CIMB and Maybank lead laggards on KLCI

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KUALALUMPUR (Jan 14): The FBM KLCI remained in negative zone at mid-morning on Wednesday, weighed by laggards CIMB Group Holdings Bhd and Malayan Banking Bhd.

At 10.02am, the FBMKLCI was down 7.67 points to 1,741.23.

The top losers included CIMB Group Holdings Bhd, UMW Holdings Bhd, Sime Darby Bhd, Pos Malaysia Bhd, Malayan Banking Bhd, Hong Leong Fiancial Group Bhd, Petronas Dagangan Bhd, Scientex Bhd and Hong Leong Bank Bhd.

The actives included Systech Bhd, Minetech Reources Bhd, Hubline Bhd, Iris Corporation Bhd, IFCA MSC Bhd and Malaysia Building Society Bhd.

The gainers included Dayang Enterprise Holdings Bhd, Tenaga Nasional Bhd, Mudajaya Group Bhd, Malaysia Building Society Bhd, Cycle & Carriage Bintang Bhd, MISC Bhd and Malaysia Airports Holdings Bhd.

At the global markets, the euro was pinned near nine-year lows on Wednesday as investors wagered the European Central Bank was just a week away from launching a new stimulus campaign, while concerns about the global economy kept Asian equities subdued, according to Reuters.

There was no reprieve for commodities with oil near six-year lows while copper prices dropped further below $6,000 per tonne to their weakest level in more than five years, it said.

Not helping the mood was news the World Bank had lowered its global growth forecasts because of sluggishness in the euro zone, Japan and some major emerging economies, said Reuters.

JF Apex Securities Research said U.S. stocks fell overnight after a near 300-point rally on the Dow evaporated amid falling commodity prices and worries Germany would throw cold water on the European Central Bank taking additional steps to bolster the region's economy.

Meanwhile, it said European equities closed sharply higher with a surge in retail stocks helping to boost investor sentiment.

“On the local market, the FBM KLCI rose 13.82 points to 1748.90 points.

“Asian shares may face another day of declines today, taking cues from Wall Street, which finished in the red as the ongoing meltdown in oil markets sparked global growth worries.

“We expect the KLCI to hover below its resistance of 1765 points,” it said.