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Bursa Malaysia ends lower

September 14, 2011

KUALA LUMPUR: Bursa Malaysia closed in red today amid mounting fears that Greece could soon default.

At 5pm, the benchmark FBM KLCI dropped 10.39 points to 1,437.61 after opening 5.04 points higher at 1,453.04.

A dealer said persistent selling in heavyweights and big-cap stocks weighed down the key index to an intra-day low of 1,436.71 after hitting a high of 1,455.30.

Affin Investment Bank’s head of retail, Nazri Khan, said the bearish trend was expected to continue with investors paying attention to Greece.

“There’s a big sign that Greece is going to default anytime soon and there’s also a rumour that the Greece might be pulling out from the European Union,” he said.

Jupiter Securities’ head of research, Pong Teng Siew, said Asian investors were a little bit cautious on any news on Europe and the US because the news might be proven untrue.

There were also signs that foreign funds were leaving the Asian region, forcing investors to aggressively sell to avoid losses, he said.

Bursa Malaysia’s Finance Index fell 63.74 points to 13,408.08, the Plantation Index declined 58.65 points to 7,211.36 and the Industrial Index decreased 21.96 points to 2,649.95.

The FBM Emas Index was down 101.41 points at 9,778.88, the FBM Mid 70 Index lost 198.71 points to 10,476.14 and the FBM Ace Index fell 37.33 points to 3,743.88.

Losers beat gainers by 583 to 163 while 280 counters were unchanged, 463 untraded and 29 suspended.

Turnover increased to 766.82 million shares worth RM1.31 billion from 727.19 million shares worth RM876.45 million yesterday.

Among active stocks, Systech fell 3.5 sen to 25.5 sen, Eastern & Oriental shed 11 sen to RM1.52 while AirAsia was flat at RM3.43.

Of the heavyweights, Maybank was unchanged at RM8.60, CIMB decreased three sen to RM7.02 and Sime Darby slipped 23 sen to RM8.47.

The Main Market volume increased to 567.17 million shares worth RM1.28 billion from 563.32 million shares worth RM843.68 million yesterday.

Turnover on the ACE Market dwindled to 131.11 million units valued at RM20.77 million from 134.69 million units valued at RM25.53 million yesterday.

Warrants rose 62.13 million units worth RM4.23 million from 23.12 million units worth RM1.813 million.

Consumer products accounted for 46.695 million shares traded on the Main Market, industrial products 70.43 million, construction 38.90 million, trade and services 185.29 million, technology 14.69 million, infrastructure 10.83 million, finance 53.68 million, hotels 361,600, properties 123.05 million, plantations 16.90 million, mining 215,000, REITs 3.65 million and closed/fund 49,400.

– Bernama


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