Friday, 20 April 2012

KLCI opens lower, blue chips weigh

KUALA LUMPUR (April 20): The FBM KLCI opened lower on Friday, in line with the weaker overnight close a Wall Street and gloomier global economic outlook that weighed on most key regional markets.

U.S. stocks fell for a second day on Thursday as labor market data showed more signs of weakness, according to Reuters.

It said a late bounce cut the Dow's and the S&P 500's losses almost in half. adding that Apple shares, down 3.4 percent, also contributed to the day's losses, as did renewed concerns about Europe's finances. Apple closed at $587.44.

The FBM KLCI shed 0.40 of a point to 1,596.22 at 9am, weighed by losses at blue chips including banking stosks, Genting and Axiata.

Gainers edged losers by 61 to 32, while 76 counters traded unchanged. Volume was 13.58 million shares valued at RM9.28 million.

Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients April 20 said the FBM KLCI declined 2.24 points to close at 1,596.62 on Thursday.

“Its resistance areas of 1,596 and 1,609 will cap market gains, whilst the weaker support areas are located at 1,580 and 1,594,” he said.

Among the early decliners were Hong Leong Bank, AMMB, BLD Plntations, Genting, Axiata, Guan Chong, Genting Malaysia, YTL Corp and Gamuda.

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