Monday, September 5, 2011

CIMB, Genting weigh on KLCI in early trade

KUALA LUMPUR: The FBM KLCI slipped into negative territory in early trade on Monday, Sept 5 weighed by key blue chips including CIMB and Genting in line with the decline at regional markets following the sharp fall at Wall Street last Friday.

At 9.05am, the FBM KLCI fell 6.66 points to 1,467.43.

Among the early losers were DiGi, Parkson, CIMB, Genting, Faber, IOI Corp, AFG and AMMB.

The regional markets also appeared to have been spooked by warnings from the World Bank about a new danger zone for the world economy.

World Bank President Robert Zoellick warned on Saturday the world economy was stepping into a "new danger zone" as growth slows and investor confidence weakens.

Meanwhile in the US, the latest jobs data showed zero jobs growth in August and raised the prospect of another recession.

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