Market Open KLCI falls 0.6% as key blue chips retreat

by **Cals** Tue 11 Aug 2015, 01:15

Market Open
KLCI falls 0.6% as key blue chips retreat

KUALA LUMPUR (Aug 10): The FBM KLCI fell 0.6% at the opening bell in line with the defensive regional markets as key blue chips retreated.
At 9am, the FBM KLCI lost 10.08 points to 1,672.57.
The top losers included British American Tobacco (M) Bhd ([You must be registered and logged in to see this image.] Financial Dashboard), Hong Leong Bank Bhd ([You must be registered and logged in to see this image.]Financial Dashboard), Telekom Malaysia Bhd ([You must be registered and logged in to see this image.] Financial Dashboard), PPB Group Bhd ([You must be registered and logged in to see this image.] Financial Dashboard),Kuala Lumpur Kepong Bhd ([You must be registered and logged in to see this image.] Financial Dashboard), Malayan Manking Bhd, Carlsberg Brewery (M) Holdings Bhd,Genting Plantations Bhd ([You must be registered and logged in to see this image.] Financial Dashboard), Tenaga Nasional Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) and Sime Darby Bhd ([You must be registered and logged in to see this image.] Financial Dashboard).
Asian shares were on the defensive on Monday after new indications of a slowdown in the Chinese economy strained the nerves of markets already unsettled by the prospect of a US interest rate hike in September, according to Reuters.
Japan's Nikkei fell 0.4% and South Korean shares dropped 0.3%. MSCI's broadest index of Asia-Pacific shares outside Japan stood near its 1½-year low hit last month and stood flat, it said.
BIMB Securities Research in a market preview today said Hong Kong and China ended sharply higher last Friday, weighing the prospects of consistent government support for the market.
It said that back home, the FBM KLCI fell 11.99 points or 0.71% to 1,682.65, triggered by foreign selling, mainly on telco and gaming stocks.
“Trading participation saw net selling by foreign institutions while local institutions and local retail were net sellers.
“Over the week, the local market experienced total outflow of over RM480 million of funds.
“We reckon the local market to remain weak in the near future with concerns over weakening ringgit, crude oil price and continuous selling by foreign institutions with strong support at 1,650–1,660 level,” it said.