KLCI extends loss as regional markets dip on Greek stalemate

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KUALA LUMPUR (June 26): The FBM KLCI extended its loss at the midday break in line with regional markets as the Greece debt crisis continued with no solution in sight.

At 12.30pm, the FBM KLCI fell 3.36 points to 1,713.45.

Losers overtook gainers by 362 to 266, while 305 counters traded unchanged. Volume was 702.31 million shares valued at RM554.16 million.

The top losers included Oriental Interest Bhd, Public Bank Bhd, Fraser & Neave Holdings Bhd, Amway (M) Holdings Bhd, Gamuda Bhd, Boustead Holdings Bhd, Guinness Anchor Bhd, MISC Bhd and Oriental Food Industries Bhd.

The most actively traded counters included AirAsia X Bhd, KNM Group Bhd, Frontken Corporation Bhd, IFCA MSC Bhd, Perwaja Holdings Bhd, AirAsia Bhd and APFT Bhd.

The top gainers included Panasonic Malaysia Manufacturing Bhd, Pharmaniaga Holdings Bhd, Suiwah Corporation Bhd, Superlon Holdings Bhd, Lafarge Malaysia Bhd, Nestle (M) Bhd and Genting Malaysia Bhd.

Asian equities fell on Friday as Greece failed again to reach an agreement with its creditors and stumbled towards a default, while major currencies like the euro and the US dollar drifted in narrow range as the debt saga sidelined investors, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.6%, it said.

BIMB Securities Research said that in Asia, key indexes ended mostly lower yesterday after remarks from European finance ministers suggested a Greek bailout deal would not likely be reached until later this week.

Back home, it said the FBM KLCI ended lower, losing 14.87 points or 0.86% to 1,716.81 with heavy selling on Tenaga Nasional Bhd and telco stocks.

“Trading participation saw net selling by foreign institutions and local retail while local institutions were net buyers.

“We expect the local market to remain negative today due to continuous selling pressure by foreign institutions and dampened global sentiment over Greece’s debt issue with immediate support at 1,710 followed by the critical level of 1,700,” it said.