Tuesday, 24 April 2012

KLCI eases on fundamental and technical weakness

KUALA LUMPUR (April 24) : Malaysian shares recoup losses, albeit, still in the red on Tuesday morning on weaker fundamental and technical indicators.

Analysts said the near-term outlook for the FBM KLCI is less optimistic after taking into account weaker economic data from the US, China and Europe. In Malaysia, pre-election sentiment has also not helped the local equities benchmark, they said.

“Coupled with overnight losses on Wall Street and Europe markets, and a possible massive Bersih 3.0 rally on April 28, KLCI is likely to face further sell down in the next few days,” Hong Leong Investment Bank Bhd wrote in a note.

At 10am, the FBM KLCI fell 2.86 points to 1,580.94. Across the exchange, some 383 million shares worth RM206 million were traded, leading to 51 gainers versus 204 decliners.

Top gainers United PLANTATION []s Bhd added 50 sen to RM26 while Aeon Co (M) Bhd was up 48 sen to RM9.68.

Among decliners, PETRONAS DAGANGAN BHD [] fell 42 sen to RM19.12 while PETRONAS GAS BHD [] was down 10 sen to RM16.80.

Most active was INGENUITY SOLUTIONS BHD [] which added 0.5 sen to 10 sen with some 46 million shares done.

Among Asian bourses, Japan’s Nikkei 225 fell 0.7% to 9,474.91 points, South Korea’s Kospi was down 0.4% to 1,964.79, while Australia’s S&P/ ASX 200 rose 0.31% to 4,366.1.

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