Thursday, December 15, 2011

KLCI extends losses for third day running

KUALA LUMPUR (Dec 15): The FBM KLCI extended its for the third day running on Thursday as a slew of less than encouraging news flow kept regional markets in the red at mid-morning.

The Federal Reserve's decision to do nothing new to support growth despite warning that Europe's debt crisis could hurt the US economy dragged stocks on Wall Street and Europe yesterday, according to Reuters.

Investor sentiment in Asia was also affected after a Bank of Japan survey showed on Thursday that big Japanese manufacturers turned pessimistic about business conditions in the fourth quarter, with confidence hurt by Europe's debt crisis, a strong yen and slowing global growth.

The FBM KLCI fell 8.79 points to 1,454.33 at mid-morning, weighed by losses at select blue chips.

Losers led gainers by 229 to 117, while 223 counters traded unchanged. Volume was 272.03 million shares valued at RM182.78 million.

At the regional markets, Hong Kong's Hang Seng Index fell 1.28% to 18,120.02, Japan's Nikkei 225 lost 1.18% to 8,418.36, Taiwan's Taiex was down 1.85% to 6,794.56, South Korea's Kospi lost 1.52% to 1,829.47, Singapore's Straits Times Index lost 1.15% to 2,641.76 and the Shanghai Composite Index shed 0.61% to 2,215.01.

Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi said the FBM KLCI's resistance areas of 1,463 and 1,490 would cap market gains, whilst the weaker support areas may be located at 1,445 and 1,459.

'Due to the US markets' poorer tone last night, we will have yet another day of further profit taking and liquidation on the local index today,' he said in a note to clients on Thursday.

On Bursa Malaysia, BAT was the top loser at mid-morning and fell 64 sen to RM48.34; KLK lost 30 sen to RM22.30, Dutch Lady down 26 sen to RM25.62, HLFG 24 sen to RM11.42, Hong Leong Bank 22 sen to RM10.46, Petronas Dagangan 16 sen to RM17.02, SOP and PPB 12 sen each to RM5.47 and RM16.28, while Orient and Aeon lost 11 sen each to RM5.13 and RM7.29.

QSR and KFCH actively traded and were among the top gainers on Johor Corporation's plans to privatise the two companies. QSR rose 45 sen to RM6.45 while KFCH added 37 sen to RM3.78.

Other gainers included Kulim, Amway and Keck Seng, while the actives included Compugates, Sanichi and Envair.

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