KLCI edges lower in line with lackluster regional markets

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KUALA LUMPUR (Nov 11): The FBM KLCI edged lower at mid-morning in line with the regional markets that got off to weaker start despite the firm overnight closing at Wall Street and European markets.

At 10am, the FBM KLCI fell 1.99 points to 1,825.94.

The top losers included British American Tobacco (M) Bhd, Danainfra Nasional Bhd, Petronas Gas Bhd, UMW Holdings Bhd, United Plantations Bhd, Carlsberg Brewery (M) Bhd, Malaysia Airports Holdings Bhd, Top Glove Corporation Bhd, Kossan Rubber Industries Bhd, Hartalega Holdings Bhd, Tasco Bhd and IOI Property Group Holdings Bhd.

Nova MSC Bhd was the most actively traded counter with 37.73 million shares done. The stock fell 5.41% or one sen to 17.5 sen.

The other actives included Technodex Bhd, EA Holdings Bhd, Nexgram Holdings Bhd, Focus Dynamics Technologies Bhd, Sumatec Resources Bhd and IFCA MSC Bhd.

The top gainers included Guiness Anchor Bhd, Kuala Lumpur Kepong Bhd, Kluang Rubber Co (Malaya) Bhd, MISC Bhd, Hong Leong Financial Group Bhd, Public Bank Bhd, Fiamma Bhd and RHB Capital Bhd.

Regionally, Asian shares and the dollar got off to a lacklustre start on Tuesday as oil prices continued to drop, while Japanese shares marked early gains.

Crude oil prices shrugged off concerns about conflicts in Libya and Ukraine and continued to sag. Fears about a global supply glut and slowing growth have pushed oil prices down nearly 30 percent since June, it said.

BIMB Securities Research said that in Asia, key indices ended mixed on Monday with Hong Kong stocks posting a solid rebound on Monday following five straight days of declines while Tokyo ended lower on stronger yen against the USD.

“Locally, the FBM KLCI gained 3.74 points or 0.21% to end at 1,827.930 with strong buying by foreign institutions.

“We expect further consolidation for the local bourse with 1,820 as the immediate support for today,” it said.