Friday, September 9, 2011

Blue chips close lower

KUALA LUMPUR: Blue chips ended mixed following a choppy trade on Friday, Sept 9 amid see-saw movements in Asian stocks as investors weighed on China's easing inflation, dealers said.

At 5pm, the FBM KLCI was down 0.71 of a point to 1,469.12. It had opened 3.1 points steadier at 1,472.93. Gainers led losers 343 to 297 while 282 counters were unchanged. A total of 739.612 million shares worth RM977.252 million changed hands.

A dealer said markets fell globally as US President Barack Obama's job stimulus packages plan failed to spark a rally in the US.

With US Federal Reserve Chief Ben Bernanke not providing any details on the new measures to support the economy, traders continued to worry on the global economic outlook, a dealer said.

Another dealer said the Malaysian market still looked attractive following Bank Negara Malaysia's decision to retain the overnight policy rate at 3%.

However, he added the weaker report for the Industrial Production Index (IPI) in July 2011 which fell by 0.6 per cent compared with the same month
last year further reduced the local bourse's earnings.

Jupiter Securities Head of Research Pong Teng Siew said the weak data of IPI had been expected amid the global economic slowdown and anticipated reduction in the demand especially in the manufacturing and electrical and electronics sectors.

"Traders are still cautious on the market movement amid the absence of local leads with the market moving in a tight range following the overnight fall on Wall Street," Pong added.

Bursa Malaysia's PLANTATION [] Index added 7.18 points to 7,405.84, the INDUSTRIAL INDEX [] was down 3.07 points to 2,708.02 and the Finance Index declined 27.49 points to 13,691.96.

The FBM Emas Index was up 1.79 points to 10,038.43, the FBM Mid 70 Index gained 24.68 points to 10,892.80 and the FBM Ace Index added 66.08 points to 3,854.87.

Among active counters, GPRO Technologies fell 0.5 sen to eight sen, Systech added seven sen to 41 sen, Time DotCom earned four sen to 61 sen
and LBS Bina gained five sen to 82.5 sen.

As for heavyweights, Maybank was flat at RM8.69, CIMB lost two sen to RM7.16, Petronas Chemicals added two sen to RM6.40 and Sime Darby rose five sen to RM8.79.

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