Tuesday, January 3, 2012

KLCI opens lower on first trading day of 2012

KUALA LUMPUR (Jan 3): The FBM KLCI opened lower on the first trading day of 2012, weighed down by banks and blue chips stocks.

The FBM KLCI fell 11.19 points to 1,519.54 at 9.10am.

Gainers led losers by 114 to 80, while 141 counters traded unchanged. Volume was 80.09 million shares valued at RM35.31 million.

Among the early decliners were Nestle, BAT, CIMB, Batu Kawan, Maybank, RHB Capital, F&N, IOI Corp, Axiata and Tenaga.

Maybank Investment Bank Bhd maintained its 2012 year-end KLCI target of 1,500 points based on one standard deviation below mean on expectation of turbulence still at the external markets impacting sentiment and global growth.

'At the domestic front, the country could return to the polls earlier with the 13th General Elections which may, in turn, lend to cautiousness.

'Our 7.7% KLCI earnings growth forecast for 2012 is unchanged premised on our 3.5-4% domestic GDP growth forecast,' it said in a note Jan 3.

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