KLCI pares loss but stays below 1,600-level

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KUALA LUMPUR (Sept 2): The FBM KLCI pared some of its losses at the midday break today, but remained below the crucial 1,600-point level as key index-linked banking stocks dipped.

At 12.30pm, the FBM KLCI fell 12.12 points to 1,597.09. The index had earlier dipped to its intra-morning low of 1,583.63.

Declining issues outpaced advancing issues by 381 to 235, while 262 issues traded unchanged. Volume was 1.12 billion shares, valued at RM1.05 billion.

The top losers included Malayan Banking Bhd, UMW Holdings Bhd, United Plantations Bhd, Amway (M) Holdings Bhd, AMMB Holdings Bhd, Public Bank Bhd, Hartalega Holdings Bhd, Karex Bhd, Suiwah Corporation Bhd and Axiata Group Bhd.

The top actives included AirAsia Bhd, KNM Group Bhd, APFT Bhd, Maybank, SapuraKencana Petroleum Bhd, Tiger Synergy Bhd and The Media Shoppe Bhd.

The top gainers included V.S. Industry Bhd, Far East Corporation Bhd, PPB Group Bhd, Kuala Lumpur Kepong Bhd, Hong Leong Financial Group Bhd, Guiness Anchor Bhd and Gamuda Bhd.

Asian shares fell for a third straight day on Wednesday, as weak manufacturing reports from China, the United States and Europe fueled worries about slowing global growth, while safe-haven Japanese yen firmed, as investors unwound carry trades, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 1.2% by late morning, taking its losses to nearly 4% so far this week, as investors continued to dump emerging market assets, it said.

BIMB Securities Research said Asian markets also suffered some selling, as most regional markets ended the day in the red.

“Locally, the FBM KLCI lost 3.5 points at 1,609.21, in tandem with the regional weaknesses.

“On a positive note, there were some foreign buying, as yesterday’s net inflow was RM48.8 million.

“We expect some weakness today affected by Wall Street, but the downside appear quite limited at 1,600,” it said.