Thursday, July 14, 2011

FBM KLCI slips below 1,580 at mid-day

KUALA LUMPUR: The FBM KLCI slipped below the 1,580-point level at the mid-day break on Thursday, July 14 in line with the pullback as most key regional markets after Moody's warned the United States may lose its top-notch credit rating in the coming week.

The risk of a lower credit rating for the United States overshadowed Federal Reserve Chairman Ben Bernanke's suggestion, in testimony to Congress, that the U.S. central bank could provide more stimulus if the economy weakens further, according to Reuters.

The FBM KLCI slipped 0.11% or 1.67 points to 1,579.00 at 12.30pm.

Market breadth was negative with 376 losers, 194 gainers and 301 counters trading unchanged. Volume was 343.84 million shares valued at RM511.66 million.

The ringgit strengthened 0.40% to 3.0099 versus the US dollar; crude palm oil rose RM17 per tonne to RM3,108, crude oil shed 46 cents per barrel to US$97.56 while gold added US$1.18 an ounce to US$1,583.55.

At the regional markets, Japan's Nikkei 225 fell 0.61% to 9,902.58, Hong Kong's Hang Seng Index lost 0.76% to 21,759.50, Taiwan's Taiex shed 0.66% to 8,432.13, South Korea;s Kospi declined 1.09% to 2,106.42 and Singapore's Straits Times Index edged down 0.28% to 3,079.67.

Meanwhile, the Shanghai Composite Index inched up 0.14% to 2,799.45.

On Bursa Malaysia, Digi fell 34 sen to RM29.66, BLD PLANTATION []s lost 28 sen to RM6.34, KLK 16 sen to RM21.94, Far East 15 sen to RM7.10, PPB and Muda down 14 sen each to RM17.32 and RM1.16, Bursa 11 sen to RM7.75, Amway 10 sen to RM9.35, Coastal eight sen to RM2.63 and Aeon seven sen to RM7.30.

Among the gainers, Petronas Dagangan added 48 sen to RM18.48, Nestle 30 sen to RM47.90, Asia File eight sen to RM4.08, Sungei Bagan and Orient seven sen each to RM3.07 and RM5.12, while United Plantations rose six sen to RM21.16.

The actives this morning included Muda, Wijaya, Jotech, Petronas Chemicals, OldTown and Kencana.

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