Bursa fails to sustain upward momentum, KLCI drifts lower

Bursa fails to sustain upward momentum, KLCI drifts lower
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KUALA LUMPUR (Nov 1): Yesterday's upward momentum failed to gather steam on the local stock market.

After the nearly 18-point climb on the FBM KLCI yesterday, the benchmark index opened slightly lower at 1,595.73 points today amid lack of buying impetus to sustain the uptrend. It continued to drift lower, trading at 1,591.34 — down 6.64 points or 0.4% against yesterday's close.

Penny stocks top the actively traded list today. Sumatec Resources Bhd, a company controlled by businessman Tan Sri Halim Saad, is the most traded stock on Bursa Malaysia at this hour. The stock, which is expected to be suspended from trading next week, saw some 97.39 million shares changing hands. Its share price remains unchanged at 0.5 sen.

WCE Holdings Bhd preference rights are traded actively this morning as well, with about 72 million units transacted so far. China-based shoes manufacturer Multi-Sports Holdings Ltd also saw keen trading interest this morning. Its trading volume is already at 67.6 million.

Elsewhere in the region, at 10.30am, Hong Kong's Hang Seng Index gained 0.23% to 26,969.83 points, Japan's Nikkei 225 was down 0.41% at 22,832.74, Singapore's Straits Time Index also headed lower by 0.36% to 3,216.43 points, and Indonesia's Jakarta Composite Index was in the red as well — down 0.09% at 6,222.79.