Thursday, 12 April 2012

FBM KLCI down on global economic concerns

KUALA LUMPUR (April 12) : Malaysian shares fell on Thursday morning as trading resumed following Wednesday’s public holiday. The FBM KLCI traded lower as investors reacted to global economic concerns which had dragged Asian markets down on Wednesday.

Crucial highlights include sovereign debt woes in Europe and growth prospect in the US and China, all of which, are major importing nations. In technical terms, analysts said selling in the FBM KLCI is still prevalent as the index failed to close higher than the 1,600 level after April 4.

“This comes on the back of a “negative divergence” in the daily relative strength index (RSI) where the daily RSI reading for the April price peak is below that of early March.

“Nonetheless, the index’s upward trend in the past six months is by no means over,” OSK Research Sdn Bhd technical analyst Mohammad Ashraf Abu Bakar wrote in a note.

At 10am, the FBM KLCI fell 0.24 point to 1,596.93. Across the exchange, some 217 million shares worth RM171 million were traded, leading to 171 gainers versus 189 decliners.

Top gainers SMPC Corp Bhd rose 27 sen to RM1.41 while Genting PLANTATION []s Bhd added 13 sen to RM9.65

Decliners NESTLE (M) BHD [] fell 26 sen to RM55.70 while BRITISH AMERICAN TOBACCO (M) [] Bhd was down 20 sen to RM54.50.

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