Midday Market KLCI extends loss for third day running, dips 0.38% at midday

Midday Market KLCI extends loss for third day running, dips 0.38% at midday
Business & Markets 2013
Written by Surin Murugiah of theedgemalaysia.com
Monday, 29 July 2013 12:38

KUALA LUMPUR (July 29): The FBM KLCI fell for a third day running on Monday, in line with the weaker sentiment across regional markets.

At 12.30pm, the FBM KLCI fell 0.38% or 6.87 points to 1,800.74.

Losers beat gainers by 497 to 146, while 274 counters traded unchanged. Volume was 627.73 million shares valued at RM670.75 million.

The top losers in the morning session included KPJ shares and warrants, Nestle, United PLANTATION []s, Petronas Gas, PPB, Gabungan AQRS, Naim and IHH.

MAS was the most actively traded counter with 36.89 million shares done. The stock rose half a sen to 31 sen.

The other actives included Flonic, Ingenco, Astral Supreme, Permaju and MNC.

The gainers included NPC, GD Express, Bonia, F&N, Perak Corp, Hong Leong Industries, Batu Kawan, Kretam and Bursa Malaysia.

Maybank IB head of retail research and chief chartist Lee Cheng Hooi said the obvious support areas for the FBM KLCI were in the 1,723 to 1,807-zone.

“The key resistance levels of 1,811 and 1,826 will see some profit-taking activities. The index may attempt a test of the 1,811 and 1,826 very soon, as US markets could sustain near all-time highs,” he said on Monday.
The yen rose to a one-month high against the dollar on Monday as investors braced for another round of disappointing economic news out of China, knocking Japanese stocks to four-week lows and pulling down regional markets.

Investors gave the dollar a wide berth as they also suspect the U.S. central bank will press home the message that it will keep policy loose for some time after its review on Wednesday.