KLCI falls 0.65%, slips below 1,700 level

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KUALA LUMPUR (June 29): The FBM KLCI fell 0.65% and slipped below the important 1,700-point level at mid-morning today, in line with the slump at most regional markets.

At 10.01am, the FBM KLCI lost 11.19 points to 1,699.28.

The top losers included Panasonic Malaysia Manufacturing Bhd, Petronas Dagangan Bhd, Kuala Lumpur Kepong Bhd, Petronas Gas Bhd, Hong Leong Financial Group Bhd, Amway (M) Holdings Bhd, Oriental Food Industries Bhd, Carlsberg Brewery (M) Holdings Bhd, SCGM Bhd and CIMB Group Holdings Bhd.

The actives included Scan Associates Bhd, Sedania Innovator Bhd, Frontken Corporation Bhd, KNM Group Bhd, APFT Bhd, Nexgram Holdings Bhd and AirAsia Bhd.

The top gainers included Negri Sembilan Oil Palms Bhd, British American Tobacco (M) Bhd, Pestech International Bhd, United Plantations Bhd and Gamuda Bhd.

U.S. stock futures and the euro fell almost 2 percent in early Asian trade on Monday as Greece looks set to default on its debt repayment this week, forcing Athens to impose capital controls to halt bank runs, according to Reuters.

The euro fell as much as 1.9 percent to $1.0955, its lowest level in almost a month. Against the yen, the common currency dropped more than 3 percent to 133.80 yen, a five-week low, it said.

U.S. stock futures dived 1.8 percent, hitting a three-month low, while U.S. Treasuries futures price gained almost two points, said Reuters.

Hong Leong IB Research said despite recent technical rebound, there could be more downward pressures for the FBM KLCI this week, especially approaching the upcoming Fitch review by end June and potential “Grexit”, negating the possibility of end June window dressing.

“Weekly supports are 1671-1690 whilst resistances are situated at 1724-1731 zones,” it said.