KUALA LUMPUR (Dec 8): The FBM KLCI slipped on Thursday in line with the weaker overnight close at European bourses as well as Wall Street, following growing concerns over the eurozone debt crisis and doubts over whether a European policymakers’ summit this week would solve the financial woes there.
The FBM KLCI fell 10.62 points to 1,472.37 at 10am, weighed by losses at blue chip stocks.
Losers led gainers by 232 to 164, while 195 counters traded unchanged. Volume was 465.58 million shares valued at RM206.77 million.
Asian shares drifted lower as a report that the G20 was preparing a $600 billion lending facility for the International Monetary Fund (IMF) to help Europe was denied by G20 and IMF officials, according to Reuters.
Meanwhile, Standard & Poor's warned on Wednesday that it could cut the credit ratings of the European Union and large euro-zone banks if a mass downgrade of euro-zone countries materializes.
S&P had said on Monday it may downgrade nearly all 17 euro-zone countries if EU leaders fail to agree on a solution for the region's debt crisis during Friday's summit.
At the regional markets, Hong Kong’s Hang Seng Index lost 1.03% to 19,041.67, Japan’s Nikkei 225 fell 0.97% to 8,637.95, Taiwan’s Taiex was down 1.36% to 6,937.42, South Korea’s Kospi lost 0.69% to 1,906.23, Singapore’s Straits Times Index fell 0.68% to 1,472.90 and the Shanghai Composite Index shed 0.62% to 2,318.21.
Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients Thursday said the FBM KLCI’s resistance areas of 1,484 and 1,503 may cap market gains, whilst the obvious support areas may be located at 1,465 and 1,482.
“Due to the US markets’ mixed tone last night, we might a quiet and benign day for the local index today,” he said.
Among the losers on Bursa Malaysia at mid-morning were BAT that fell 40 sen to RM47.60, JT International down 29 sen to RM6.51, IJM Corp 25 sen to RM5.45, KLK 24 sen to RM21.92, PPB and Hong Leong Bank down 20 sen each to RM16.20 and RM10.54, Uzma 15 sen to RM1.60, Allianz and KrisAssets down 13 sen each to RM4.75 and RM5.25, while Axiata lost 12 sen to RM4.97.
SAAG was the most actively traded counter with 60.5 million shares done. The stock added one sen to 7.5 sen.
Other actives include DVM, Sycal, Timecom, Time, MUI Industries and YGL.
Meanwhile, gainers included Nestle, United PLANTATION []s, BHIC, Proton, Dutch Lady, Tradewinds Plantations, Petrol-One, Boxpak and Eng Kah.
The FBM KLCI fell 10.62 points to 1,472.37 at 10am, weighed by losses at blue chip stocks.
Losers led gainers by 232 to 164, while 195 counters traded unchanged. Volume was 465.58 million shares valued at RM206.77 million.
Asian shares drifted lower as a report that the G20 was preparing a $600 billion lending facility for the International Monetary Fund (IMF) to help Europe was denied by G20 and IMF officials, according to Reuters.
Meanwhile, Standard & Poor's warned on Wednesday that it could cut the credit ratings of the European Union and large euro-zone banks if a mass downgrade of euro-zone countries materializes.
S&P had said on Monday it may downgrade nearly all 17 euro-zone countries if EU leaders fail to agree on a solution for the region's debt crisis during Friday's summit.
At the regional markets, Hong Kong’s Hang Seng Index lost 1.03% to 19,041.67, Japan’s Nikkei 225 fell 0.97% to 8,637.95, Taiwan’s Taiex was down 1.36% to 6,937.42, South Korea’s Kospi lost 0.69% to 1,906.23, Singapore’s Straits Times Index fell 0.68% to 1,472.90 and the Shanghai Composite Index shed 0.62% to 2,318.21.
Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients Thursday said the FBM KLCI’s resistance areas of 1,484 and 1,503 may cap market gains, whilst the obvious support areas may be located at 1,465 and 1,482.
“Due to the US markets’ mixed tone last night, we might a quiet and benign day for the local index today,” he said.
Among the losers on Bursa Malaysia at mid-morning were BAT that fell 40 sen to RM47.60, JT International down 29 sen to RM6.51, IJM Corp 25 sen to RM5.45, KLK 24 sen to RM21.92, PPB and Hong Leong Bank down 20 sen each to RM16.20 and RM10.54, Uzma 15 sen to RM1.60, Allianz and KrisAssets down 13 sen each to RM4.75 and RM5.25, while Axiata lost 12 sen to RM4.97.
SAAG was the most actively traded counter with 60.5 million shares done. The stock added one sen to 7.5 sen.
Other actives include DVM, Sycal, Timecom, Time, MUI Industries and YGL.
Meanwhile, gainers included Nestle, United PLANTATION []s, BHIC, Proton, Dutch Lady, Tradewinds Plantations, Petrol-One, Boxpak and Eng Kah.
