KLCI falls 0.62%, key blue chips weigh

KLCI falls 0.62%, key blue chips weigh

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KUALA LUMPUR (April 26): The FBM KLCI fell 0.62% at mid-morning in line with the weaker regional markets, extending its consolidation.

At 10am, the FBM KLCI lost 10.63 points to 1,703.88.

The top losers included Globetronics Technology Bhd, Public Bank Bhd, Genting Bhd, British American Tobacco (M) Bhd, Kuala Lumpur Kepong Bhd, Asia File Corp Bhd, Ta Ann Holdings Bhd, Axiata Group Bhd and PPB Group Bhd.

The actives included Spring Gallery Bhd warrants, Vivocom Intl Bhd, AirAsia X Bhd, Jadi Imaging Holdings Bhd, EA Holdings Bhd and Spring Gallery.

The top gainers included Dutch Lady Milk Industries Bhd, Fraser & Neave Holdings Bhd, TIME dotCom Bhd, DanaInfra Nasional Bhd, Malaysian Pacific Industries Bhd, Spring Gallery, UMW Holdings Bhd and Bursa Malaysia Bhd.

Asian stocks were on the defensive on Tuesday after oil prices eased and as investors braced for central bank policy meetings in the United States and Japan later this week, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.1%, while Japan's Nikkei slipped 0.4%, it said.

Hong Leong IB Research said that today, it was of the view that that the FBM KLCI remains lacklustre ahead of the Federal Open Market Committee meeting on April 26-27 and narrowing Bollinger band which suggests that ranges are small and there is low volatility in the local market.

"As global markets are entering into May, market investors may stay cautious over the old saying 'Sell in May and Go Away' adage," it said.