KLCI slides 1.53% on global growth woes

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KUALA LUMPUR (Jan 6): The FBM KLCI skidded 1.53% at the midday break on Tuesday, in line with the fall at most global markets.

At 12.30pm, the index lost 26.32 points to 1,710.30. It had earlier fallen to its intra-morning low of 1,708.78.

Market breadth was negative as losers thumped gainers by 663 to 88, with 175 counters traded unchanged. Volume was 951.28 million shares valued at RM811.36 million.

Meanwhile, the ringgit declined 0.61% versus the US dollar and was quoted at 3.5553.

The top losers in the morning session included British American Tobacco (M) Bhd, Petronas Gas Bhd, Syarikat Takaful Malaysia Bhd, Hong Leong Bank Bhd, Hong Leong Financial Group Bhd, Genting Bhd, UMW Holdings Bhd, Malayan Banking Bhd and Kuala Lumpur Kepong Bhd.

Iris Corporation Bhd was the most actively traded counter with 71.74 million shares done. The stock rose 1.54% or half a sen to 33 sen.

The other actives included Minetech Resources Bhd, Hubline Bhd, Kronologi Asia Bhd, AirAsia Bhd, Technodex Bhd and Sumatec Resources Bhd.

The gainers included United Plantations Bhd, Manulife Holdings Bhd, LTKM Bhd, Yinson Holdings Bhd, BLD Plantations Bhd, NCB Holdings Bhd, Sunway Bhd and Mah Sing Group Bhd.

Asian shares tumbled on Tuesday as sliding oil prices and political uncertainty in Greece forced investors out of risk assets and into the safety of government bonds, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.0 percent, retreating almost halfway from its recovery from a 10-month low hit last month, it said.

JF Apex Securities Research said U.S. stocks fell sharply overnight with the S&P 500 extending losses into a fourth session, as energy companies took it on the chin as the price of oil fell to its lowest since April 2009.

Similarly, it said European shares closed sharply lower as concerns over the health of the euro zone resurfaced and oil prices fell below a 2009 low.

“On the local front, the FBM KLCI dropped 16.15 points to 1736.62 points.

“Following the bearish performance in the US, we expect the FBM KLCI to be negative today and likely to break its immediate support of 1730 points and move towards 1700 points,” it said.