KLCI falls 12.21 pts as investors sell SapuraKencana, eye Greece debt

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KUALA LUMPUR (June 15): The FBM KLCI declined sharply at the 11th hour to close at its intraday low.

The fall came amid heavy selling in SapuraKencana Petroleum Bhd shares and as investors eyed the failure in talks aimed at averting Greece's debt default, which hurt equities in Europe and Asia.

Malaysia's KLCI fell 12.21 points or 0.7% to settle at 1,722.16 points at 5pm. SapuraKencana shares dropped 17 sen or 7% to RM2.54, with 18 million shares done, ahead of the company's first quarter financials announcement this month.

Across the globe, Reuters reported there had been no progress on Greece’s issues, fuelling expectation European stock markets would undergo further selling pressure in the near term.

Earlier today, Asian share markets closed in the red. Japan's Nikkei 225 fell 0.09%, South Korea's Kospi dropped 0.48%, while Hong Kong's Hang Seng was down 1.53%

In Malaysia, Bursa Malaysia saw 1.55 billion shares, valued at RM1.52 billion, traded. Decliners beat gainers at 777 versus 150, while 236 counters remained unchanged.

Top gainers included Nestle (M) Bhd and Amway (M) Holdings Bhd, while decliners were led by United Plantations Bhd and Dutch Lady Milk Industries Bhd.

The most active counter was IFCA MSC Bhd.

In currency markets, the ringgit weakened against the Singapore dollar at 2.7892, but strengthened to 3.7590 against the US dollar.

Reuters reported most emerging Asian currencies slid on Monday, after Greece and lenders failed to reach an agreement to prevent the country's default, while caution mounted ahead of a U.S. Federal Reserve meeting which could offer clues on the timing of a rate hike.