Business News

Published: Wednesday February 6, 2013 MYT 12:00:00 AM
Updated: Wednesday April 17, 2013 MYT 1:37:01 AM

KLCI falls 14.5pt to 1,618.8 noon

KUALA LUMPUR: Blue chips ended the morning session on Wednesday on a weaker note, dragged down by losses in banks and Telekom Malaysia, as investors continued to stay cautious ahead of the long weekend.

At 12.30pm, the FBM KLCI was down 14.53 points to 1,618.82. Turnover was 499.90 million shares valued at RM715.93mil. Declining stocks beat advancers 405 to 120 while 282 counters were unchanged.

Reuters reported Asian shares recovered on Wednesday as solid euro zone data calmed nerves jarred by potential political turmoil in Spain and Italy, while the prospect of a dovish new governor for the Bank of Japan dragged the yen to a new low.

Sentiment for other risk assets also improved, pushing London copper up 0.4% to US$8,302.75 a tonne to a near four-month high, while Brent crude hovered near a 20-week high. Signs of recovery taking root in Europe, the United States and China have helped improve the demand outlook, according to Reuters.

At Bursa Malaysia, BAT was the top loser, down RM1.38 to RM57.62 while other consumer stocks GAB and Nestle fell 20 sen each to RM16.06 and RM59.06.

KL Kepong fell 66 sen to RM20.92, NSOP lost 20 sen to RM5.45 and PPB Group 18 sen lower at RM12.20.

HL Bank was down 30 sen to RM14.30 and HLFG 26 sen to RM13.54. Telekom lost 18 sen to RM5.30.

Tags / Keywords: News, Business, Blue chips, Telekom Malaysia, long weekend, Business

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