Thursday, 19 April 2012

KLCI weighed down by European debt concerns

KUALA LUMPUR (April 19) : Malaysian stocks erased earlier gains but still traded in positive territory on Thursday morning following a weaker overnight close across US markets, and as investors anticipate more European sovereign debt updates.

Investors will continue to monitor Spain government bond sales on Thursday and US corporate earnings as they weigh the impact of pre-election sentiment in Malaysia.

At 10am, the FBM KLCI added 0.71 points to 1,599.57. Across the exchange, some 424 million shares worth RM156 million were traded, leading to 161 gainers versus 166 decliners.

Top gainers BRITISH AMERICAN TOBACCO (M) [] Bhd rose 26 sen to RM55.46 while PINTARAS JAYA BHD [] added 17 sen to RM2.96.

Decliners KUALA LUMPUR KEPONG BHD [] fell 16 sen to RM24.04, while PPB GROUP BHD [] was down 10 sen to RM16.54.

Most active was 1 Utopia Bhd which rose one sen to nine sen with some 72 million shares done.

Among Asian bourses, Japan’s Nikkei 225 fell 0.67% to 9,602.36 points, South Korea’s Kospi was down 0.13% to 2,001.98, while Australia’s S&P/ ASX 200 rose 0.24% to 4,359.

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