Wednesday, December 28, 2011

KLCI slips back to below 1,500-level at mid-morning

KUALA LUMPUR (Dec 28): The FBM KLCI slipped below the 1,500-point level at mid-morning on Wednesday in light volume as investors remained cautious in line with the overall weaker sentiment at regional markets.

The FBM KLCI fell 5.21 points to 1,495.70 at 10am.

Losers beat gainers by 188 to 150, while 199 counters traded unchanged. Volume was 205.18 million shares valued at RM100.26 million.

Asian shares eased on Wednesday in low volume with many market players away for year-end holidays, while oil slipped after surging the day before on concerns about supply disruptions after Iran threatened to stop the flow of oil from the Gulf, according to Reuters.

US stocks ended little changed on Tuesday after low market liquidity dampened activity and snapped a four-day rally that turned the broad Standard & Poor's 500 Index positive for the year, it said.

At the regional markets, Hong Kong's Hang Seng Index fell 0.48% to 18,540.22, Japan's Nikkei 225 shed 0.01% to 8,439.60, South Korea's Kospi lost 1.01% to 1,823.50, the Shanghai Composite Index fell 0.26% to 2,160.50 and Taiwan's Taiex shed 0.09% to 7,078.30.

Meanwhile, Singapore's Straits Times Index edged up 0.06% to 2,675.23.

BIMB Securities Research in a note Wednesday said that though there are no new developments from the Eurozone, the situation remains very much embedded in many thoughts.

Whilst many investors are still in a holiday mood, trading volume on equity markets declined with most ended the day flat in Europe, it said.

The research house said the Italians are preparing for a '20 billion 10-year bonds auction at a high yield of 7% or above.

Over in the US, investors had been digesting data from improved consumer confidence and declining home prices and as a result, the Dow Jones Industrial Average closed the session flat, it said.

'Asian bourses were generally weaker from the lack of fresh catalysts. As for Malaysia, the FBMKLCI finally managed to breach the 1,500 mark albeit marginally.

'It will be interesting to see if the index is able to sustain above this level in a run-up towards 2012. We believe it could!' it said.

On Bursa Malaysia, BAT topped the losers at mid-morning and fell 34 sen to RM48.66; Batu Kawan was down 30 sen to RM17.20, Dutch Lady 20 sen to RM23, UMW 15 sen to RM6.83, KLK and Top Glove fell 12 sen each to RM22.44 and RM4.82, Nestle and Telekom lost 10 sen each to RM56.70 and RM4.90, Harvest Court nine sen to RM1.01 and SapuraCrest seven sen to RM4.50.

Gainers included Multico, United PLANTATION []s, Petronas Gas, DKSH, KrisAssets, Harrisons, Tan Chong, Kretam, Metrod and Fima Corp, while the actives included Proton, JCY, Utopia, Vastalux, Emico and Astral Supreme.

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