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10th February, 2010
KUALA LUMPUR: Share prices on Bursa Malaysia closed lower Tuesday as selling pressure continued on select blue chips and lower liners, dealers said.
The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) declined 1.36 points or 0.11 per cent to 1,233.86 after opening 6.48 points lower at 1,228.74 Tuesday morning.
The dealers said the decline on Wall Street overnight put pressure on the local bourse.
The Dow Jones Industrial Average tumbled 1.04 per cent or 103.84 points to 9.908.39, the S&P 500 Index decreased 0.89 per cent or 9.45 points to 1,056.74 and the Nasdaq declined by 0.70 per cent or 15.07 points to 2,126.05.
MIMB Investment’s Head of Research, Mohd Nazri Khan, said a bearish sentiment was on the rise due to external factors such as rising sovereign debt woes in Europe.
He said fiscal problems in Greece, Spain and Portugal was hurting risk appetite.
“Investors remained concerned that the problems in Europe could spread to emerging markets in Asia,” he said.
Mohd Nazri said the investors were also cautious with China curbing bank lending for property projects as well as with US plans to limit the size and scope of its banks.
He said investors should move from cyclical to defensive stocks such as telecoms and consumer related, which have better ability to weather the economic downturn.
“The market may undergo further consolidation within one and three months,” he said.
The Finance Index fell 34.859 points to 10,740.70, the Industrial Index added 4.69 points to 2,565.87 and the Plantation Index decreased 12.62 points to 6,117.5.
The FBM Emas Index declined 16.3 points to 8,303.32, the FBM70 Index went down 50.05 points to 8,130.73 but the FBM Ace Index rose 18.1 points to 4,281.95.
Decliners led advancers 345 to 293 while 269 counters were unchanged, 420 untraded and 25 others suspended.
Volume rose to 773.396 million shares worth RM1.516 billion from 769.125 million shares valued at RM1.316 billion Monday.
Of heavyweights, Sime Darby rose one sen to RM8.32, Maybank and CIMB were flat at RM6.72 and RM12.22 respectively, while Maxis added six sen to RM5.39.
Among actives, KNM Group increased two sen to 80.5 sen, Malaysian Res Corp decreased half sen to 12.5 sen, Talam Corporation rose half sen to 12 sen and Genting lost nine sen to RM6.63 sen.
Turnover on the Main Market increased to 666.827 million shares worth RM1.493 billion from 643.208 million shares valued at RM1.286 billion Monday.
The Ace market volume fell to 55.353 million units valued at RM11.209 million from 65.579 million units previously.
Warrants declined to 36.102 million units worth RM6.861 milliom from 38.195 million valued at RM6.88 million previously.
Consumer products accounted for 25.365 million shares traded on the Main Market, industrial products 165.931 million, construction 72.319 million, trade and services 201.124 million, technology 27.176 million, infrastructure 9.594 million, finance 65.196 million, hotels 425,700, properties 70.597 million, plantations 27.586 million, mining 10,000, REITs 1.459 million, and closed/fund 43,800.
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