KLCI succumbs to selling pressure, ends Monday lower


KUALA LUMPUR: The FBM KLCI extended its losses and closed Monday in a negative note with profit taking of banks and Petronas-linked stocks, as investors added pressure ahead of the Christmas holidays.

At 5pm, the KLCI fell 5.17 points to 1,832.86. Turnover was 919.93 million valued at RM919.45mi. There were 293 gainers, 456 decliners while 311 counters were unchanged.

Reuters reported Asian stocks crept cautiously higher on Monday encouraged by record highs on Wall Street, though an on-going credit squeeze in China created some uncertainty while adding to pressure on emerging market currencies.

It said early relief at a dip in China's benchmark short-term money rates evaporated when they swung higher again, reaching 9.8% at one stage.

At Bursa Malaysia, PetGas fell 62 sen to RM23.52, PetDag 54 sen to RM30.32 but PetChem rose 24 sen to RM6.88.

Consumer stocks were mixed with Carlsberg down 24 sen to RM12.08, Dutch Lady 20 sen to RM47.10 but BAT rose 44 sen to RM63.04 and Nestle 30 sen to RM68.70.

PBBank rose 26 sen to RM18.80 but HLFG fell 44 sen to RM15.26.

The ringgit weakened against the dollar at 3.2911 from 3.2880 the previous close.

Among the key regional markets,

Hong Kong’s Hang Seng Index rose 0.48% to 22,921.56;

Shanghai’s Composite Index rose 0.24% to 2,089.71;

Taiwan’s Taiex rose 0.57% to 8,456.46;

South Korea’s Kospi rose 0.68% to 1,996.89;

Singapore’s Straits Times Index rose 0.59% to 3,112.61.

US light crude oil fell 35 cents to US$98.97 and Brent fell 38 cents to US$111.39.

Spot gold rose US$1.10 to US$1,204.46.

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