Facebook Twitter Google Plus Vimeo Youtube Feed Feedburner

Business Home LBoard

KL shares end lower on US debt concerns

July 28, 2011

KUALA LUMPUR: Share prices on Bursa Malaysia ended broadly lower today, weighed on by concerns over US debt talks and a downgrade of its credit rating, dealers said.

At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 6.26 points, or 0.4%, to 1,551.91.

The benchmark index had opened 2.45 points easier at 1,555.72 and hovered between 1,544.96 and 1,555.72 in bearish trade throughout the day.

Dealers said investors were getting nervous over whether US lawmakers would be able to reach an agreement to prevent a government default and allow the country to maintain its “AAA” credit rating.

“The uncertain situation in the US kept the market under selling pressure,” a dealer said.

The market also tracked regional market losses, fuelled by an overnight slump in the US equity indices which sank between 1.6% and 2.6%.

“Given the bearish underlying market tone, coupled with the thin news flows on the corporate scene, investors may not be in the mood to buy equities for now,” HwangDBS Vickers Research said.

The Finance Index fell 77.05 points to 14,667.94, the Plantation Index declined 2.21 points to 7,747.58 and the Industrial Index slid 19.85 points to 2,839.82.

The FBM Emas Index lost 42.24 points to 10,693.77, the FBM Mid 70 Index dropped 56.511 points to 11,806.85 and the FBM Ace Index decreased 23.83 points to 4,115.88.

Losers overwhelmed gainers by 480 to 290 while 274 counters closed unchanged with 491 others untraded.

Volume increased to 1.06 billion shares valued at RM1.74 billion compared with 1.05 billion shares worth RM1.7 billion yesterday.

For the active stocks, Dutaland Bhd-Wa gained six sen to 16.5 sen, CIMB fell eight sen to RM8.31, Hubline added one sen to 9.5 sen, Olympia Industries increased 2.5 sen to 32 sen and Dutaland rose seven sen to 61.5 sen.

For the heavyweights, Maybank fell one sen to RM8.83, Petronas Chemicals decreased nine sen to RM6.83, Sime Darby declined three sen to RM9.15, Axiata shed two sen to RM5.12 and Maxis was unchanged at RM5.50.

Among top gainers, Nestle improved 26 sen to RM47.68, Metal Reclamation rose 15 sen to 60 sen, Yinson added 12 sen to RM2.31, Ingress Corp increased 11.5 sen to 97 sen and KYM Holdings rose 11 sen to RM2.25.

Volume on the Main Market declined to 758.57 million shares valued at RM1.67 billion from the 771.56 million shares worth RM1.659 billion yesterday.

Turnover on the ACE Market fell to 127.255 million units worth RM19.67 million from 173.43 million units valued at RM21.15 million previously.

Warrants increased to 172.71 million shares valued at RM46.96 million from the 102.53 million shares worth RM14.84 million previously.

Consumer products accounted for 22.51 million shares traded on the Main Market, industrial products 152.14 million, construction 48.04 million, trade and services 278.15 million, technology 9.3 million, infrastructure 3.97 million, finance 102.15 million, hotels 365,600, properties 57.987 million, plantations 72.19 million, mining 4,000, REITs 3.09 million and closed/fund 57,000.

– Bernama


Comments

Readers are required to have a valid Facebook account to comment on this story. We welcome your opinions to allow a healthy debate. We want our readers to be responsible while commenting and to consider how their views could be received by others. Please be polite and do not use swear words or crude or sexual language or defamatory words. FMT also holds the right to remove comments that violate the letter or spirit of the general commenting rules.

The views expressed in the contents are those of our users and do not necessarily reflect the views of FMT.

Comments