KLCI slump in the absence of fresh leads 18 June 2009

Share prices across the region traded broadly lower on June 18. The relatively lacklustre performance in markets worldwide over the past two weeks is likely to have tempered investor optimism for equities, at least for the moment.
The prevailing sentiment may persist in the near term as investors search for fresh direction for the market.
Wall Street offered no fresh leads for Asian markets. The closely monitored Dow Jones Industrial Average moved in and out of positive territory throughout the trading day before closing almost unchanged overnight.
Trading in Asian stock markets was lacklustre. Buying momentum slowed as investors appear to be moving to the sidelines while selling pressure was also muted in the absence of significant developments.
Sentiment may also have been affected by nagging concerns of the rapid spread of the influenza A H1N1. The Asia Pacific region reported a sharp spike in new flu cases, including the first local transmission in Malaysia.
The World Health Organisation last week raised its alert to the highest level, marking the start of the 2009 pandemic. Should the situation worsens, public concern and movement restrictions could hurt businesses and delay the economic recovery process.
The KL Composite Index slipped into negative territory soon after opening where it stayed for the remainder of the trading day. Market breadth was also heavily in the red throughout the day. At the close, there were more than eight losing stocks for every gaining one.
The benchmark index ended 16.5 points lower at 1,054.4. Some of the bigger losers include Maybank, BAT, Nestle, BCHB and Genting. About 1.73 billion shares changed hands.
UEM Land, KNM, Compugates, Iris and Tebrau Teguh were some of the most heavily traded stocks for the day.