Friday, 27 April 2012

Malaysian stocks weighed down by pre-election sentiment

KUALA LUMPUR (April 27) : Malaysian stocks traded in negative territory on Friday morning as domestic pre-election sentiment gains an upper hand in dictating the direction of the FBM KLCI.

The local market may take the cue from domestic concerns ahead of the coming general election as investors assess the impact of the much-anticipated Bersih 3.0 rally on Saturday. Analysts said while US equities registered a stronger close in overnight trade, Asian stock markets could trade in an opposite direction on Friday.

“This is because sentiment will likely be affected by the negative vibes arising from S&P’s downgrade of Spain’s sovereign credit rating yesterday.

“Reflecting investors’ adverse reaction, the DJIA June futures contract tumbled this morning to hover at a 91-point discount to the spot rate,” HwangDBS Vickers Research Sdn Bhd wrote in a note.

At 9.59am, the FBM KLCI fell 9.28 points to 1,570.41. Across the exchange, some 455 million shares worth RM195 million were traded, leading to 163 gainers versus 208 decliners.

Top gainers NCB HOLDINGS BHD [] was up 45 sen to RM4.35 while PARKSON HOLDINGS BHD [] gained seven sen to RM5.29.

Among decliners, BRITISH AMERICAN TOBACCO (M) [] Bhd lost 76 sen to RM54.74, while Bumi Armada Bhd fell 18 sen to RM4.04.

Among actively-traded stocks, Ariantec Global Bhd gained two sen to RM25.5 sen with some 222 million shares done.

Across Asia, Japan’s Nikkei 225 rose 0.15% to 9,575.82, Australia’s S&P/ASX 200 climbed 0.08% to 4,378.8, while South Korea’s Kospi was up 0.78% to 1,979.43.

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