11MP fails to ignite KLCI

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KUALA LUMPUR (May 21): The tabling of the Eleventh Malaysia Plan (11MP) failed to excite the local market as investors stayed on the sideline in the morning session today.

At 12.30pm, the FBM KLCI fell 2.89 points to 1,807.22.

Losers led gainers by 363 to 295, while 307 counters traded unchanged. Volume was 1.05 billion shares valued at RM751.68 million.

The top losers included Dutch Lady Milk Industries Bhd, DanaInfra Nasional Bhd, Sarawak Oil Palms Bhd, Batu Kawan Bhd, Press Metal Bhd, SapuraKencana Petroleum Bhd, Lay Hong Bhd, IFCA MSC Bhd, Vitrox Corporation Bhd and Bursa Malaysia Bhd.

The actives included Frontken Corporation Bhd, Kanger International Bhd, AirAsia X Bhd, Nexgram Holdings Bhd, Scan Associates Bhd, Nova MSC Bhd, APFT Bhd and IFCA MSC Bhd.

The top gainers included Microlink Solutions Bhd, British American Tobacco (M) Bhd, Lafarge Malaysia Bhd, Kuala Lumpur Kepong Bhd, Syarikat Takaful Malaysia Bhd, Kossan Rubber Industries Bhd, United Plantations Bhd, MMC Corporation Bhd and Cahya Mata Sarawak Bhd.

BIMB Securities Research said the Dow Jones Industrial Average slipped 26.99 points, or 0.2%, 18,285.40.

The research house said European stocks finished higher with shares of some financial institutions climbing after long-awaited penalties were leveled against US and European banks for manipulating foreign currency markets.

Locally, it said the FBM KLCI was up just 0.39 of a point or 0.02% to 1,810.11.

“Late selling pressure held back the FBM KLCI’s advance as fund selling of Petronas Chemicals and DiGi offset the gains by Telekom Malaysia and Maybank.

“We expect the local market to be flat today due to lack of fresh catalysts with the index hover around 1,805–1,815,” it said.