KLCI pares loss, down 0.07%

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KUALA LUMPUR (Dec 30): The FBM KLCI was down a mere 0.07% at the mid-day break on the penultimate trading day of 2014, paring down its earlier losses

At 12.30pm, the FBM KLCI was down 1.38 points to 1,767.03. The index had earlier fallen to its intra-morning low of 1,753.95.

Market breadth remained negative with 332 losers and 285 gainers, while 257 counters traded unchanged. Volume was 963.51 million shares valued at RM640.99 million.

The top decliners included Kuala Lumpur Kepong Bhd, Time Dotcom Bhd, Shell Refining Company (Federation of Malaya) Bhd, LPI Capital Bhd, Kossan Rubber Industries Bhd, and TH Plantations Bhd.

Malayan United Industries Bhd was the most actively traded counter with 76.4 million shares done. The stock rose 5.26% or 1.5 sen to 30 sen.

The other actives included Hubline Bhd, JobStreet Corporation Bhd, Sumatec Resources Bhd and Minetech Resources Bhd.

The gainers included British American Tobacco (M) Bhd, Dutch Lady Milk Industries Bhd, Hong Leong Capital Bhd, Batu Kawan Bhd, Guinness Anchor Bhd, Puncak Niaga Holdings Bhd, Axiata Group Bhd and Genting Plantations Bhd.

Asian shares extended losses on Tuesday, as a sharp selloff in commodities overnight and political uncertainty in Greece made investors less willing to take risks in the final trading days of 2014,according to Reuters.

Activity was thin ahead of the New Year holiday, with many traders having closed out positions. Japanese markets will be shut from Wednesday to Friday, reopening next Monday, it said.

MSCI's broadest index of Asia-Pacific shares outside Japan was down about 0.6 percent on the day, and off less than 1 percent for 2014, said Reuters.

AffinHwang Capital Research anticipates the FBM KLCI and stock prices in Bursa Malaysia as a whole will be firming up with some upward biases due to year-end “window dressing” activities.

“However, volatility in the market is anticipated to surge, hence, pullbacks during trading days or during the weeks are bound to occur. Buy on weakness,” it said.