Market Close KLCI falls marginally on last-minute selling

Business & Markets 2013
Written by Ho Wah Foon of theedgemalaysia.com
Wednesday, 04 December 2013 17:26
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KUALA LUMPUR (Dec 4): The benchmark stocks index FBM KLCI, which had
stayed firm for most part of the day being supported by gains by Tenaga
Nasional Bhd, sank into the red in late-minute trades.
The index closed at 1821.90 after shedding 2.39 points. It lost about 4 points
just minutes before market close.
Tenaga, which roared yesterday on news it will raise electricity rates by 15% on
average next year, continued its climb today. It ended at RM10.86, up 14 sen or
1.3% at 5.00 pm market close.
The other KLCI key constituent stocks that had helped support the index
throughout the day were Telekom Malaysia, Maybank, CIMB and RHB Capital.
But at the same time, the KLCI came under pressure from selling of Public Bank
(foreign), Hong Leong Financial Group, KLK and MISC, UMW and Petronas
Dagangan.
“The market is still firm. It is supported by local institutional funds but foreign
funds continue their selling,” observed Ang Kok Heng, chief investment officer
at Phillip Capital Management Sdn Bhd.
At the exchange, total trades done at market close amounted to 1.2 billion
shares valued at some RM1.5 billion.
Losers led gainers by 393 to 348, with 319 counters traded unchanged and
1360 untraded or suspended.
In Asia, most Asian shares slumped today as the prospects of a reduction in the
U.S. Federal Reserve's stimulus early next year prompted investors to cash in gains from recent rallies, Reuters reported.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.4 percent at noon after earlier hitting its lowest levels in almost two
weeks, while Japan's Nikkei share average dropped 2.2 percent from a six-year closing high set on Tuesday.