Bursa slips as investors take a breather

KUALA LUMPUR: The FTSE Bursa Malaysia KLCI (FBM
KLCI) yesterday failed to build momentum from Friday’s record-breaking
session, as investors took a badly-needed breather in a week that
promises to be action-packed.



The all blue-chip index closed some 3.32 points lower to end the trading
day at 1,707.970 points, as some of the big-capitalised stocks headed
south.


Malayan Banking Bhd fell three sen to RM9.54, Axiata Group eased two sen to RM6.77 and CIMB Group was down five sen to RM7.72.


Trading volume on the Main Market also eased, falling to 574.25
million shares worth RM1.38 billion from last Friday’s 693.05 million
shares valued at RM2.25 billion.


Just before lunch break, the benchmark FBM KLCI did attempt to build
some buying momentum, surging to 1711.85 points, its peak for the day.






But the momentum tapered off in the second half of the trading day.


The intra-day peak was marginally higher than the index’s record
close of 1,711.29 points, though it was slightly off the mark from its
intraday record breaker of 1,718.08 points, set last Friday.


At the trading floor, losers overwhelmed gainers by 496 to 208, with 288 counters closing the day unchanged.


Among the actively traded stocks, Sapura Kencana chalked up eight
sen to RM3.10, Luster Industries added half a sen to 9.5 sen and Silver
Bird rose 1.5 sen to eight sen.


Some 618 counters did not register even a single trade, while 37 counters were suspended.


Retail investors mostly stayed on the sidelines ahead of the
country’s general election this week, while funds were awaiting key
economic data from the United States and Europe, which promises to shape
the global trading pattern this week.


Among the reports that will be released in the US this week are data
on new jobs as well as housing, construction and personal income.


The US Federal Reserve, meanwhile, is scheduled to hold its latest policy meeting tomorrow.


On the European front, European Central Bank is expected to cut its
main interest rate, already at an all-time low, at its policy meeting in
Bratislava, Slovakia, on Thursday.