KLCI slips at mid-morning as excitement at Asian markets fizzles out

by **hlk** Thu 22 Dec 2011, 12:58

Larger Smaller Reset KUALA LUMPUR (Dec 22): The FBM KLCI slipped at
mid-morning on Thursday in line with the key regional markets and the
lackluster close at Wall Street as the initial excitement over the
inaugural long-term European Central Bank tender fizzled out, and
concerns over the eurozone debt crisis re-surfaced.

At 10am, the FBM KLCI shed 0.26 point to 1.484.72.

Losers edged gainers by 248 to 153, while 204 counters traded
unchanged. Volume was 298.13 million shares valued at RM128.88 million.

Asian shares and the euro eased on Thursday as doubts remained over how
much of the funds banks raised from an inaugural long-term European
Central Bank tender will actually flow into struggling euro zone
economies and help restore confidence, according to Reuters.

At
the regional markets, Japan's Nikkei 225 was down 0.50% to 8,417.78,
Hong Kong's Hang Seng Index shed 0.30% to 18,360.63, the Shanghai
Composite Index fell 0.60% to 2,177.90, Taiwan's Taiex was down 0.11% to
6,958.53, South Korea's Kospi was shed 0.16% to 1,845.46 and
Singapore's Straits Times Index fell 0.13% to 2,669.97.

Maybank
Investment Bank Bhd head of retail research and chief chartist Lee Cheng
Hooi in a note to clients on Thursday said the FBM KLCI's resistance
areas of 1,487 and 1,510 could cap market gains, whilst the obvious
support areas may be located at 1,466 and 1,484.

'Due to the US markets' mixed tone last night, we may have a quiet and benign day today,' he said.

On Bursa Malaysia, Jaya Tiasa fell nine sen to RM6.90, Uzma lost seven
sen to RM1.55, Mahajaya down 6.5 sen to 61 sen, Batu Kawan and Public
Bank fell six sen each to RM17 and RM13.14. while YHS, RHB Capital and
MISC fell five sen each to RM1.69, RM6.96 and RM5.50 respectively.

Among the gainers, KLK added 20 sen to RM22.20, F&N and Malayan
Flour Mills 18 sen each to RM18.08 and RM7.48, Top Glove 14 sen to
RM4.60, while PPB, Nestle and Supermax added 12 sen each to RM16.98,
RM56.30 and RM3.60.

The actives included Sanichi, IRCB, TMS, Rimbunan Sawit, Envair and Utopia.