KLCI falls 1.04% as regional markets tumble on Greece debt woes

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KUALA LUMPUR (June 29): The FBM KLCI fell 1.04% at the midday break today in line with the slump at mosr regional markets as a looming Greece debt default spooked global investors.

At 12.30pm, the FBM KLCI lost 17.70 points to 1,692.77.

Losers thumped gainers by 745 to 102, while 153 counters traded unchanged. Volume was 950.39 million shares valued at RM696.50 million.

The top losers included Kuala Lumpur Kepong Bhd, UMW Holdings Bhd, Aeon Credit Services (M) Bhd, Petronas Gas Bhd, Malaysian Pacific Industries Bhd, Oriental Food Industries Bhd,

Dutch Lady Milk Industries Bhd, Amway (M) Holdings Bhd, SHL Consolidated Bhd, SCGM Bhd and Uzma Bhd.

The actively traded stocks included Scan Associates Bhd, Sedania Innovator Bhd, KNM Group Bhd, Frontken Corporation Bhd, APFT Bhd, PUC Founder Bhd and AirAsia Bhd.

The top gainers included United Plantations Bhd, Negri Sembilan Oil Palms Bhd, Sungei Bagan Rubber Company (Malaya) Bhd, British American Tobacco (M) Bhd and Sarawak Plantations Bhd.

The euro fell almost 2 percent and share prices tumbled across Asia on Monday as Greece looked set to default on its debt repayment this week, forcing Athens to impose capital controls to halt bank runs, acording to Reuters.

With the prospect of Greece being forced out of the euro in plain sight, the common currency fell as much as 1.9 percent to $1.0955, its lowest in almost a month, and last stood down 1.4 percent at $1.1007, it said.

BIMB Securities Research said on earlier trading, key regional indexes ended mostly lower last Friday with sharp decline in China, plunging 7.4%, leading the Chinese government on Saturday to cut both its benchmark interest rates and the amount of reserves certain banks are required to hold.

Back home, the research house said the FBM KLCI ended lower on thin volume, losing 6.34 or 0.37% points to 1,710.47, dragged down mainly by banking and telco stocks.

“We reckon the local market to remain negative as investors will remain cautious after Greece failed to clinch a deal with its international lenders over the weekend to avert a default; and expect the index to test the 1,700 level,” it said.