KUALA LUMPUR (March 7): Blue chips closed lower on Wednesday, with the FBM KLCI among the biggest losers among the key regional markets as it fell the most so far this year on uncertainties whether Greece could secure enough support for its debt revamp.
At the close, the KLCI was down 15.08 points to 1,574.83, which could derail the recent rally which saw the 30-stock index poised to hit the all-time high of 1,597 in July last year.
Turnover was 1.74 billion shares valued at RM2.03 billion. However, the broader market did show some improvement with losers beating gainers 476 to 283 while 314 stocks were unchanged.
Reuters reported a clutch of Greek pension funds and some foreign investors are holding back on a bond swap deal which would enable Greece to meet a debt repayment on March 20, sparking concerns about a chaotic default if participation is low. Greek private creditors have until late Thursday to say whether they will take part.
Key regional markets fell, with the Nikkei 225 down 0.64% to 9,576.06, the Hang Seng Index 0.86% to 20,627.70, Shanghai Composite Index 0.65% to 2,394.79, Taiwan’s Taiex 0.44% to 7,903.08, the Kospi 0.91% tp 1,982.15 and Singapore’s Straits Times Index 0.58% to 2,915.03.
As for Bursa Malaysia, dealers said the pullback was expected as the KLCI was running counter to the key regional markets on Tuesday which fell up to 2%.
They said there was some trading activity in lower liners and penny stocks but this did not have much bearing on the market’s direction.
They also saw no reason for Naim Indah Corp to jump 13.5 sen to 65.5 sen in the absence of any positive fresh news.
Sime Darby fell the most, down 19 sen to RM9.80 and dragging the KLCI down 2.70 points. CIMB lost 11 sen to RM7.31, Genting 18 sen to RM10.74 and Maybank eight sen to RM8.71, pushing the 30-stock index down by a total of 4.93 points.
BAT was the top loser, down 56 sen to RM51.96, HLFG 40 sen to RNM12.10, Batu Kawan 24 sen to RM18.70, MISC 23 sen to RM5.38 and Oriental 21 sen to RM6.28 and Genting PLANTATION []s 20 sen to RM9.29.
Dijaya Corp fell 18 sen to RM1.49 and the warrants 8.5 sen to 54.5 sen.
At the close, the KLCI was down 15.08 points to 1,574.83, which could derail the recent rally which saw the 30-stock index poised to hit the all-time high of 1,597 in July last year.
Turnover was 1.74 billion shares valued at RM2.03 billion. However, the broader market did show some improvement with losers beating gainers 476 to 283 while 314 stocks were unchanged.
Reuters reported a clutch of Greek pension funds and some foreign investors are holding back on a bond swap deal which would enable Greece to meet a debt repayment on March 20, sparking concerns about a chaotic default if participation is low. Greek private creditors have until late Thursday to say whether they will take part.
Key regional markets fell, with the Nikkei 225 down 0.64% to 9,576.06, the Hang Seng Index 0.86% to 20,627.70, Shanghai Composite Index 0.65% to 2,394.79, Taiwan’s Taiex 0.44% to 7,903.08, the Kospi 0.91% tp 1,982.15 and Singapore’s Straits Times Index 0.58% to 2,915.03.
As for Bursa Malaysia, dealers said the pullback was expected as the KLCI was running counter to the key regional markets on Tuesday which fell up to 2%.
They said there was some trading activity in lower liners and penny stocks but this did not have much bearing on the market’s direction.
They also saw no reason for Naim Indah Corp to jump 13.5 sen to 65.5 sen in the absence of any positive fresh news.
Sime Darby fell the most, down 19 sen to RM9.80 and dragging the KLCI down 2.70 points. CIMB lost 11 sen to RM7.31, Genting 18 sen to RM10.74 and Maybank eight sen to RM8.71, pushing the 30-stock index down by a total of 4.93 points.
BAT was the top loser, down 56 sen to RM51.96, HLFG 40 sen to RNM12.10, Batu Kawan 24 sen to RM18.70, MISC 23 sen to RM5.38 and Oriental 21 sen to RM6.28 and Genting PLANTATION []s 20 sen to RM9.29.
Dijaya Corp fell 18 sen to RM1.49 and the warrants 8.5 sen to 54.5 sen.
