Poor start for KLCI, newly-listed Al-Salam most active

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KUALA LUMPUR (Sept 29): The FBM KLCI got off to a poor start this morning in line with the regional markets that skidded in tandem with the weaker overnight close at most global markets.

However, the newly-listed Al-Salam REIT made a firm debut and was the most actively traded counter.

At 9am, the FBM KLCI fell 7.54 points to 1,600.89.

The top losers included Petronas Gas Bhd, Keck Seng (Malaysia) Bhd, Hartalega Holdings Bhd, KESM Industries Bhd, IJM Plantations Bhd, CIMB Group Holdings Bhd, Genting Bhd, Westports Holdings Bhd, Axiata Group Bhd and Malayan Banking Bhd.

Meanwhile, Al-Salam gained 4 sen to RM1.04 with 14.71 million shares done.

Asian shares skidded to three-week lows and the dollar sagged on Tuesday, after weak Chinese data rekindled worries about its fragile economy and led to sharp losses on Wall Street, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.7% in early trading, touching its lowest levels since Sept 8, it said.

M & A Securities research head Rosnani Rasul in a market preview today said the biggest fear factor was the US impending interest rate adjustment, more so when the US was due to release their September unemployment rate this Friday.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)