Monday, September 19, 2011

KLCI extends losses in early trade

KUALA LUMPUR: The FBM KLCI fell in early trade on Monday, Sept 19 weighed by losses at blue chips in line with the tepid sentiment at most key regional markets as the euro zone debt crisis lingers.

At 9.20am, the FBM KLCI fell 4.24 points to 1,426.69.

Gainers led losers by 141 to 60, while 125 counters traded unchanged. Volume was 39.93 million shares valued at RM64.83 million.

Among the early decliners were Petronas Gas, Digi, Dutch Lady, PPB, Sime Darby and MISC, while other losers included Amway, CI Holdings, Panasonic and Crescendo.

Maybank Investment Bank Bhd head of retail research Lee Cheng Hooi in a note to clients on Sept 19 said the FBM KLCI tumbled 38.19-points and closed at 1,430.93 last Friday, and that the weaker support areas for the FBM KLCI were located in the 1,360 to 1,423-zone.

The next resistance levels of 1,430 and 1,511 will see very heavy liquidation activities, he said.

'Weaker USA and Euro zone debt and economic fundamentals are causing global investors to liquidate on every rebound.

'We urge that investors should dispose stocks on rally and to keep more cash to equity,' he said.

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