FBM KLCI down 38 points, lowest since December

21/01/2013

KUALA LUMPUR: The FBM KLCI succumbed to selling pressure and closed the morning session 38.17 points lower at 1,638.27, the lowest since mid December.

At 12,30pm, the local bourse was down 2.28%. Turnover stood at 903.26 million shares valued at RM1 billion. There were 56 gainers, 802 losers and 163 counters unchanged.

Among KLCI component stocks, Axiata fell 43 sen to RM6.21, CIMB shed 38 sen to RM7.20, Hong Leong Financial Group declined 26 sen to RM14.26, and Genting lost 22 sen to RM9.58.

Dealers said the herd mentality has taken charge of the market as investors cash in on their positions ahead of the elections.

“When someone sells in a big way, some other investors would take it as a signal to cash in as well. This had triggered the sell off this morning,” he said.

He said there were some programmed selling by foreign funds as well today.

Among the key regional markets, Japan's Nikkei 225 was 0.79% lower at 10,826.85, Hong Kong's Hang Seng Index gained 0.13% to 23,631.85, Shanghai's Composite Index gained 0.14% to 2,320.31.

Taiwan's Taiex shed 0.10% to 7,725.02, South Korea's Kospi gained 0.07% to 1,989.28 and Singapore's Straits Times Index increased 0.42% to 3,224.84.

US light crude oil shed 39 cents to USD95.17, Brent was 30 cents lower at USD111.59.

Spot gold increased USD6.25 to USD1,690.55, while the Ringgit weakened 0.0129 against the USD at 3.024.

Crude palm oil for third-month futures increased RM22 to RM2,422.