No respite yet for Malaysia’s stock market

KUALA LUMPUR: The FBM KLCI again slipped into the red early Friday as  investors were disappointed with most of  the corporate results amid  also growing anxiety over the plunge in China markets the previous day.

At 9.25am, the KLCI was down 4.58 points or 0.26% to 1,750.98. Turnover was 214.16 million shares valued at RM101.20mil. There were 169 gainers, 182 losers and 168 counters unchanged.

JF Apex Research said following the negative performance of global markets due to Greece, “we expect the KLCI to remain lacklustre with immediate support at 1,747”.

BIMB Securities Research expect the local market to remain bearish due to poor sentiment. Its data showed foreign funds were net sellers on Bursa on Thursday at -RM260.4mil while retail investors were net buyers at RM4mil.

Reuters reported Asian stocks were modestly higher early on Friday with investors on edge ahead of opening trade in China's markets which plunged the previous day, while the dollar took a breather from a sharp run up this week.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3% after shedding more than 1% on Thursday. South Korean share gained 0.2% and Australian stocks rose 1%. Japan's Nikkei was flat.

At Bursa Malaysia, KL Kepong fell the most, down 28 sen to RM20.72. However, PPB Group added 16 sen to RM15.24.

Public Bank lost 20 sen to RM18.76,making it the top loser  among the banks.

Petronas Chemicals shed 13 sen to RM6.13 but Petronas  Gas added 24 sen to RM22.18. UMW climbed 12 sen to RM10.66.

Latitude Tree lost 10 sen to RM6.33 despite the improved results on investor concerns about the lofty valuations.

Ireka fell 8.5 sen to 71.5 sen while its warrants plunged seven sen to 22.5 sen. K1 technology continud to lose ground, shedding two sen to 43 sen in active trade.

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