KUALA LUMPUR: The FBM KLCI fell on Thursday, June 16 in line with the tepid investor sentiment across regional markets as Greece's debt crisis deepened and fresh US data indicated its economic woes could drag on longer than expected.
At mid-morning, the FBM KLCI fell 5.13 points to 1,551.06.
Losers beat gainers by 291 to 79, while 180 counters traded unchanged. Volume was 140.07 million shares valued at RM161.28 million.
At the regional markets, Hong Kong's Hang Seng Index fell 1.53% to 22,002.20, Taiwan's Taiex lost 1.57% to 8,692.72, South Korea's Kospi was down 1.41% to 2,057.05, Singapore's Straits Times Index shed 0.96% to 3,205.39 while Japan's Nikkei 225 and the Shanghai Composite Index fell 0.84% each to 9,494.15 and 2,682.82 respectively.
The escalating Greek problems and data showing the US economy is facing a troubling mix of weaker growth and higher prices triggered heavy selling on Wall Street, adding to pressure on Asian equity markets and other riskier assets on Thursday, according to Reuters.
Greek Prime Minister George Papandreou said he will form a new cabinet on Thursday and seek a vote of confidence from his fractious Socialist party to see through a harsh austerity bill, as riot police battled tens of thousands of protesters in the heart of Athens, it said.
Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients on June 16 said that due to the US markets' weaker tone last night, there would some initial low volume selling activities in the local bourse today.
'The market could possibly gap-down, with some follow-through local buying later.
'As a result, we expect the FBM KLCI to remain volatile today. Investors should trade the market with a short-term time frame,' he said.
Meanwhile, BIMB Securities Research said Wall Street's rebound on Tuesday was only a flash in the pan as the benchmark Dow Jones Industrial Average was sold down to below the 12,000 mark (again) on fresh fears in Greece and US economic recovery.
'Domestically, we reckon the market will take cue from regional performances and should struggle to maintain above the 1,550 level.
'The impending Bumi Armada IPO would also see investors' preference to stay sidelined,' it said in a note today.
Among the major losers at mid-morning,'' Petronas Gas fell 26 sen to RM12.24, Hong Leong Bank 18 sen to RM12.80, Petronas Dagangan and Malayan Flour Mills 14 sen each to RM15.86 and RM7/36, Esso 11 sen to RM5.29, Favell Favco, Tradewinds and UMW fell 10 sen eacjh to RM1.70, RM10.58 and RM7.13 respectively, while Texchem and Bintulu Port fell nine sen each to 72 sen and RM6.71.
SAAG was the most actively traded counter with 13.74 million shares done. The stock added half a sen to 7.5 sen.
Other actives included Compugates, HPI, Muhibbah, KBB, Systech, Careplus and Iris Corp.
Gainers included RHB Capital, HPI, Ipmuda, Kian Joo and HELP.
At mid-morning, the FBM KLCI fell 5.13 points to 1,551.06.
Losers beat gainers by 291 to 79, while 180 counters traded unchanged. Volume was 140.07 million shares valued at RM161.28 million.
At the regional markets, Hong Kong's Hang Seng Index fell 1.53% to 22,002.20, Taiwan's Taiex lost 1.57% to 8,692.72, South Korea's Kospi was down 1.41% to 2,057.05, Singapore's Straits Times Index shed 0.96% to 3,205.39 while Japan's Nikkei 225 and the Shanghai Composite Index fell 0.84% each to 9,494.15 and 2,682.82 respectively.
The escalating Greek problems and data showing the US economy is facing a troubling mix of weaker growth and higher prices triggered heavy selling on Wall Street, adding to pressure on Asian equity markets and other riskier assets on Thursday, according to Reuters.
Greek Prime Minister George Papandreou said he will form a new cabinet on Thursday and seek a vote of confidence from his fractious Socialist party to see through a harsh austerity bill, as riot police battled tens of thousands of protesters in the heart of Athens, it said.
Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients on June 16 said that due to the US markets' weaker tone last night, there would some initial low volume selling activities in the local bourse today.
'The market could possibly gap-down, with some follow-through local buying later.
'As a result, we expect the FBM KLCI to remain volatile today. Investors should trade the market with a short-term time frame,' he said.
Meanwhile, BIMB Securities Research said Wall Street's rebound on Tuesday was only a flash in the pan as the benchmark Dow Jones Industrial Average was sold down to below the 12,000 mark (again) on fresh fears in Greece and US economic recovery.
'Domestically, we reckon the market will take cue from regional performances and should struggle to maintain above the 1,550 level.
'The impending Bumi Armada IPO would also see investors' preference to stay sidelined,' it said in a note today.
Among the major losers at mid-morning,'' Petronas Gas fell 26 sen to RM12.24, Hong Leong Bank 18 sen to RM12.80, Petronas Dagangan and Malayan Flour Mills 14 sen each to RM15.86 and RM7/36, Esso 11 sen to RM5.29, Favell Favco, Tradewinds and UMW fell 10 sen eacjh to RM1.70, RM10.58 and RM7.13 respectively, while Texchem and Bintulu Port fell nine sen each to 72 sen and RM6.71.
SAAG was the most actively traded counter with 13.74 million shares done. The stock added half a sen to 7.5 sen.
Other actives included Compugates, HPI, Muhibbah, KBB, Systech, Careplus and Iris Corp.
Gainers included RHB Capital, HPI, Ipmuda, Kian Joo and HELP.
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