KLCI reverses loss, but set to end year on lacklustre note

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KUALA LUMPUR (Dec 31): The FBM KLCI reversed its losses at mid-morning on Wednesday, the final trading day of 2014 but looked poised to end the year on a lacklustre note.

At 10am, the FBM KLCI was up 0.17 points to 1,767.00.It had earlier dipped to a low of 1,759.76.

The top gainers included Danainfra Nasional Bhd, Dutch Lady Milk Insustries Bhd, Pestech International Bhd, Perduren (M) Bhd, Hap Seng Plantations Bhd, Malaysian Pacific Industries Bhd and Inari Amertron Holdings Bhd.

The actives included Berjaya Corporation Bhd, Hubline Bhd, JobStreet Corporation Bhd, Kronologi Asia Bhd, Breen Packet Bhd, Daya Materials Bhd, Malayan Banking Bhd, Technodex Bhd and AirAsia Bhd.

The losers included Nestle (M) Bhd, Hong Leong Capital Bhd, Affin Holdings Bhd, Tenaga Nasional Bhd, Adventa Bhd and KLCC Property Holdings Bhd.

Asian markets were set for a cautious close to 2014 on Wednesday as worries about Greece's future in the euro zone served as an excuse to take profits on popular trades, according to Reuters.

The U.S. dollar also ran into selling on its recent gains, while the euro got no respite as a host of European bonds yields fell to all-time lows after a shockingly sharp fall in Spanish inflation, it said,

Trade was thinned by holidays in Japan, Thailand, South Korea and the Philippines, while many markets in Europe are either shut or finish early on Wednesday, said Reuters.

JF Apex Securities Research said U.S. stocks closed down in low volume trade overnight, pressured by weakness abroad and a sharp decline in the utilities sector.

Similarly, it said European shares closed lower as lower oil prices and political uncertainty in Greece weighed on investor sentiment.

“On the local market, the FBM KLCI shed 1.58 points to 1766.83.

“We expect the index to be flat due to the low volume with possible window dressing,” it said.