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12th September, 2008
SHARE PRICES on Bursa Malaysia ended lower yesterday in line with regional sentiments, due to selling in key heavyweights especially banking and plantation stocks, said dealers.
The benchmark Kuala Lumpur Composite Index (KLCI) fell 21.63 points or 2.04 percent to end at 1,041.07, dragged down by stocks such as Maybank and Sime Darby.
Throughout the day, the KLCI which opened 1.02 points higher at 1,063.72, moved between 1,063.77 and 1,039.65.
The banking and plantation stocks are some of the biggest capitalisation stocks on Bursa Malaysia and their movement affects the market significantly.
Jupiter Securities head of research, Pong Teng Siew said the trend showed that this was typically the tail end of the bear market.
He said he was not too pessimistic about the sharp downtrend as it could be a good time to look at cheaper stocks and expects the market to rebound by year’s end.
“I think this is the last leg of the selldown. The downtrend is not unique to the Malaysian market.It is happening regionally. Even Singapore fell around two percent like us while Hongkong and Taiwan slid about three percent,” he said.
He added that the strengthening of the dollar also saw an outflow of funds from the emerging and Asian markets with an inflow into the United States again.
The Industrial Index went down 30.95 points to 2,174.37, the Finance Index fell 205.78 points to 8,518.72 and the Plantation Index lost 271.83 points to 4,992.49.
The FBMEmas dropped 42.28 points to 7,087.03, the FBM30 slipped 26.47 points to 6,897.60, the FBM2BRD shed 85.12 points to 5,049.31 and the FBMMesdaq was 36.12 points lower at 4,187.30.
Losers led gainers by 511 to 120, while 212 counters were unchanged, 502 untraded and 25 suspended.
Turnover increased to 436.764 million shares worth RM989.726 million from Wednesday’s 362.887 million shares worth RM789.965 million.
Among the active stocks, KNM dropped 12 sen to RM1.12, Resorts fell six sen to RM2.56 and MRCB was down four sen to 62.5 sen.
As for the heavyweights, Maybank slipped 25 sen to RM7.50, Public Bank edged down 30 sen to RM9.90 and Bumiputra-Commerce declined 15 sen to RM8.05.
Sime Darby and Kuala Lumpur Kepong each dropped 20 sen to RM5.95 and RM10.30 respectively while IOI Corp decreased 38 sen to RM4.30 and Kulim fell 65 sen to RM5.95. Volume on the Main Board rose to 368.322 million shares valued at RM978.393 million against the 312.647 million shares valued at RM778.128 million on Wednesday.
Turnover on the Second Board went up to 24.111 million shares worth RM5.96 million from 17.966 million shares worth RM7.17 million previously.
The Mesdaq Market’s volume increased to 18.194 millions shares valued at RM4.67 million from 13.189 million shares valued at RM4.031 million on Wednesday.
Call warrants advanced to 26.136 million units worth RM700,909 versus 19.083 million units worth RM634,687 on Wednesday.
However, direct business deals slid to 36.028 million shares worth RM50.448 million from 37.858 million shares worth RM69.686 million on Wednesday.
On a sectoral basis, consumer products accounted for 12.846 million shares traded on the Main Board, industrial products 88.017 million, construction 30.679 million, trade and services 104.510 million, technology 2.488 million, infrastructure 7.574 million, finance 27.702 million, hotels 2.001 million, properties 25.667 million, plantations 47.297 million, mining 36,300, REITs 1.326 million, closed/fund 215,800, ETF 471,100 and loans 16.857 million.
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