#Market Close* KLCI falls 0.5% in line with region

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KUALA LUMPUR (June 27): The FBM KLCI fell, led by decline in Public Bank Bhd, due to lack of catalysts.

The fall was also in line with regional trend.

At the 5pm market close, the benchmark index fell 9.04 points or 0.5% to 1,880.93 points. The decline was led by Public Bank, followed by Genting Bhd and Tenaga Nasional Bhd.

Kenanga Research, in a note today, said the probability of a pullback correction is getting higher as the trading volume on the exchange is starting to wane.

It added this was also due to the lack of fundamental catalysts.

“This is in line with our earlier view that the key index has shown some toppish signs, and the near-term upside could be capped at the 1,890-1,900 level,” said the research house.

Across Bursa Malaysia, a total of 1.6 billion shares, worth RM1.8 billion were traded. Market decliners edge gainers by 393 versus 371, while 334 counters were unchanged.

The top gainer was Fima Corporation Bhd while the leading decliner was British American Tobacco (M) Bhd. The most active counter was 1 Utopia Bhd.