KLCI drifts lower at mid-morning

KUALA LUMPUR (Dec 14): The FBM KLCI drifted lower on Wednesday,
marginally extending its losses at mid-morning in line with the overall
weaker sentiment at key regional markets.

At 10am, the FBM KLCI fell 1.60 points to 1,463.79 at 10am.

Gainers edged losers by 178 to 171, while 200 counters traded
unchanged. Volume was 337.92 million shares valued at RM154.64 million.

Asian shares drifted lower and the euro floundered near an 11-month
low on Wednesday after the Federal Reserve failed to take any new steps
to stimulate growth and offset the chilling effects of Europe's
still-unresolved debt crisis, according to Reuters.

Wall Street stocks fell after the US central bank's final policy
meeting of the year, at which the Fed noted modest improvement in the US
economy but added that market turbulence in the face of Europe's woes
posed a big risk, it said.

At the regional markets, Hong Kong’s Hang Seng Index lost 0.71% to
18,316.30,the Shanghai Composite Index fell 0.59% to 2,235.29, Singapore
Straits Times Index was down 0.42% to 2,674.57, Japan’s Nikkei lost 41%
to 8,517.57, South Korea’s Kospi fell 0.38% to 1,857.04 and Taiwan’s
Taiex was down 0.31% to 6,874.73.

Maybank Investment Bank Bhd head of retail research and chief
chartist Lee Cheng Hooi in a note to clients on Wednesday said the FBM
KLCI’s resistance areas of 1,467 and 1,493 would cap market gains,
whilst the weaker support areas may be located at 1,448 and 1,462.

“Due to the US markets’ poorer tone last night, we will have a
volatile day for the local index today with further profit taking and
liquidation,” he said.

On Bursa Malaysia, KLK and BAT fell 26 sen each to RM22.84 and RM48.44, Tecnic down 21 sen to RM3.10, BLD PLANTATION []s
fell 16 sen to RM7.14, Hong Leong Bank was down 14 sen to RM10.40, YLI
and Astral Asia down eight sen each to 32 sen and RM1.40, while AMMB,
Boustead and Cypark fell seven sen each to RM5.79, RM5.35 and RM1.35
respectively.

Among the gainers, Nestle added 50 sen to RM56.50, Dutch Lady rose 20
sen each to RM26.60, F&N up 18 sen to RM18.40, GAB 16 sen to
RM13.14, BIMB 12 sen to RM1.85, Goldis, CI Holdings and Guan Chong rose
11 sen each to RM1.90, RM1.28 and RM2.22 respectively, Kumpulan Europlus
gained seven sen to RM1.10, while DiGi added six sen to RM3.73.

Meanwhile, the actives included Sanichi, Envair, TFP, Kurnia Asia, OSK, Takaso and Proton warrants.