Bursa blue chips continue to drag

KUALA LUMPUR: The FBM KLCI remained in the red as it entered midday break as investors remained cautious over US plans to taper its assets purchase programme while tighter regulations in China's property sector threatened the economic outlook.

At 12.30pm, the country's key index was down 5.04 points to 1,525.4. Market breadth however was positive as there were 439 gainers compared to 369 decliners, suggesting that bargain-hunting had resumed on smaller caps.

Telcos were the biggest drag on the market, led by Axiata's 13 sen slide to RM3.97 while Maxis was down six sen to RM4.66 and Digi dropped three sen to RM4.46.

Banks however stayed positive with Maybank rising three sen to RM8.08, CIMB gaining two sen to RM4.80 and Hong Leong Bank dropping 10 sen to RM18.50. Public Bank was flat at RM4.03.

Tech-related sectors were buoyed by a sustained global rally, led by Vitrox rising 42 sen to RM20.36, Unisem gaining 19 sen to RM8.51 and Pentamaster climbing 18 sen to RM5.50.

Of actives, Pasukhas dipped 0.5 sen to seven sen, Bintai Kinden rose seven sen to 64 sen and Serba Dinamik was down two sen to 34.5 sen.

In regional markets, stocks were mostly in the red although losses were capped by some reassurance from China Evergrande that it would pay some bond interest due on Thursday, allaying fears of the property giant's collapse.

Japan's Nikkei was down 0.7% while China's main index fell 0.3%. South Korea's Kospi remained closed for the final day of the Chuseok national holiday.

Hong Kong's Hang Seng and Australia's ASX200 were each 0.5% higher.
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Bursa Malaysia , FBM KLCI , equities


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