KLCI slumps 0.82% in line with weaker global markets

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KUALA LUMPUR (Feb 10): The FBM KLCI slumped 0.82% at mid-morning today in line with the overall weaker sentiment at most global markets.

At 10am, the FBM KLCI lost 13.61 points to 1,648.93.

The top losers included Genting Bhd, Apex Helathcare Bhd, Malaysian Pacific Industries Bhd, Axiata Group Bhd, Hong Leong Industries Bhd, Genting Malaysia Bhd, IOI Corporation Bhd, Kuala Lumpur Kepong Bhd, Latitude Tree Holdings Bhd, Lafarge Malaysia Bhd and Karex Bhd.

The actives included Tiger Synergy Bhd, Hubline Bhd, Borneo Oil Bhd, Nexgram Holdings Bhd, Berjaya Corporation Bhd and XOX Bhd.

The gainers included British American Tobacco (M) Bhd, Nestle (M) Bhd, Bintulu Port Holdings  Bhd, P.I.E. Industrial Bhd, Ta Ann Holdings Bhd, Fraser & Neave Holdings Bhd, Tenaga Nasional Bhd and Maxis Bhd.

Asian stocks dipped early on Wednesday amid smouldering banking sector concerns, particularly banks in Europe, while the safe-haven yen stood atop large gains made overnight, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan edged down 0.2 percent. The decline was limited after Wall Street shares cut most of their losses overnight and gave battered risk assets some relief, it said.

Hong Leong IB Research said that technically, positive indicators and a potential resumption of market participants post CNY may extend the FBM KLCI’s upward momentum today.

“However, overall cautious sentiment may cap rebound near 1669-1674 zones due to overnight fall in Dow, the crucial Yellen’s testimony tonight, as well as potential retreat in Ringgit (vs USD) amid slumping oil prices overnight,” it said.