Midday Market KLCI poised to close lower for week

Midday Market KLCI poised to close lower for week
Business & Markets 2013
Written by Surin Murugiah of theedgemalaysia.com
Friday, 21 June 2013 12:47

KUALA LUMPUR (June 21): The FBM KLCI looked set to end the week on a weaker note in line with tepid regional sentiment after the US Fed Reserve indicated plans to possibly scale back stimulus measures.

At 12.30pm, the FBM KLCI fell 0.63% or 11.02 points to 1,751.32.

Market breadth was weak with 630 to 102, while 217 counters traded unchanged. Volume was 846.72 million shares valued at RM1.19 billion.

The top gainers in the morning session were BAT, United PLANTATION []s, GAB, Aeon Credit, Nestle, UMW, KLK, Cahya Mata Sarawak, Carlsberg and Petronas Dagangan.

Luster was the most actively traded counter with 65.78 million shares done. The stock fell two sen to 19.5 sen.

The other actives included MAE Mode, MAS, CLIQ, Sumatec, Malton and UEM Sunrise.

The top gainers included KPJ Healthcare, Sui Wah, Bintulu Port, Ta Ann, MY E.G., AFG, Hup Seng and IHH Healthcare.

Meanwhile, Asian stocks hit a fresh 9-1/2-month low on Friday while spot gold slipped to its lowest price in nearly three years as the U.S. Federal Reserve's plan to scale back stimulus continued to worry investors, according to Reuters.

But China's central bank offered some comfort to stressed money markets, relieving Thursday's crushing liquidity squeeze with "window guidance" to major state banks to resume supplying funds, after indicative interbank rates reached highs above 25 percent on Thursday, it said.