Market Close KLCI extends losses, MAS actively traded

by **Cals** Tue 22 Jul 2014, 01:29

Market Close KLCI extends losses, MAS actively traded
Business & Markets 2014
Written by Chong Jin Hun of theedgemalaysia.com
Monday, 21 July 2014 17:09

KUALA LUMPUR (July 21): The FBM KLCI fell 0.2% amid weak sentiment, as investors digested the broader impact of geo-political conflicts in Ukraine and the Middle East.

News on Malaysian Airline System Bhd's (MAS) flight MH17 aircraft, which had crashed in Ukraine last week, killling all 298 people on board, continued to rattle market sentiment.

Today, the KLCI fell 4.33 points to 1,868.64 on losses in stocks like Petronas Dagangan Bhd and Hong Leong Financial Group Bhd. TA Investment Management Bhd Chief Investment Officer Choo Swee Kee said the market was "generally down and investors were focused on specific stocks."

"Investors are trading blue chips for short-term gains," Choo told theedgemalaysia.com over telephone today.

Citing examples, Choo said investors had focused on stocks like top decliner Petronas Dagangan after taking into account the company's weaker financials. He said investors had also locked in profit from stocks, which had risen earlier.

Last Friday, the KLCI had fallen 10.17 points.

Today, Bursa Malaysia saw 2.4 billion shares worth RM2.14 billion changing hands. There were 400 gainers versus 451 decliners.

Syarikat Takaful Malaysia Bhd was the top gainer. The most-active stocks included Sumatec Resources Bhd and MAS.

MAS continued to be in the spoltlight after flight MH17, which was on a scheduled flight from Amsterdam in the Netherlands to Kuala Lumpur, crashed in eastern Ukraine.

Malaysia Prime Minister Datuk Seri Najib Razak said Ukrainian authorities believed that the plane was shot down. In response, MAS said its flights to and from Europe would take alternative routes immediately.

Today, Asian markets fell. South Korea’s Kospi declined 0.05% while Hong Kong's Hang Seng dropped 0.29%.

Japan markets were closed for a holiday.

Besides geo-political concerns, investors are also eyeing the US corporate earnings during the on-going financial reporting season there.

Reuters reported that a crowd of U.S. companies report this week, ranging from Apple Inc to McDonald's Corp, Coca-Cola Co and Caterpillar Inc.