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FBMKLCI ends 1.2pc lower
by hlk Mon 19 Sep 2011, 22:18
Share prices on Bursa Malaysia remained in the red at the end of trade today on foreign selling as investors reduced their holdings amid the worsening European debt crisis, dealers said.
As at 5pm, the FTSE Bursa Malaysia KLCI dropped 17.81 points or 1.245 per cent to close at 1,413.12, with losses mostly seen in selected heavyweights.
The market barometer, which opened 1.18 points higher at 1,432.11, moved between the 1,411.8 and 1,433.81 points range during trade today.
Jupiter Securities Head of research Pong Teng Siew said if the market failed to hold at the support level of 1,390 to 1,395 level, there were chances for a further fall in the local bourse.
"The sell-down was led by foreign selling, which seemed to be a reaction to the unfolding European sovereign debt crisis.
Unfortunately, this time, it will stay for quite sometime and it will be difficult to see the end of it," he told Bernama here today.
About US$1.2 billion foreign funds were taken out from Malaysia in August as foreign investors fled to safe-haven assets like the US dollar, he said.
Pong said there were even rumours in the market saying that Greece might default on its sovereign debt in few days as it might be unable to pay off two "sizeable" government bonds which are likely to be maturing in a couple of days.
He said even though the Greek government bonds which are maturing this year are worth Euro 28 billion, even less than the amount of next year of Euro 35 billion, the government will face difficulty in paying unless it gets bailed out by its fellow European members.
Apart from that, he said the market was also anticipating further stimulus packages from the US Federal Reserves under the third quantitative easing package (QE3) on Wednesday which could help lift the market.
Bursa Malaysia's Finance Index fell 142.05 points to 13,195.74, the Plantation Index slipped 4.41 points to 7,211.83 and the Industrial Index dropped 77.88 points to 2,565.22.
The FBM Emas Index lost 113.6 points to 9,626.73, the FBM70 Index dipped 110.03 points to 10,339.22 and the FBM Ace was down by 51.8 points to 3,697.69.
Losers outnumbered gainers by 496 to 218 while 233 counters were unchanged, 538 untraded and 26 others suspended.
Total market volume eased to 724.373 million shares worth RM1.352 billion from 729.269 million shares valued at RM1.529 billion last Thursday.
There was no trading last Friday due to the Malaysia Day celebrations. -- Bernama
As at 5pm, the FTSE Bursa Malaysia KLCI dropped 17.81 points or 1.245 per cent to close at 1,413.12, with losses mostly seen in selected heavyweights.
The market barometer, which opened 1.18 points higher at 1,432.11, moved between the 1,411.8 and 1,433.81 points range during trade today.
Jupiter Securities Head of research Pong Teng Siew said if the market failed to hold at the support level of 1,390 to 1,395 level, there were chances for a further fall in the local bourse.
"The sell-down was led by foreign selling, which seemed to be a reaction to the unfolding European sovereign debt crisis.
Unfortunately, this time, it will stay for quite sometime and it will be difficult to see the end of it," he told Bernama here today.
About US$1.2 billion foreign funds were taken out from Malaysia in August as foreign investors fled to safe-haven assets like the US dollar, he said.
Pong said there were even rumours in the market saying that Greece might default on its sovereign debt in few days as it might be unable to pay off two "sizeable" government bonds which are likely to be maturing in a couple of days.
He said even though the Greek government bonds which are maturing this year are worth Euro 28 billion, even less than the amount of next year of Euro 35 billion, the government will face difficulty in paying unless it gets bailed out by its fellow European members.
Apart from that, he said the market was also anticipating further stimulus packages from the US Federal Reserves under the third quantitative easing package (QE3) on Wednesday which could help lift the market.
Bursa Malaysia's Finance Index fell 142.05 points to 13,195.74, the Plantation Index slipped 4.41 points to 7,211.83 and the Industrial Index dropped 77.88 points to 2,565.22.
The FBM Emas Index lost 113.6 points to 9,626.73, the FBM70 Index dipped 110.03 points to 10,339.22 and the FBM Ace was down by 51.8 points to 3,697.69.
Losers outnumbered gainers by 496 to 218 while 233 counters were unchanged, 538 untraded and 26 others suspended.
Total market volume eased to 724.373 million shares worth RM1.352 billion from 729.269 million shares valued at RM1.529 billion last Thursday.
There was no trading last Friday due to the Malaysia Day celebrations. -- Bernama
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