Friday, July 8, 2011

Blue chips extend losses on rallies concerns

KUALA LUMPUR: Investors turned cautious on Friday, July 8 and were seen taking profit on blue chips on some concerns about the impact of the proposed rallies in the heart of Kuala Lumpur Saturday afternoon.

The parties involved in the rallies, including Bersih and Umno were seen stepping up rhetoric as police barred 91 of the leaders and activists from the city centre and warned of a crackdown.

Bersih leaders, denied a permit to hold the rally at the historic Stadium Merdeka, said they would go ahead with the rally at 2pm on Saturday though police had refused to give them a permit.

Bersih opponents, including Umno Youth, also raised their rhetoric and warned they too would hold a rally.

At 3pm, the FBM KLCI was down 4.63 points to 1,585.61. Turnover was 482.2 million shares valued at RM763.74 million. There were 206 gainers, 433 losers and 310 stocks unchanged.

Jerneh-WA was the top loser, down 37 sen to RM1.06, Dutch Lady 24 sen to RM19.30, Malton-LA 16 sen to 84 sen, AFG 16 sen also to RM3.46. Other losers were Cepco and Top Glove, shedding 13 sen each to RM1.92 and RM5.35 while MMHE lost 12 sen to RM8.42 and SunCity 10 sen to RM5.29.

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