KLCI dips 0.53% as regional markets stay tepid

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KUALA LUMPUR (Dec 30): The FBM KLCI fell 0.53% at mid-morning on Tuesday as regional market remained tepid ahead of the New Year break.

At 10.01am, the FBM KLCI fell 9.38 points to 1,758.58.

The top losers included British American Tobacco (M) Bhd, Kuala Lumpur Kepong Bhd, Petronas Gas Bh, PPB Group Bhd, Sime Darby Bhd, Perduren (M) Bhd, Public Bank Bhd, Genting Bhd and TH Plantations Bhd.

The actives included Malayan United Industries Bhd, JobStreet Corporation Bhd, Minetech Resources Bhd, Sumatec Resources Bhd, AirAsia Bhd and Hubline Bhd.

The top gainers included Yokohama Industries Bhd, Hong Leong Capital Bhd, Puncak Niaga Holdings Bhd, Ta Ann Holdings Bhd, Jaya Tiasa Holdings Bhd and Prestariang Bhd.

Asian shares got off to a lacklustre start on Tuesday, as a sharp selloff in commodities and political uncertainty in Greece made investors less willing to take risks in the final trading days of 2014, according to Reuters.

Activity was thin ahead of the New Year holiday, with many traders having closed out positions. Japanese markets will be shut from Wednesday to Friday, reopening next Monday, it said.

AffinHwang Capital Research said it anticipates the FBM KLCI and stock prices in Bursa Malaysia as a whole will be firming up with some upward biases due to year end “window dressing” activities.

“However, volatility in the market is anticipated to surge hence pullbacks during trading days or during the weeks are bound to occur. Buy on weakness,” it said.