KLCI pares loss, remains lacklustre in pre-holiday trade

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KUALA LUMPUR (Dec 24): The FBM KLCI pared some of its losses at mid-morning today but remained lacklustre in pre-holiday trade, tracking subdued regional markets.

At 10.05am, the FBM KLCI was down 3.07 points to 1,667.21. The index had earlier slipped to a low of 1,658.10.

Losers led gainers by 249 to 159, while 213 counters traded unchanged. Volume was 335.50 million shares valued at RM150.67 million.

The decliners included Dutch Lady Milk Industries Bhd, Nestle (M) Bhd, Petronas Dagangan Bhd, Sime Darby Plantation Bhd, ViTrox Corp Bhd, Tenaga Nasional Bhd, Alliance Bank Malaysia Bhd and KESM Industries Bhd.

The actives included Hubline Bhd, Sapura Energy Bhd, My EG Services Bhd, Jaks Resources Bhd, Tiger Synergy Bhd and Orion IXL Bhd.

The gainers included British American Tobacco (M) Bhd, Fraser & Neave Holdings Bhd, Petronas Gas Bhd, Top Glove Corp Bhd, Wong Engineering Corp Bhd and DKSH Holdings (M) Bhd.

Asian stocks started in subdued fashion on Monday as investors fretted that political instability in the United States was leaving the country rudderless at a time when the global economy was showing signs of faltering, according to Reuters.

Moves were limited by a holiday in Japan while many bourses are set to close early for Christmas. After opening lower, E-Mini futures for the S&P 500 turned flat, it said.

Foreign selling of Malaysian equity extended for the seventh week running and rose to RM464.1 million last week, from RM314.3 million the prior week, according to MIDF Amanah Investment Bank Bhd Research.

In his weekly fund flow report today, MIDF Research's Danial Razak said this was the highest amount since October.

He said foreign investors sold Malaysian equity throughout the week.

Danial said the quantum sold edged up on the days following Monday, due to oil price slump and US rate hike guidance.