KL stocks lower amid blue chip sell-offs
Shares prices ended lower on Bursa Malaysia yesterday amid profit-taking as global markets slipped further on mounting concerns over the Middle East turmoil, dealers said.
The FTSE Bursa Malaysia KLCI (FBM KLCI) closed at 1,499.28, down 0.2 percent or 2.96 points after opening 8.64 points easier at 1,493.60. The key index managed to pare down some of its losses in the morning session, but the broader market remained weak amid a continuous sell-off in key heavyweights.
The 30 large-capitalised index moved between 1,488.95 and 1,499.28 points throughout the day.
A dealer said the unrest in the Middle East and North Africa and rising oil prices may continue to weigh on investor sentiment and result in further weakness in the near term.
The Finance Index fell 95.94 points to 13,503.66 and the Plantation Index declined 45.48 points to 7,513.86. The Industrial Index, however, increased 13.78 points to 2,790.71. The FBM Emas Index dropped 76.21 points to 10,194.51, FBM ACE Index came off 128.49 points to 3,960.90 and FBM Mid 70 Index wiped out 192.62 points to 10,689.28.
Trading volume increased to 1.36 billion shares worth RM1.72 billion, from Tu e s d ay ’s 1.12 billion shares valued at RM1.51 billion. Decliners outnumbered advancers 796 to 117 and 198 counters ended flat.
A dealer said the local bourse was undergoing a correction since mid- January amid the reversal of foreign equities into emerging markets.
ECM Libra Capital Sdn Bhd said it was premature to jump to conclusion that foreign investors’ net selling would be persistent.
Among active stocks, Transmile was up half-a-sen at seven sen and the counter will be suspended today ahead of its de-listing from Bursa Malaysia on March 7. Tanco declined four sen to 33 sen and SAAG Consolidated shed one sen to eight sen.
Among heavyweights, Maybank increased one sen to RM8.68 while CIMB declined six sen to RM8 and Sime Darby shed one sen to RM9.03.
FKLI Fell Inline With Weaker Cash Market
Meanwhile, the FBM KLCI futures contracts on Bursa Malaysia Derivatives closed lower yesterday, tracking losses on the cash market, dealers said.
March 2011 and April 2011 contracts were down 9.5 points each to 1,492.5 and 1,491 respectively, June 2011 fell 11 points to 1,487 and September 2011 declined 7 points to 1,489.5.
Volume rose to 9,167 lots from 8,735 lots, while open interests fell to 13,301 contracts from 13,347 contracts recorded previously.
HAPPY TRADING
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