KUALA LUMPUR (March 21) : Malaysians stocks fell on Wednesday morning in tandem with Asian markets due to China’s economic growth concerns. These include costlier retail energy prices in China and an anticipated weaker demand in the world’s second largest economy for raw materials such as iron ore, the primary feed stock for steel manufacturing.
Analysts said the Malaysian equities barometer FBM KLCI is expected to consolidate in the near term and the spotlight will now be directed at companies with smaller market capitalisation.
“Stocks should extend consolidation in the near-term, with trading activity focused on ACE market, small-caps and penny stocks while blue chips maintain their range-bound trading pattern,” TA Securities Holdings Bhd wrote in a note on Wednesday.
In Malaysia, the 30-stock FBM KLCI fell 1.6 points to 1,576.02 at 9.26am with some 273 million shares worth RM81million traded. There were 109 gainers versus 148 decliners while 178 stocks were unchanged.
Top gainers across Bursa Malaysia include Petrol One Resources Bhd which added 20 sen to RM1.08 while Malaysia Airports Holdings Bhd was up eight sen to RM5.68.
Decliners include HONG LEONG FINANCIAL GROUP BHD [] which fell 12 sen to RM11.88 while Genting PLANTATION []s Bhd was down 11 sen to RM9.24.
Most active was INGENUITY SOLUTIONS BHD [] which added three sen to 14 sen with some 58 million shares done.
Asian stock benchmarks declined. Japan’s Nikkei 225 fell 0.21% to 10,120.57 points, Australia’s S&P/ASX 200 was down 0.32% to 4,261.4, while South Korea’s Kospi lost 0.42% to 2,033.5.
Analysts said the Malaysian equities barometer FBM KLCI is expected to consolidate in the near term and the spotlight will now be directed at companies with smaller market capitalisation.
“Stocks should extend consolidation in the near-term, with trading activity focused on ACE market, small-caps and penny stocks while blue chips maintain their range-bound trading pattern,” TA Securities Holdings Bhd wrote in a note on Wednesday.
In Malaysia, the 30-stock FBM KLCI fell 1.6 points to 1,576.02 at 9.26am with some 273 million shares worth RM81million traded. There were 109 gainers versus 148 decliners while 178 stocks were unchanged.
Top gainers across Bursa Malaysia include Petrol One Resources Bhd which added 20 sen to RM1.08 while Malaysia Airports Holdings Bhd was up eight sen to RM5.68.
Decliners include HONG LEONG FINANCIAL GROUP BHD [] which fell 12 sen to RM11.88 while Genting PLANTATION []s Bhd was down 11 sen to RM9.24.
Most active was INGENUITY SOLUTIONS BHD [] which added three sen to 14 sen with some 58 million shares done.
Asian stock benchmarks declined. Japan’s Nikkei 225 fell 0.21% to 10,120.57 points, Australia’s S&P/ASX 200 was down 0.32% to 4,261.4, while South Korea’s Kospi lost 0.42% to 2,033.5.
