Market Close KLCI falls 0.24% amid jittery regional markets

by **Cals** Fri 13 Jun 2014, 02:39

Market Close KLCI falls 0.24% amid jittery regional markets

Business & Markets 2014

Written by Ahmad Naqib Idris Adzman Shah of theedgemalaysia.com

Thursday, 12 June 2014 17:30

KUALA LUMPUR (June 12): The FBM KLCI stayed in the red throughout the day to end 0.24% lower in line with regional markets' decline. At 5pm, the KLCI fell 4.51 points to settle at 1,873.87.

Choo Swee Kee, chief investment officer at TA Investment Management Bhd, said the KLCI's decline was due to a correction, which mirrored the performance of the US markets.

Across Bursa Malaysia, 1.17 billion shares worth RM1.45 billion were traded.

Market breadth was negative, as decliners outnumbered gainers at 400 versus 313. A total of 374 counters were unchanged.

Top decliners included Petronas Gas Bhd, TAHPS Group Bhd and Perwaja Holdings Bhd warrants while British American Tobacco Bhd led gainers.

Malaysia Airline System Bhd (MAS) was the most-active counter after major shareholder Khazanah Nasional Bhd reaffirmed its commitment to the airline, while evaluating several options for the national carrier.

Earlier, Reuters reported that Khazanah would unwrap plans to restructure loss-making MAS within six to 12 months, as a slump in business left the carrier set to exhaust its cash reserves by mid-2015.

Across Asia, Japan’s Nikkei fell 0.64%, South Korea’s Kospi decreased 0.15% while Hong Kong’s Hang Seng ended 0.35% lower.

Reuters reported that Asian shares slipped on Thursday after a retreat on Wall Street and escalating violence in Iraq delivered a one-two punch to risk appetite, which in turn kept oil prices near three-month highs.