KLCI dips 0.42% as regional markets skid

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KUALA LUMPUR (July 22): The FBM KLCI fell 0.42% at the midday break today, as regional markets skidded on the back of lower overnight close at Wall Street.

At 12.30pm, the FBM KLCI fell 7.36 points to 1,728.83.

The top losers included Dutch Lady Milk Industries Bhd, Tahps Group Bhd, Kuala Lumpur Kepong Bhd, British American Tobacco (M) Bhd, MISC Bhd, Globetronics Technology Bhd, Sime Darby Bhd, Genting Bhd and Westports Holdings Bhd.

The actively-traded stocks included Genting Malaysia Bhd, K-One Technology Bhd, APFT Bhd, Privasia Technology Bhd, KNM Group Bhd and Sumatec Resources Bhd.

The gainers included Kossan Rubber Industries Bhd, Perak Corporation Bhd, Pos Malaysia Bhd, Poh Huat Resources Bhd, Cahya Mata Sarawak Bhd, Nestle (M) Bhd, Tasco Bhd and Heveaboard Bhd.

Asian stocks skidded on Wednesday, after earnings dragged down U.S. equities, while the dollar edged away from highs hit earlier this week, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan extended losses and was down about 1 percent, it said.

BIMB Securities Research said looking closer to home, Chinese stocks continued to extend higher for another day yesterday, as government recent supportive measures came into play; Nikkei also inched higher, after closing for 2 days for public holiday.

“Locally, the FBM KLCI recovered with a 12.06 points gain to close at 1,736.19.

“However, foreign funds remain as net seller, which saw RM96.3 million outflow yesterday.

“We expect the local market to pick up its momentum post Hari Raya holiday, with immediate resistance at 1,745,” it said.