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Published: Wednesday November 14, 2012 MYT 9:14:00 AM
By Joseph Chin
KUALA LUMPUR: The FBM KLCI opened lower on Wednesday, dragged down by losses in Petronas Dagangan, Genting Bhd and selected plantation stocks.
At 9am, the KLCI was down 0.18 of a point to 1,637.41. Turnover was 13.59 million shares valued at RM4.61mil. There were 41 gainers, 31 losers and 56 counters unchanged.
Hwang DBS Vickers Research (HDBSVR) expects Malaysian equities to see a sense of resilience. It said the KLCI could probably test the immediate support level of 1,635 before staging a technical rebound thereafter.
On Wall Street, stocks sold off late in the session on Tuesday, led by a slide in Microsoft shares, though retailers were a notable bright spot after Home Depot raised its outlook.
The Dow Jones industrial average fell 58.90 points, or 0.46%, to 12,756.18 at the close. The S&P 500 dropped 5.50 points, or 0.40%, to 1,374.53. The Nasdaq Composite lost 20.37 points, or 0.70%, to 2,883.89.
The S&P 500 is down 2.7% so far this month and closed below its 200-day moving average for a fourth day in a row, a technical indicator that suggests the recent declines could gain momentum. The moving average is currently at 1,381.58, and failure to rise above that level suggests market weakness.
At Bursa Malaysia, Petronas Dagangan fell 42 sen to RM21.40 while HLFG sjed eight sen to RM12.46 in thin trade.
Genting Bhd lost six sen to RM9.43 while Axiata and TM shed two sen each to RM5.91 and RM5.56.
Among plantations, KL Kepong lost two sen to RM20.70 with 100 shares done while FGV eased two sen also to RM4.57.
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