Banks, blue chips weigh FBM KLCI at noon

KUALA LUMPUR: The FBM KLCI slipped into negative territory at the mid-day break on Monday, June 20 as most of the key regional markets gave up their gains as investor sentiment remained tepid.

Trading at most markets remained muted on concerns that the debt crisis is spreading beyond Greece's borders were amplified by Moody's warning on Friday that it may downgrade Italy's credit ratings, according to Reuters.

For now, Asian equities enjoyed a rare moment of respite on scattered bargain hunting, but trade was cautious amid ongoing tensions in Greece and ahead of a heavy dose of regional data this week which could give further clues on the extent of the global economic slowdown as well as inflationary pressures, it said.

The FBM KLCI slipped 1.54 points to 1,561.89 at 12.30, weighed by losses at banking stocks and select blue chips.

Losers led gainers by 354 to 265, while 296 counters traded unchanged. Volume was 447.26 million shares valued at RM534.75 million.

The ringgit strengthened 0.10% to 3.0413 versus the US dollar; crude palm oil futures for the third month delivery rose RM18 to RM3,216, crude oil fell 98 cents per barrel to US$92.03 while gold lost US$2.30 an ounce to US$1,537.15.

At the regional markets, the Shanghai Composite Index fell 0.88% to 2,619.62, Taiwans’ Taiex lost 0.91% to 8,557.48, South Korea’s Kospi was down 0.11% to 2,029.70 and Hong Kong’s Hang Seng Index shed 0.06% to 21,682.57.

Meanwhile, Japan’s Nikkei 225 added 0.33% to 9,382.43 and Singapore’s Straits Times Index rose 0.64% to 3,024.55.

On Bursa Malaysia, KLK lost 30 sen to RM22.08, Nestle fell 20 sen to RM48, Cocoaland 11 sen to RM2.05, GAB 10 sen to RM10.22, Pos Malaysia, Astral Asia and Puncak Niaga fell eight sen each to RM3.30, RM1.20 and RM2.05, while KFCH lost seven sen to RM3.91.

Among banking stocks, Maybank fell 15 sen to RM8.85, RHB Capital lost 12 sen to RM9.63, CIMB down seven sen to RM8.48 and Hong Leong Bank shed two sen to RM13.34.

Ingenuity Solutions was the most actively traded counter with 31.5 million shares done. The stock was unchanged at 10.5 sen.

Other actives included Talam, DBE Gurney, Asia Media, Compugates, Axiata and Sime Darby.

Among the gainers, DiGi rose 42 sen to RM29, Malayan Flour Mills 36 sen to RM7.40, BAT 28 sen to RM45.96, PPB 20 sen to RM17.02, HLFG and MISC 12 sen each to RM12.76 and RM7.23, while Harrisons, F&N, Lysaght and Petronas Gas added 10 sen each to RM3.90, RM19.32, RM1.80 and RM13.04 respectively.