Monday, 7 May 2012

KLCI falls in early trade in line with regional retreat

KUALA LUMPUR (May 7): The FBM KLCI fell in early trade on Monday, in line with some of it key regional peers, as overnight election results in Europe stoked worries of lingering euro zone debt crisis issues.

Risk assets fell broadly on Monday after elections in Greece and France fuelled questions about whether struggling euro zone economies will continue to pursue austerity measures which are seen by markets as crucial to resolving the bloc's debt crisis, according to Reuters.

Meanwhile, Japan’s Nikkei 225 and South Korea’s Kospi also opened broadly lower.

The FBM KLCI lost 7.37 points to 1,583.67 t 9.05am, dragged by losses at key blue chips.

Market breadth was weaker with losers outpacing gainers by 109 to 50, while 122 counters traded unchanged. Volume was 36.75 million shares valued at RM17.17 million.

Among the early losers were KLK, Petronas Chemicals, Sime Darby, Bursa, Tenaga, Tradewinds PLANTATION []s, Genting, Top Glove, BIMB and Orient.

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