KLCI rebounds from selldown as bargain hunting ensues

KUALA LUMPUR: Investors continued to selldown on global equities following evidence of slowing growth in China and Europe although losses were pared entering the midday break as bargain hunters took over.

While most Southeast Asian markets were in the red, Singapore's Straits Times Index managed to buck the regional trend, rising 1.4% at midday. 

Last Friday, the Dow Jones Industrial Average skidded nearly 500 points or 2% as it reacted the worsening outloook on the global economy.

At 12.30pm, the FBM KLCI was down 1.63 points to 1,660.33 after having plunged as much as 16 points in early morning trade. 

Trading was muted with turnover of 784.43 million shares valued at RM444.86mil. There were 561 decliners versus 133 gainers and 285 counters unchanged.

CIMB slid eight sen to RM5.72 to lead the index lower. Other stocks in the red included Digi falling seven sen to RM4.28, IOI slipping seven sen to RM4.21 and Petronas Dagangan dropping 26 sen to RM2.41.

Petronas Gas helped to offset the losses by surging RM1.02 to RM19.96.

Petronas Chemicals also lifted 12 sen to RM9.24 while Maxis rose three sen to RM5.28 and and Nestle climbed 90 sen to RM146.

Among most active counters, VS Industry lost 35 sen to hit limit-down at 82 sen at the start of trading after a weak earnings announcement followed by a negative outlook.

MyEG fell two sen to 89 sen while Bumi Armada slid one sen to 16.5 sen.

Oil prices reversed losses from earlier in the session even as regional stocks partially recovered. Brent crude rose 10 cents to US$60.38 a barrel while WTI crude rose 18 cents to US$51.38 a barrel.

In currencies, the ringgit was little changed against the US dollar at 4.1875. It slipped 0.1$ against the pound sterling at 5.2961 and 0.1% against the Singapore dollar at 3.0451.