Friday, December 9, 2011

KLCI closes on weaker note as eurozone debt woes persist

KUALA LUMPUR (Dec 9): The FBM KLCI ended the week on a weaker note in line with global markets, as investors worried over the uphill battle European leaders faced in agreeing to a more permanent solution to solve the eurozone debt crisis started liquidating their stocks.

The FBM KLCI fell 12.79 points to 1,460.13, weighed by losses including at KLK, Genting, PPB, AMMB and Gamuda.

Losers beat gainers by 515 to 213, while 278 counters traded unchanged. Volume was 1.3 billion shares valued at RM1.06 billion.

EU leaders agreed stricter budget rules for the euro zone at a summit seen as crucial to the future of the single currency in Brussels, but failed to secure changes to the EU treaty among all 27 member states, meaning a deal will instead have to involve just euro zone states and any others that want to join, according to Reuters.

After 10 hours of talks there was little concrete progress among the leaders, apart from their commitment to work towards a new "fiscal compact", it said.

At the regional markets, Hong Kong's Hang Seng Index lost 2.73% to 18,586.23, South Korea's Kospi fell 1.97% to 1,874.75, Japan's Nikkei 225 was down 1.48% to 8,536.46, Taiwan's Taiex lost 1.28% to 6,893.30, the Shanghai Composite Index shed 0.62% to 2,315.27 and Singapore's Straits Times Index lost 1.24% to 2,694.60.

On Bursa Malaysia, KLK fell 72 sen to RM22.28, Genting down 26 sen to RM10.62, Cepco 23 sen to RM1.66, Knusford lost 22 sen to RM1.64, PPB fell 20 sen to RM16.30, Parkson and AMMB lost 16 sen each to RM5.50 and RM5.74, Gamuda and MISC down 15 sen each to RM3.13 and RM5.80, while AirAsia lost 12 sen to RM3.67.

Among the gainers, Nestle added 28 sen to RM54.38, GAB 18 sen to RM12, Hartalega 17 sen to RM5.72, Harvest Court 15 sen to RM1.24, Dutch Lady 14 sen to RM24.92, Magni 13 sen to RM1.23, Bintulu Port and SOP 10 sen each to RM6.95 and RM5.40, while Perduren added 8.5 sen to 93.5 sen.

Compugates was the most actively traded counter with 66.9 million shares done. The stock was unchanged at 7 sen.

Other actives included SYF Resources, Versatile, DPS Resources, Utopia, Pavilion REIT and Emico.

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