Malaysia Market Watch 11th September 2012

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SHARES on Bursa Malaysia were lower across the board as investors turned cautious, ahead of the US Federal Reserve’s Federal Open Market Committee meeting tomorrow.

The FTSE Bursa Malaysia KLCI (FBM KLCI) fell 3.51 points to 1,621.04 from last Friday’s closing of 1,624.55. The benchmark index, which opened 0.44 point higher at 1,624.99, hovered between 1,619.09 and 1,629.19.

Most investors expect the Fed to announce another round of quantitative easing during its meeting tomorrow to stimulate a sluggish economy, dealers said.

They said lingering concerns remained over global financial markets growth after China released poor August trade and sluggish industrial production and investment data.

The benchmark index might oscillate sideways between 1,600 and 1,655, amid short-term pressures, Malaysia Equity Research said.

The Finance Index slipped 27.699 points to 14,482.11, the Industrial Index fell 4.69 points to 2,813.7 and the Plantation Index declined 32.27 points to 8,383.36.

The FBM Emas Index decreased 43.239 points to 11,029.44; FBMT100 was 38.83 points lower at 10,867.6; FBM70 eased 114.87 points to 11,954.11 while the FBM ACE Index dropped 48.17 points to 4,393.91.

Losers led gainers 520 to 220 while 297 counters closed unchanged, 587 untraded and 30 others suspended.

Total turnover fell to 876.44 million shares valued at RM1.44 billion from 1.14 billion shares worth RM1.72 billion last Friday.

Meanwhile, on Bursa Malaysia Derivatives, the FTSE Bursa Malaysia KLCI futures contract closed lower in tandem with the weaker cash market.

September 2012 fell seven points to 1,608, October 2012 declined 7.5 points to 1,609, December 2012 shed 6.5 points to 1,608 and March 2013 slipped 3.5 points to 1,603. — Bernama (BTimes)