FBM KLCI extends losses for second consecutive day

KUALA LUMPUR: The FBM KLCI closed lower for the second day running on Tuesday, July 5 as tepid investor sentiment and profit taking activities chipped off some of the gains it made last week.

The declined at the local bourse was also in tandem with the mixed closing at regional markets, as well as the cautious opening at European markets.

The FBM KLCI shed 0.03% or 0.50 point to 1,581.85, weighed by losses at index-linked PLANTATION [] and banking stocks.

Losers led gainers by 386 to 319, while 330 counters traded unchanged. Volume was 728.65 million shares valued at RM1.46 billion.

At the regional markets, a pickup in demand for risky assets from last week softened a bit on speculation about a possible rate rise in China this weekend, as well as a Moody's report saying the scale of problem loans at local governments in China may be much bigger than previously thought, according to Reuters.

In the euro zone, a survey showed growth in the region's dominant service sector slowed for a third straight month in June, and by more than an initial estimate, with sluggish new orders dimming the outlook, it said.

Japan’s Nikkei 225 closed 0.07% higher at 9,972.46, the Shanghai Composite Index edged up 0.13% to 2,816.35, Taiwan’s Taiex was up 0.11% to 8,784.44 and South Korea’s Kospi rose 0.77% to 2,161.75.

Meanwhile, Singapore’s Straits Times Index fell 0.75% to 3,129.69 and Hong Kong’s Hang Seng Index shed 0.10% to 22,747.95.

On Bursa Malaysia, RHB Capital and Public Bank fell six sen each to RM8.97 and RM13.28, CIMB down one sen to RM8.87, PPB lost six sen to RM17.52, Sime Darby five sen to RM9.20, while KLK and Petronas Chemicals lost two sen each to RM22.50 and RM7.09.

Other decliners included KPower that fell 18 sen to 32 sen, TSR Capital 11 sen to 96 sen, NSOP 10 sen to RM5.30, Apollo, MAHB and Uzma eight sen each to RM3, RM6.42 and RM1.90, while Metrod, Subur Tiasa and Delloyd fell seven each to RM3.81, RM2.67 and RM3.71 respectively.

PLUS was the most actively traded counter with 22 million shares done. The stock was unchanged at RM4.51.

Other actives included KBB, Key West, MAA, CIMB, Maybank and Axiata.

Among the gainers, CI Holdings jumped 28 sen to RM3.58 after the company alluded that its subsidiary Permanis Sdn Bhd was valued higher than the US$200 million (RM600 million) which was speculated to be the offer made by Asahi Group Holdings Ltd.

Other gainers included GAB that rose 26 sen to RM10.48, United Plantations 24 sen to RM20.30, BIMB and UMS 20 sen each to RM2.28 and RM1.88, Hong Leong Bank and HLFG 18 sen each to RM13.66 and RM13.30, Press Metal 17 sen to RM2.40 and SOP 15 sen to RM4.13.