that due to the Dow Jones's much weaker tone last night, the FBM KLCI would be in a further liquidation mode today.
A recent secondary high of 1,565.53 (April 4, 2011) had been seen and a major downward retracement phase has now emerged, he said.
'Failure to hold above 1,529.41 yesterday has now implied a very bearish outlook for the FBM KLCI.
'Sell on rallies and keep cash for the potential crash! Why buy now when you can buy lower in the distant future?' he said in a note to clients on April 13.
On Bursa Malaysia, DiGi was the top loser at mid-morning and fell 14 sen to RM29.52; UMW lost 13 sen to RM7.21, Petronas Dagangan and Genting fell 12 sen each to RM16.20 and RM10.64, Ho Hup 7.5 sen to 70.5 sen, Hap Seng seven sen to RM5.93, while Public Bank and CIMB fell six sen each to RM13 and RM8.13.
Gainers included Panasonic, Nestle, BAT, Texchem, Ta Ann, GAB, Subur Tiasa and Petronas Chemicals.
Meanwhile, the actively traded counters included HWGB, E&O, MAA, Berjaya Food and Symphony.
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