KL shares mixed in early trade

Share prices on Burssa Malaysia opened mixed in early trading this morning, with global growth concerns weighing on sentiments, dealers said.

After 10 minutes of trading, the benchmark FTSE Bursa Malaysia KLCI rose 0.04 per cent or 0.62 points to 1,563.81, after opening 0.77 points higher at 1,563.96.

A dealer said trading is likely to be narrow as investors are reluctant to take positions ahead of the weekend and also the release of Consumer Price Index for May due later today.

HwangDBS Vickers Research Sdn Bhd said the jittery overseas sentiments could test the resilience of the bourse today.

"Technically, we expect the benchmark index to move sideways with a marginal negative bias in the absence of new buying catalysts," it said in a research note today.

Wall Street was on a roller coaster ride last night with the key equity indices plunging as much as 1.6-1.9 per cent initially amid slowing US economic concerns.

On Bursa Malaysia, the Finance Index declined 24.64 points to 14,555.05, the Plantation Index slipped 11.53 points to 7,845.58 while the Industrial Index was up 1.57 points to 2,798.79.

The FTSE Bursa Malaysia Emas Index gained 3.36 points to 10,727.26, the FTSE Bursa Malaysia Mid 70 Index added 6.36 points to 11,649.07, while the FTSE Bursa Malaysia Ace Index was 7.86 points lower at 4,198.74.

Losers led gainers 95 to 74 while 113 counters were unchanged, 1,183 untraded and 24 others suspended.

Volume stood at 56.22 million shares worth RM49.49 million.

Top loser RHB Capital fell 4.98 per cent or 45 sen to RM8.58 after Malaysia's two largest banks, Maybank and CIMB, have jointly aborted plans to pursue a merger with the bank.

Among the active stocks, Ingenuity Solutions earned one sen to 8.5 sen, Ingenuity Solutions-Ordinary Right was up half a sen to one sen, while Asia Media Group was flat at 32 sen.

Among the heavyweights, Maybank advanced seven sen to RM8.89, CIMB added three sen to RM8.54 while Petronas Chemicals lost one sen to RM7.07. -- Bernama