Market Close KLCI falls 0.58% in line with region

Business & Markets 2013
Written by Cynthia Blemin of theedgemalaysia.com
Thursday, 31 October 2013 17:29
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KUALA LUMPUR (Oct 31): The FBM KLCI fell 10.53 points on profit-taking, in
line with the retreat in most regional markets.
Reuters reported that Asian markets suffered a glancing blow on Thursday
after the U.S. Federal Reserve's latest policy outlook was deemed less dovish
than some had wagered on, lifting both bond yields and the dollar.
At 5.00 pm market close, the benchmark index fell 10.53 points or 0.58% to
settle at 1,806.85 points, dragged down by heavyweights like UMW Holdings
Bhd and Hong Leong Financial Group Bhd.
The KLCI, which traded in the negative territory today, fell to a low of 1,804.56
points before close.
Interpacific Securities head of research Pong Teng Siew said the benchmark
index had been getting increasingly expensive ever since local funds pushed
up the KLCI ahead of last week’s budget speech.
“We can see gradual selling even with foreign funds but this is not as
aggressive as back in July and August this year,” he added.
Across Bursa Malaysia, 1.89 billion shares worth RM2.2 billion changed hands.
There were 327 gainers versus 457 decliners.
Top gainers include AEON Credit Service (M) Bhd and Keck Seng (M) Bhd
while British American Tobacco (M) Bhd led the decliners.
The most active were Hubline Bhd and other penny stocks and lower liners.
Abroad, Japan’s Nikkei fell 1.2% while Hong Kong’s Hang Seng dipped 0.42%. Nearer to home, Singapore Straits Times fell 0.53%.