KUALA LUMPUR (May 12): The FBM KLCI clawed back above the crucial 1,800-point level at the midday break today, but market sentiment turned bearish as losers thumped gainers.
At 12.30pm, the FBM KLCI fell 4.19 points to 1,801.30.
Losers beat gainers by 509 to 174, while 290 counters traded unchanged. Volume was 803.55 million shares valued at RM699.89 million.
The top losers included Petronas Dagangan Bhd, Kuala Lumpur Kepong Bhd, Petronas Gas Bhd, British American Tobacco (M) Bhd, IJM Plantations Bhd, P.I.E Industrial Bhd, Sarawak Oil Palms Bhd, Oriental Food Industries Bhd and Oriental Holdings Bhd.
The actives included Kanger International Bhd, RHB International Bhd, Vsolar Group Bhd, Genetec Technology Bhd, Frontken Corporation Bhd, Sumatec Resources Bhd and Nova MSC Bhd.
The top gainers included Nestle (M) Bhd, DanaInfra Nasional Bhd, SAM Engineering Bhd, BLD Plantation Bhd, Only World Group Holdings Bhd, Apollo Holdings Bhd, KLCC Propery Holdings Bhd and Latitude Tree Holdings Bhd.
Asian stocks were mostly lower and the euro sagged on Tuesday as insufficient progress on talks between debt-strapped Greece and its creditors kept investors on edge, according to Reuters.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.3%. Decliners included shares in South Korea, Hong Kong, Malaysia and Thailand, while Chinese equities bucked the trend and rose modestly, it said.
BIMB Securities Research said that key Asian stock markets advanced yesterday following China's decision to implement its third interest rate cut since November.
Locally, it said the FBM KLCI ended lower on thin trading, losing 2.16 points or 0.12% to 1,805.49 weighed down mainly by plantation and power stocks.
“Trading participation saw net selling by foreign institutions while local institutions and retail were net buyers.
“We expect the index to trend lower due to lack of fresh catalysts with immediate support at 1,800 while immediate resistance at 1,811,” it said.