Malaysia Market Watch 13th September 2012

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SHARE prices on Bursa Malaysia closed mixed yesterday on a technical rebound after coming under selling pressure since last Wednesday, dealers said.

At 5pm, the FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) fell 0.46 point to 1,613.78 from 1,614.24 on Tuesday. The index, which opened 2.2 points lower at 1,618.38, moved between 1,609.01 and 1,616.47.

The market stayed rangebound amid renewed concerns on Greece’s deteriorating financial condition, but buying in blue chips was beginning to pick up, dealers said.

They said investors were also worried that the market could take a plunge if Germany was unable to pass the new bailout fund for debt-ridden eurozone economies.

They said the current selling pressure might continue but any further fall in quality stocks represent a good buying opportunity.

The local bourse has been under selling pressure over the last few days due to foreign fund outflows, a dealer said.

Gainers led losers by 409 to 291 while 315 counters closed unchanged, 603 untraded and 17 others suspended.

Among active counters, Ingenuity Solutions rose 0.5 sen to 26.5 sen and Scomi gained 2.5 sen to 33 sen while AirAsia lost 17 sen to RM3.02.

Heavyweights Maybank rose one sen to RM9.16, CIMB added 12 sen to RM7.40 but Sime Darby fell 0.5 sen to RM9.75.

Meanwhile, FBM KLCI futures closed higher, buoyed by buying interest, dealers said.

September 2012 rose 2.5 points to 1,606, October 2012 added three points to 1,607, December 2012 increased 2.5 points to 1,605 while March 2013 was flat at 1,601.

However, turnover fell to 6,237 lots from 8,318 lots while open interest fell to 34,418 from 37,649 contracts previously. Bernama (BTimes)