Monday, 9 April 2012

KLCI down on weaker global economic data

KUALA LUMPUR (April 9) : Malaysian stocks fell on Monday morning in tandem with Asian market as less-optimistic economic data from the US, and anticipation of more updates from China weakened sentiment.

Analyst said the FBM KLCI is exhibiting weaker technical dynamics, despite gains last week. This could point to a decline in the index this week, they said.

“A market pullback may be in the horizon, with the FBM KLCI possibly making its way towards the first two support levels of 1,580 and 1,555, respectively, “ HwangDBS Vickers Research Sdn Bhd wrote in a note.

At 10.01am, the FBM KLCI fell 7.07 points to 1,591.8. Across the exchange, some 268 million shares worth RM148 million were traded, leading to 115 gainers versus 235 decliners.

Top gainers DUTCH LADY MILK INDUSTRIES BHD [] added 68 sen to RM36.48 while newly-listed EITA Resources Bhd rose 11.5 sen to RM87.5 sen.

Decliners BRITISH AMERICAN TOBACCO (M) [] Bhd fell 74 sen to RM54.72 while KUALA LUMPUR KEPONG BHD [] lost 28 sen to RM24.36.

Most active was Naim Indah Corp Bhd which declined two sen to 55 sen with some 63 million shares done

Among Asian equity benchmarks, Japan’s Nikkei 225 fell 1.51% to 9,541.71 points while South Korea’s Kospi declined 1.45% to 1,999.59.

The Hong Kong and Australian bourses are closed on Monday for the Good Friday and Easter holiday season.

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