KLCI lower at midday

KUALA LUMPUR: The KLCI was lower at midday Monday after gaining slightly in mid-morning trade.

In the region, major indices outside of China were in positive territory on investor optimism that government stimulus packages might be able to revive the economy.

According to Bloomberg, corporate bond risk fell after G-20 officials called for coordinated action to clean up banks’ toxic assets.

In a report today, China said foreign direct investment (FDI) in the country fell 15.8% to US$5.83 billion from a year ago. China’s commerce ministry said this was the fifth month that FDI has fallen.

At 12.30pm, the KLCI was 0.32% lower at 840.74 while Singapore's Straits Times Index fell 1.42% to 1,555.06.

Tokyo's Nikkei 225 advanced rose 2.07% to 7,726.34 while Hong Kong's Hang Seng Index was 0.96% higher at 12,646.31.

Shanghai's A share index was down 0.43% to 2,119.66 and Seoul's Kospi Index was up 0.40% to 1,130.50.

At Bursa malaysia, 113 counters were up, 188 others were down and 168 others were traded unchanged. There were 136.03 million shares traded with a total value of RM195.26 million.

Among bank stocks, Maybank was 2 sen lower at RM3.98 while Public Bank-foreign rose 15 sen to RM7.15.

Construction counter IJM advanced 12 sen to RM3.70.

Resorts fell 8 sen to RM1.85 and Tanjong dropped 10 sen to RM14.30.

Plantation stocks Sime was 5 sen higher at RM5.45, KL Kepong was down 10 sen to RM10.30 and Keck Seng fell 17 sen to RM2.71.

Among stocks related to oil and gas or power, TNB dropped 25 sen to RM5.90 and Petronas Dagangan added 10 sen to RM7.50.

TM international fell 9 sen to RM2.35 and DiGi lost 10 sen to RM21.00.

Crude palm oil 3-month futures gained RM7 to RM1,937 per tonne while Nymex crude oil in electronic trade was US$1.87 lower at US$44.38 per barrel.

The ringgit was quoted at 3.697 against the US dollar.

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