Another weak start for KLCI

KUALA LUMPUR:  Malaysia’s blue chips skidded in early Thursday trade, with the FBM KLCI down more than 11 points, which was a reminiscent of the previous day, on weaker US markets and Asian bourses.

At 9.13am, the FBM KLCI was down 11.24 points or 0.62% to 1,809.73. Turnover was 85.88 million shares valued at RM41.52mil. There were 71 gainers, 158 losers and 178 counters unchanged.

JF Apex Research said following the recent selldown, it expects the KLCI to consolidate and hover above 1,820 with support from the 200-day moving average.

Reuters reported Asian stocks slipped early on Thursday, taking a lead from weaker Wall Street, while a continuing rise in euro zone debt yields amid a global bond rout kept the euro hovering at a two-month peak versus the dollar.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.4%. Australian shares shed 1.2% and South Korea's Kospi also fell. Tokyo's Nikkei lost 0.6% in the first trading day of the week. Japanese financial markets were closed from Monday to Wednesday for public holidays.

At Bursa Malaysia, Petronas Gas fell 46 sen to RM22.28 and Petronas Dagangan 30 sen to RM21.28. UMW was down 16 sen to RM10.64, Genting 15 sen to RM8.93 while Public Bank lost 12 sen to RM19.24.

Among the consumer stocks, BAT fell the most, down 58 sen to RM66.50 while GAB shed 18 sen to RM14.56.

KL Kepong rose 14 sen to RM22.14 and Sarawak Oil Palms seven sen to RM4.87.

Time dot Com added 12 sen to RM6.12 while Press Metal added five sen to RM2.90 on stronger earnings.