Losses in selective bluechips and finance counters like Sime Darby, Genting, Maybank, Hong Leong Bank and CIMB pulled the FBM KLCI to negative territory at midday today.
At 12.30pm, the benchmark index declined 1.08 points to 1,559.44 after opening 1.39 points lower at 1,559.13 in line with weaker movements in other regional markets.
Dealers said investors remained on the sidelines following the overnight weak performance on the US market as weak data on European business activity and China's manufacturing sector prompted fears on global economic prospects.
Hong Leong Investment Bank said overall, the rebound from Feb 16's low of 1,549 points continued to be weak as the broader market turned more cautious and trading volume shrank, suggesting that the rally was running out of steam.
"The KLCI is still below our envisaged resistance channels of 1,570-1,580 points with the support level falls to 1,554 points," it said in a statement.
The Finance Index declined 42.99 points to 13,907.0, the Industrial Index slipped 18.06 points to 2,873.98 and the Plantation Index dropped 60.84 points to 8,605.36.
The FBM Emas Index eased 9.279 points to 10,809.91, the FBM ACE Index slipped 42.0 points to 4,763.24 and the FBM Mid 70 Index inched down 3.09 to 12,261.51.
Losers led gainers 515 to 206 on Bursa Malaysia while turnover amounted to 937.154 million shares worth RM811.777 million. Among active counters, IFCA MSC fell 2.5 sen to 12 sen, Naim Indah lost two sen to 43.5 sen, Green Ocean rose 2.5 sen to 32.5 sen and SAAG Consolidated was up half a sen to 7.5 sen.
Maybank fell one sen to RM8.70, Sime Darby was unchanged at RM9.64, Petronas Chemicals rose one sen to RM6.96 while CIMB lost seven sen to RM7.17. -- Bernama
At 12.30pm, the benchmark index declined 1.08 points to 1,559.44 after opening 1.39 points lower at 1,559.13 in line with weaker movements in other regional markets.
Dealers said investors remained on the sidelines following the overnight weak performance on the US market as weak data on European business activity and China's manufacturing sector prompted fears on global economic prospects.
Hong Leong Investment Bank said overall, the rebound from Feb 16's low of 1,549 points continued to be weak as the broader market turned more cautious and trading volume shrank, suggesting that the rally was running out of steam.
"The KLCI is still below our envisaged resistance channels of 1,570-1,580 points with the support level falls to 1,554 points," it said in a statement.
The Finance Index declined 42.99 points to 13,907.0, the Industrial Index slipped 18.06 points to 2,873.98 and the Plantation Index dropped 60.84 points to 8,605.36.
The FBM Emas Index eased 9.279 points to 10,809.91, the FBM ACE Index slipped 42.0 points to 4,763.24 and the FBM Mid 70 Index inched down 3.09 to 12,261.51.
Losers led gainers 515 to 206 on Bursa Malaysia while turnover amounted to 937.154 million shares worth RM811.777 million. Among active counters, IFCA MSC fell 2.5 sen to 12 sen, Naim Indah lost two sen to 43.5 sen, Green Ocean rose 2.5 sen to 32.5 sen and SAAG Consolidated was up half a sen to 7.5 sen.
Maybank fell one sen to RM8.70, Sime Darby was unchanged at RM9.64, Petronas Chemicals rose one sen to RM6.96 while CIMB lost seven sen to RM7.17. -- Bernama
