KLCI bows out lower

Shares in IJM Corp and Lafarge Cement tumbled on Friday, on worries that the counters exclusion from the new main stock index would limit their appeal to investors.
The exchange will introduce a trimmed down market benchmark called the FTSE Bursa Malaysia KLCI on Monday. The new index consisting selected top 30-counters will replace the old 102-strong KL Composite Index (KLCI).
The KLCI closed 6.02 points lower at 1,072.69 on its last day. The new FBM KLCI, which is essentially the re-branding of the existing FBM 30 index, will start at a reference price based on KLCI’s Friday close. The exchange is expecting a “seamless” transition on Monday.
In the market, shares in IJM Corp dropped 50 sen, or 8.6% to RM5.30 on volume of 3.1 million shares transacted. Lafarge Cement sagged 25 sen, or 4.2% to RM5.75.
Another KLCI constituency that did not make the cut for FBM KLCI, chipmaker Malaysia Pacific Industries saw its share price down 23 sen, or 4.6% to RM4.82.

Malaysian American Electronics Industry, a grouping of major semiconductor players in the country, today projected industry sales this year would decline by 27.5% to RM54.6bil.
Meanwhile, crude palm oil futures on Bursa Derivatives tumbled to a three-month low on Friday, on worries that demand seemed to be slacking as the industry enters its peak production cycle.
The most active contract slumped as much as 4.1% to a low of RM2,085 in mid afternoon trade. It was down RM45 at RM2,130 per tonne as at 5.09pm