FBM KLCI closes flat despite growing optimism on Greece debt talks

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KUALA LUMPUR (June 11): The FBM KLCI closed marginally lower by 0.87 points or 0.05% at 1,735.63 points today.

Reuters reported that Asian stocks rose for a second day, following higher overnight closing on Wall Street amid optimism that progress is being made in Greece’s debt talks.

“There isn’t much excitement in the (local) market today. The market has been oversold in the past few days, so we are starting to see signs of a rebound. But there was some profit-taking in the afternoon,” said Goh Kay Chong, senior remisier at SJ Securities Sdn Bhd.

He noted that rumours of a downgrade in Malaysia’s sovereign credit rating has turned out to be unfounded today, hence the market was not affected.

However, the market undertone remains cautious as reflected by the scoreboard with 468 decliners versus 288 gainers today, while 341 counters remain unchanged.

A total of 1.417 billion shares traded today, with a value of RM1.707 billion.

AirAsia X Bhd is the most actively traded stock on Bursa Malaysia today with 80.0 million shares changing hands. The long haul low cost carrier’s share price slipped to new record low of 23 sen, down 1.5 sen or 6.12%.

Today’s top gainers include United Plantations Bhd, Hartalega Holdings Bhd, and NCB Holdings Bhd.

Meanwhile, decliners were led by British American Tobacco (M) Bhd, Lysaght Galvanized Steel Bhd, and AirAsia Bhd.

Regionally, Hong Kong’s Hang Seng was up 0.83%, Japan’s Nikkei was 1.68% higher, while South Korea’s Kospi was also higher by 0.26%.