Selling pressure on Maybank, SapuraKencana (Update)

by **Cals** Wed 26 Jun 2013, 02:56

Published: Tuesday June 25, 2013 MYT 5:33:00 PM
Updated: Tuesday June 25, 2013 MYT 5:56:15 PM
Selling pressure on Maybank, SapuraKencana (Update)
By Joseph Chin

KUALA LUMPUR: Foreign selling of index stocks Maybank and SapuraKencana Petroleum picked up pace on Tuesday, pushing the FBM KLCI down nearly 10 points at the close.
At 5pm, the KLCI was down 9.55 points or 0.55% to 1,728.64. Turnover was 1.60 billion shares valued at RM2.85bil. There were 285 gainers, 531 losers and 289 counters unchanged. Year-to-date, the KLCI is just up 2.35%.
China's stocks fell after posting the biggest swings in 22 months as the Shanghai Composite Index reached a four-year low. Investors speculated the Chinese government would take steps to bolster financial markets, Bloomberg reported.
The Shanghai Composite Index has tumbled 9.3% in the past five days, sending valuations to the lowest level on record, as interbank borrowing costs reached all-time highs.
On a positive note, Bloomberg reported Mark Mobius, who oversees US$53bil in emerging markets, said he has confidence in China's central bank and is keeping his overweight position in the nation's equities following a five-day tumble.
At Bursa Malaysia, Maybank fell 14 sen to RM10 with 39.77 million shares done while SapuraKencana Petroleum lost 16 sen to RM3.86 with 36.65 million shares traded. The two stocks wiped out 4.2 points from the KLCI.
[url=http://archives.thestar.com.my/search/?q=Hong Leong Bank]Hong Leong Bank[/url] fell 30 sen to RM13.44 and HLFG 28 sen to RM13.50.
Ibraco was the top loser, down 49 sen to RM1.21 while glove makerHartalega lost 41 sen top RM6.15 and Hartalega-warrants fell 27 sen to RM2.13.
Aeon shed 48 sen to RM15.22, the biggest one-day losses in recent months.
Crude palm oil for third-month futures rose RM1 to RM2,405 on expectations of a pick-up in demand.
[url=http://archives.thestar.com.my/search/?q=Batu Kawan]Batu Kawan[/url] jumped RM1.36 to RM18.86, TAHP 34 sen to RM5.90,[url=http://archives.thestar.com.my/search/?q=Genting Plantations]Genting Plantations[/url] 25 sen to RM9.15 while Hap Seng Plantations gained 13 sen to RM2.59.
The ringgit strengthened to 3.1825 against the US dollar from 3.2195.
Among the key regional markets,
Japan's Nikkei 225 fell 0.72% to 12,969.34;
Hong Kong's Hang Seng Index rose 0.21% to 19,855.72;
Shanghai's Composite Index fell 0.18% to 1,959.51;
Taiwan's Taiex fell 1.22% to 7,663.23;
South Korea's Kospi fell 1.02% to 1,780.63;
Singapore's Straits Times Index rose 0.51% to 3,089.93.
US light crude oil rose 63 cents to US$95.81 and Brent added 72 cents to US$101.88.
Spot gold rose US$2.79 to US$1,285.17