Malaysia Market Watch 12th September 2012

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BURSA Malaysia ended lower yesterday in line with regional trend amid persistent selling pressure on blue chips, dealers said.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 6.8 points to 1,614.24 from 1,621.04 on Monday. The benchmark index, which opened 2.66 points lower at 1,618.38, moved between 1,601.31 and 1,618.61.

Trading was cautiuous ahead of the German constitutional court’s decision on the new bailout fund, European Stability Mechanism, and the US’ Federal Open Market Committee meeting today.

The Finance Index dived 114.24 points to 14,367.97, Plantation Index slipped 8.83 points to 8,374.53 and the Industrial Index fell 18.5 points to 2,795.2. The FBM Emas Index erased 55.141 points to 10,974.3, FBM Mid 70 Index fell 86.04 points to 11,868.07 and the FBM ACE Index shed 48.05 points to 4,345.86.

Losers led gainers by 604 to 199 while 297 counters closed unchanged, 515 untraded and 23 others suspended.

Total turnover rose to 961.08 million shares worth RM1.79 billion from 876.44 million shares worth RM1.44 billion previously.

Meanwhile, on Bursa Malaysia Derivatives, the FTSE Bursa Malaysia KLCI futures contract was traded lower at close yesterday, as sentiments were dampened by lower-than-expected export data, dealers said.

Market was also affected by weak Industrial Production Index data in July, last week’s Standard & Poor’s warning of potential downgrade on Malaysia’s credit rating and speculations of an early general election in November.

September 2012 fell 4.5 points to 1,603.5, October 2012 shed 5.0 points to 1,604, December 2012 lost 5.5 points to 1,602.5 and March 2013 slipped 7.0 points to 1,598. Bernama (BTimes)