KUALA LUMPUR (April 5): The FBM KLCI extended its loss on Thursday, in line with the weaker overnight close at the US markets as well as lacklustre opening at regional markets.
The 30-stock index fell 3.79 points to 1,595.48 at 9am.
Losers led gainers by 57 to 23, while 86 counters traded unchanged. Volume was 13.1 million shares valued at RM4.09 million.
US stocks fell for a second day on Wednesday as investors contemplated a world without monetary stimulus and a poorly received bond auction in Spain suggested the effects of Europe's funding operations were waning, according to Reuters.
Meanwhile, Global stocks dropped more than 1 percent and gold tumbled to its lowest in nearly three months on Wednesday a day after U.S. central bank meeting minutes dented hopes for more economic stimulus and as a Spanish debt auction drew weak results, it said.
BIMB Securities Research said European stocks fell for a second day yesterday after Spain sold fewer bonds than its maximum target and the Federal Reserve damped expectations of more monetary stimulus for the US. Spain sold €2.6bn (US$3.4bn) of bonds; near the minimum target of €2.5bn; and borrowing costs rose in its first auction since the country said public debt will surge to a record this year.
US stocks ended in negative territory for a second day fueled by disappointment over the Fed's latest minutes and ongoing worries over the euro zone, the research house said in a note April 5.
The Dow and the S&P logged their biggest decline since March 6, while the Nasdaq suffered its worst day of the year. The S&P 500 lost 1 percent to 1,398.96 while DJIA slid 124.8 points to 13,074.75, it said.
“Back home, the local market has retraced as expected where the FBMKLCI fell more than 7 points to 1,599.27; dragged down by financial and PROPERTIES [] sector.
“Net foreign is still positive at RM176.7m yesterday but we reckon market sentiment to be weaker due to profit taking activities coupled with weak share performance in US and Europe. Expect immediate support to be seen at 1,595 followed by 1,590,” it said.
Among the decliners in early trade, KLK fell 22 sen to RM24.38, Genting lost 10 sen to RM10.98, Maybank don nine sen to RM8.79, RHB Capital and Malayan Flour Mills fell four sen each to RM7.70 and RM2, CIMB, MAS, Mah Sing and TDM fell two sen each to RM7.70, RM1.34, RM2.02 and RM4.68 respectively.
Gainers,meanwhile, included Tradewinds, BHIC, Parkson, SEGi, Pos Malaysia, Leader, Proton and N2N.
The actives included JCY, Carotech, Kurasia, Metronic and Winsun.
The 30-stock index fell 3.79 points to 1,595.48 at 9am.
Losers led gainers by 57 to 23, while 86 counters traded unchanged. Volume was 13.1 million shares valued at RM4.09 million.
US stocks fell for a second day on Wednesday as investors contemplated a world without monetary stimulus and a poorly received bond auction in Spain suggested the effects of Europe's funding operations were waning, according to Reuters.
Meanwhile, Global stocks dropped more than 1 percent and gold tumbled to its lowest in nearly three months on Wednesday a day after U.S. central bank meeting minutes dented hopes for more economic stimulus and as a Spanish debt auction drew weak results, it said.
BIMB Securities Research said European stocks fell for a second day yesterday after Spain sold fewer bonds than its maximum target and the Federal Reserve damped expectations of more monetary stimulus for the US. Spain sold €2.6bn (US$3.4bn) of bonds; near the minimum target of €2.5bn; and borrowing costs rose in its first auction since the country said public debt will surge to a record this year.
US stocks ended in negative territory for a second day fueled by disappointment over the Fed's latest minutes and ongoing worries over the euro zone, the research house said in a note April 5.
The Dow and the S&P logged their biggest decline since March 6, while the Nasdaq suffered its worst day of the year. The S&P 500 lost 1 percent to 1,398.96 while DJIA slid 124.8 points to 13,074.75, it said.
“Back home, the local market has retraced as expected where the FBMKLCI fell more than 7 points to 1,599.27; dragged down by financial and PROPERTIES [] sector.
“Net foreign is still positive at RM176.7m yesterday but we reckon market sentiment to be weaker due to profit taking activities coupled with weak share performance in US and Europe. Expect immediate support to be seen at 1,595 followed by 1,590,” it said.
Among the decliners in early trade, KLK fell 22 sen to RM24.38, Genting lost 10 sen to RM10.98, Maybank don nine sen to RM8.79, RHB Capital and Malayan Flour Mills fell four sen each to RM7.70 and RM2, CIMB, MAS, Mah Sing and TDM fell two sen each to RM7.70, RM1.34, RM2.02 and RM4.68 respectively.
Gainers,meanwhile, included Tradewinds, BHIC, Parkson, SEGi, Pos Malaysia, Leader, Proton and N2N.
The actives included JCY, Carotech, Kurasia, Metronic and Winsun.
