Selling pressure eases but investors remain wary (Update)

by **Cals** Thu 29 Aug 2013, 01:19

Published: Wednesday August 28, 2013 MYT 5:28:00 PM
Updated: Wednesday August 28, 2013 MYT 5:58:07 PM
Selling pressure eases but investors remain wary (Update)

KUALA LUMPUR: Malaysia's stock market managed to close off the day's worst of 1,660 on Wednesday, on some mild fund buying for selected battered stocks but retail investors, hurt by the recent selling, were not keen to rush in.

The FBM KLCI fell 15.07 points or 0.89% to end the day at 1,686.17 and this saw the 30-stock index in the red, down 0.16% year-to-date.

Turnover was 2.24 billion shares valued at RM3.37bil. Declining stocks beat advancers 631 to 265 while 274 counters unchanged.

Among the Southeast Asian markets, the Philippines was the hardest hit, down 3.02% to 5,738.06; Thailand's SET lost 0.99% to 1,281.15 and Singapore's STI shed 0.76% to 3,010.89. Jakarta Composite Index, which fell sharply in recent days, rose 1.48% to 4,026.48.

The ringgit weakened to a fresh three year low of 3.3346 from the previous close of 3.3286.

At Bursa Malaysia, consumer stocks were among the major losers while there was rising selling pressure seen based on the volumes traded.

Carlsberg fell 92 sen to RM12.90, GAB 84 sen to RM16.92, Nestle 72 sen to RM67.50 and BAT down 60 sen to RM61.

Banks were the main drags on the KLCI, with CIMB down 27 sen to RM7.11 and erasing more than four points from the index while Maybank lost 16 sen to RM9.70 and wiped out 2.6 points. HLFG fell 38 sen to RM13.84. RHB Cap rose 17 sen to ARM7.38.

Petronas Dagangan fell 56 sen to RM26.04 but Sapura Kenca Petroleum rebounded to add 13 sen to RM3.37. Axiata rose 12 sen to RM6.60 and pushed the index up 2.12 points.

Aeon Credit was the top loser, falling 98 sen to RM14.94.

Crude palm oil for third month delivery rose RM20 to RM2,472. Among the plantations, Genting Plantations fell 39 sen to RM9 and Batu Kawan 38 sen to RM17.80. However, United Plantations rose 30 sen to RM26.24.

MAS was the most active with 131.77 million shares done, unchanged at 31 sen.

Among the key regional markets:

Japan's Nikkei 225 fell 1.51% to 13,338.46;

Hong Kong's Hang Seng Index fell 1.6% to 21,524.65;

Shanghai's Composite Index fell 0.11% to 2,101.30;

Taiwan's Taiex inched up 0.05% to 7,824.54;

South Korea's Kospi fell 0.07% to 1,884.52.

US light crude oil rose 82 cents to US$109.83 and Brent 88 cents higher at US$115.24.

Spot gold rose US$10.51 to US$1,425.66.