Tuesday, 8 May 2012

KLCI dips in early trade, select blue chips weigh

KUALA LUMPUR (May 8): The FBM KLCI extended its losses in early trade on Tuesday, weighed by losses at select blue chips.

At 9.01am, the FBM KLCI shed 1.15 points to 1,583.72.

Gainers outpaced loser by 82 to 22, while 79 counters traded unchanged. Volume was 15.58 million shares valued at RM7.11 million.

Meanwhile, regional shares and riskier assets recovered on Tuesday from the previous day's plunge, as sentiment improved on hopes Spain would use public funds to bolster its struggling banks, although wariness remained over Greece, according to Reuters.

U.S. stocks ended nearly flat and most European markets rose after an anti-austerity backlash by voters in Greece and France caused initial jitters across markets, sending the euro and Asian stock markets to their lowest levels in three months, it said.

Among the early decliners on Bursa Malaysia were Sime Darby, Maybank, MMC Corp, Axiata, SL, E&O, Zhulian and Telekom.

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