KLCI slips as select blue chips dip

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KUALA LUMPUR (June 11): The FBM KLCI slipped at the midday break today as select blue chips dipped and decliners outpaced gainers.

At 12.30pm, the FBM KLCI was down 0.91 points to 1,734.72.

Decliners led advancers by 358 to 269, while 312 counters traded unchanged. Volume was 762.29 million shares valued at RM682.69 million.

The top losers included British American Tobacco (M) Bhd, PPB Group Bhd, Nestle (M) Bhd, Hong Leong Bank Bhd, AirAsia Bhd, Kawan Food Bhd, LTKM Bhd, Time Dotcom Bhd, Maxis Bhd and Signature International Bhd.

The actively traded stocks included Vsolar Group Bhd, AirAsia X Bhd, AirAsia Bhd, APFT Bhd, Privasia Technology Bhd, Frontken Corporation Bhd, Nova MSC Bhd and IFCA MSC Bhd.

The gainers included United Plantations Bhd, Kuala Lumpur Kepong Bhd, NCB Holdings Bhd, MNRB Holdings Bhd, Super Enterprise Holdings Bhd, Syarikat Takaful Malaysia Bhd, Genting Plantations Bhd and MISC Bhd.

Asian shares rebounded from three-month lows on Wednesday, though the spectre of higher borrowing costs in the United States and concerns about the apparent lack of progress in talks between Greece and its creditors sapped confidence, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.8% after hitting a fresh three-month low. At one point, it was down 9% from the seven-year peak hit in late April, it said.

BIMB Securities Research said that most Asian markets fell yesterday, with Tokyo suffering a late sell-off as the yen rose sharply after comments from the central bank chief that the currency would probably not weaken further.

Locally, it said the Malaysian stocks were higher after the close on Wednesday, as gains in the construction, mining and consumer products sectors led shares higher.

“The FBM KLCI rose 0.38% to 1,735.63. We reckon the local market to trade range bound with immediate resistance at 1,740 and immediate support at 1,730,” it said.