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KL shares end lower on selling pressure in key bluechip counters

June 28, 2012

KUALA LUMPUR: Share prices on Bursa Malaysia closed lower today on across-the-board selling pressure in key bluechip counters with the FTSE Bursa Malaysia KLCI (FBM KLCI) at 1,594.24, down 7.65 points.

The key index had opened slightly higher by 0.52 of a point at 1,602.41, and moved between 1,602.98 and 1,591.85 in trading.

Persistent selling has been evident in the market since yesterday and even the listing of Felda Global Ventures Holdings Bhd (FGVH), the world’s second largest initial public offering (IPO), could not help prop it up.

FGVH’s share performed beyond expectation, opening 84 sen higher at RM5.39, against the IPO price of RM4.55, Affin Investment Bank, vice-president, head of retail research Nazri Khan told Bernama.

He said investors were cautious and grew increasingly sceptical that significant measures would be delivered at the European Union summit later today to counter the region’s debt crisis, and together with China’s manufacturing data due this weekend, it completely dampened the global market sentiment.

“We can also see there is not much foreign funds flowing heavily into the country.

“Market players are awaiting fresh leads,” Nazri said.

He said the satisfactory performance of market debutant FGVH against the global market gloom indicates the local stock market remained resilient and acts defensive in a tough environment.

FGVH, the most active counter, closed at RM5.30, up 75 sen with 2.615 million lots traded, fluctuating between a high of RM5.46 and a low of RM5.24.

The Finance Index dropped 36.03 points to 14,214.84, the Plantation Index shed 51.41 points to 8,433.89 and the Industrial Index lost 0.34 of a point to 2,830.13.

The FBM Emas Index was down 47.62 points to 10,880.97, the FBM Mid 70 Index declined 26.95 points to 11,861.49 and the FBM Ace Index decreased 4.24 points to 4,306.37.

Losers led gainers 248 to 476 while 306 counters were unchanged, 543 untraded and 33 others suspended.

Turnover rose to 1.563 billion shares valued at RM2.741 billion from the 1.179 billion valued at RM1.631 billion yesterday.

Volume on the Main Market increased to 993.725 million shares valued at RM2.673 billion from 821.761 million shares valued at RM1.578 billion previously.

Turnover on the ACE Market went up to 498.192 million shares valued at RM56.120 million from 227.643 million units worth RM34.851 million yesterday.

Warrants declined to 66.604 million shares worth RM9.144 million from 127.723 million shares valued at RM16.803 million previously.

Among active counters, Luster Industries and Ingenuity Solutions both were flat at 14.5 sen and 10 sen respectively, while Ingenuity Solutions-WA gained 1.5 sen to 7.5 sen.

Of the heavyweights, Maybank was unchanged at RM8.69 while Sime Darby, CIMB and Petronas Chemicals each lost two sen to RM9.88, RM7.57 and RM6.47 respectively.

Meanwhile, consumer products accounted for 39.520 million shares traded on the Main Market, industrial products 299.494 million, construction 25.143 million, trade and services 206.395 million, technology 19.529 million, infrastructure 11.436 million, finance 44.168 million, hotels 719,600, properties 48.455 million, plantations 291.498 million, mining 10,000, REITs 7.331 million and closed/fund 22,800.

– Bernama


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