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Bargain hunting caps losses on Bursa
by hlk Tue 09 Aug 2011, 08:25
Share prices on Bursa Malaysia remained in the red at the close yesterday as investors continuously sold off their holdings in most heavyweights and lower-liners, dealers said.
The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) lost 27.44 points, or 1.8 per cent, to close at 1,496.99, dropping below 1,500 level for the first time since March 17.
However, mild bargain hunting in some heavyweights like CIMB managed to cap some of the losses compared to massive losses after the morning trading session, dealers added.
The Finance Index lost 181.091 points to 14,308.06, Plantation Index erased 321.96 points to 7,270.98 and Industrial Index declined 50.64 points to 2,707.6.
The FBM Emas Index dropped 250.35 points to 10,227.95, FBM ACE Index declined 211.12 points to 3,838.9, FBMT100 was 223.59 points lower at 10,044.16 and the FBM Mid 70 Index eroded 407.69 points to 11,105.43.
Losers trumped gainers by 1,051 to 67 while 99 counters were flat, 274 untraded and 47 others suspended.
Turnover rose to 1.937 billion shares worth RM3.612 billion from 1.78 billion shares worth RM3.672 billion on Friday.
Of the actives, Axiata Group declined 8 sen to RM4.99 and UEM Land Holdings dropped 21 sen to RM2.16.
CIMB, however, bucked the trend adding 1 sen to RM8.30.
Among the heavyweights, Maybank lost 14 sen to RM8.63, Sime Darby was 10 sen lower at RM8.95 and Petronas Chemicals fell 16 sen to RM6.43.
Hong Leong Investment Bank, in its research note, said indicators were bearish, implying that the FBM KLCI was likely to stay in correction but the local bourse may stabilise or stage a mild relief rebound in the wake of oversold indicators.
Volume on the Main Market rose to 1.502 billion shares valued at RM3.545 billion from 1.349 billion shares valued at RM3.597 billion on Friday.
Turnover on the FBM ACE market fell to 269.845 million units worth RM48.435 million from 275.994 million units worth RM55.789 million previously.
The FBM KLCI futures on Bursa Malaysia Derivatives closed lower, pressured by further selling-off activities in the underlying cash market, dealers said.
August 2011 lost 40.5 points to 1,485.5, September 2011 fell 39 points to 1,483, December 2011 dropped 37.5 points to 1,484 and March 2012 declined 38.5 points to 1,482.
Turnover stood at 22,091 lots while open interest was at 21,142 contracts. - Bernama
The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) lost 27.44 points, or 1.8 per cent, to close at 1,496.99, dropping below 1,500 level for the first time since March 17.
However, mild bargain hunting in some heavyweights like CIMB managed to cap some of the losses compared to massive losses after the morning trading session, dealers added.
The Finance Index lost 181.091 points to 14,308.06, Plantation Index erased 321.96 points to 7,270.98 and Industrial Index declined 50.64 points to 2,707.6.
The FBM Emas Index dropped 250.35 points to 10,227.95, FBM ACE Index declined 211.12 points to 3,838.9, FBMT100 was 223.59 points lower at 10,044.16 and the FBM Mid 70 Index eroded 407.69 points to 11,105.43.
Losers trumped gainers by 1,051 to 67 while 99 counters were flat, 274 untraded and 47 others suspended.
Turnover rose to 1.937 billion shares worth RM3.612 billion from 1.78 billion shares worth RM3.672 billion on Friday.
Of the actives, Axiata Group declined 8 sen to RM4.99 and UEM Land Holdings dropped 21 sen to RM2.16.
CIMB, however, bucked the trend adding 1 sen to RM8.30.
Among the heavyweights, Maybank lost 14 sen to RM8.63, Sime Darby was 10 sen lower at RM8.95 and Petronas Chemicals fell 16 sen to RM6.43.
Hong Leong Investment Bank, in its research note, said indicators were bearish, implying that the FBM KLCI was likely to stay in correction but the local bourse may stabilise or stage a mild relief rebound in the wake of oversold indicators.
Volume on the Main Market rose to 1.502 billion shares valued at RM3.545 billion from 1.349 billion shares valued at RM3.597 billion on Friday.
Turnover on the FBM ACE market fell to 269.845 million units worth RM48.435 million from 275.994 million units worth RM55.789 million previously.
The FBM KLCI futures on Bursa Malaysia Derivatives closed lower, pressured by further selling-off activities in the underlying cash market, dealers said.
August 2011 lost 40.5 points to 1,485.5, September 2011 fell 39 points to 1,483, December 2011 dropped 37.5 points to 1,484 and March 2012 declined 38.5 points to 1,482.
Turnover stood at 22,091 lots while open interest was at 21,142 contracts. - Bernama
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