KLCI reverses gains, slips in line with region

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KUALA LUMPUR (June 1): The FBM KLCI reversed its gains and slipped at mid-morning today in line with the fall at most regional markets.

At 10.01am, the FBM KLCI lost 7.39 points to 1,740.13.

The top losers included Dutch Lady Milk Industries Bhd, RHB Capital Bhd, British American Tobacco (M) Bhd, Telekom Malaysia Bhd, Genting Bhd, Super Enetrprise Holdings Bhd, Westports Holdings Bhd, Tenaga Nssional Bhd, Power Root Bhd, Ta Ann Resources Bhd and Public Bank Bhd.

The top actives included Hubline Bhd, Xinghe Holdings Bhd, Frontken Corporation Bhd, Kronologi Asia Bhd, Privasia Technology Bhd and Wintoni Group Bhd.

The top gainers included Y&G Corporation Bhd, Microlink Solutions Bhd, Lii Hen Industries Bhd, Berjaya Auto Bhd, Carlsberg Brewery (M) Holdings Bhd, MNRB Holdings Bhd and United Plantations Bhd.

Asian shares slipped on Monday after separate surveys of Chinese factory activity failed to banish concerns about a slowdown in the world's second-largest economy, according to Reuters.

Persistent fears about Greece's financial situation and downbeat U.S. data also sapped investors' confidence, it said.

JF Apex Securities Research said that US markets ended lower after declines in Chicago PMI and consumer sentiment.

Similarly, it said European stocks closed sharply lower due to concerns on Greece's debt situation.

“On the local market, the FBM KLCI dropped 8.04 points to 1747.52 points.

“Following the bearish sentiment from Greece, the KLCI will be under more selling pressure and could break its immediate support of 1747 points,” it said.