Market Close KLCI undergoes slight consolidation, loses 0.08%

by **Cals** Thu 25 Jul 2013, 17:30

Market Close KLCI undergoes slight consolidation, loses 0.08%
Business & Markets 2013
Written by Kamarul Anwar of theedgemalaysia.com
Thursday, 25 July 2013 17:23

KUALA LUMPUR (July 25): The FBM KLCI failed to pull another record close following a fresh high yesterday, as regional peers fell.

At 5pm, the KLCI inched down by 1.58 points or 0.08% to close at 1,808.42 points, a decrease from the record close of 1,810 yesterday.

The local bellwether vacillated between green and red territories from the opening bell, with a trading range of between 1,808.04 and 1,811.57 points.

Ultimately, losses in banking stocks like PUBLIC BANK BHD [], AMMB HOLDINGS BHD [], and HONG LEONG FINANCIAL GROUP BHD [] pushed down the KLCI.

JF Apex Securities senior analyst Lee Cherng Wee told theedgemalaysia.com that the KLCI underwent a slight consolidation today after gaining a lot this month.

Since June 30, the composite index has gained 2.06%.

“Also, the KLCI was affected today by the overnight news of US indices closing either flat or lower,” he said over telephone.

Major US equity bellwethers ended between 0.4% lower and flat as some investors were concerned about premature unwinding of the Federal Reserve’s quantitative easing, which could begin as early as September this year.

In the short term, JF Apex’s Lee said traders in the Malaysian market will look at the US' corporate earnings announcements that will influence their trading decisions.

“It has already begun (results season in the US). It will be a factor for investors,” he said.

Across Bursa Malaysia, a total of 1.37 billion shares cumulatively valued at RM1.86 billion changed hands. Decliners thumped gainers at 445 and 312 respectively.

MALAYSIAN AIRLINE SYSTEM BHD [] was the most-actively traded counter today, followed by the debuting Gabungan AQRS Bhd warrant and ASTRAL SUPREME BHD [].

The top gainers included GUINNESS ANCHOR BHD [], COASTAL CONTRACTS BHD [] and ALLIANZ MALAYSIA BHD [] preference share.

The biggest decliners were TAHPS GROUP BHD [], BRITISH AMERICAN TOBACCO (M) [] Bhd and United PLANTATION []s Bhd.

Most Asia Pacific indices closed lower. Japan’s Nikkei fell 168.35 points or 1.14%, Hong Kong’s Hang Seng lost 67.97 points or 0.31%, China’s Shanghai Composite dropped 12.16 points or 0.6%, while South Korea’s Kospi inched down by 2.47 points or 0.13%.

Neighbouring Singapore’s Straits Times ceded 41.27 points or 1.26%.

Asian stocks slipped from seven-week highs on Thursday after Wall Street buckled under profit-taking pressure and as investors retreated to the sidelines with the earnings season heating up, Reuters reported.

But a dearth of market-moving news saw the dollar struggle to extend gains after snapping a three-day slide, while gold found a tentative footing following a 2% fall.