KL shares open easier in early trade

KUALA LUMPUR: Share prices on Bursa Malaysia opened easier Friday amid
cautious trading in tandem with global market sentiments, dealers said.

The
FTSE Bursa Malaysia KLCI (FBM KLCI) slipped below 1,600 level, losing
4.94 points to 1,596.49 at 9.20 am, after opening 1.73 points lower at
1,599.7.

HwangDBS Vickers Research said renewed concerns over slowing down global economy caused Wall Street to plunge last night.

Consequently, Asian equities are going to be hit today.

The benchmark FBM KLCI is expected to pull back deeper towards its immediate support level of 1,580.

The
research house said counters likely to succumb to selling pressure
today include index heavyweights that were on the rise recently such as
Sime Darby, CIMB and Tenaga.

MAS' share price may feel the
heat too after delaying its turnaround plan by another year to 2014
while George Kent shares could buck the weak market trend amid a news
report that a consortium led by the company has won the bid for a Light
Rail Transit (LRT) extension line systems contract worth RM960 million.

The
Finance Index shed 20.16 points to 14,231.13, the Plantation Index lost
11.24 points to 8,481.5 and the Industrial Index fell 7.53 points to
2,807.21.

The FBM Emas Index dwindled 41.64 points to 10,915.36,
the FBM Mid 70 Index slid 68.35 points to 11,979.71 while the FBM ACE
Index slipped 15.52 points to 4,306.41.

Losers led gainers 234 to 46 while 109 counters were unchanged, 1,190 untraded and 18 others were suspended.

Turnover stood at 152.788 million shares worth RM106.091 million.

Actives, Luster Industries gained three sen to 17 sen, Luster
Industries-warrant earned 1.5 sen to 12 sen and Flonic Hi Tec-warrant garnered four sen to 4.5 sen.

Heavyweights, Maybank lost two sen to RM8.71, CIMB was flat at RM7.58 and Sime Darby shed three sen to RM9.87. -- BERNAMA