Malaysia Market Watch Next Week (27 to 30 August 2012)

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SHARE prices on Bursa Malaysia ended the week on an easier note amid economic growth concerns both locally and in the region, with the FTSE Bursa Malaysia KLCI (FBM KLCI) settling below the 1,650-point level, dealers said.

The key index fell 3.39 points to close at 1,648.22.

Affin Bank vice-president and head of retail research Dr Nazri Khan said the key index drifted lower yesterday on thin volume with most investors away on holiday and also due to external factors.

“The session showed that local funds and investors are becoming increasingly concerned about the trajectory of China and its impact on the region following disappointing manufacturing readings, while doubts on a new stimulus from the US central bank sapped confidence,” he said.

Overall, Nazri said the local market remained defensive and was looking for fresh catalysts.

Losers led gainers 434 to 322, 331 counters were unchanged, 543 untraded and 17 others suspended.

Among volume leaders, Nextnation Communication eased half-a-sen to 14.5 sen, JCY International earned one sen to RM1.13 and Ingenuity Solutions-WA erased one sen to 16 sen.

Among heavyweights, Maybank inched down two sen to RM9.19, Sime Darby added one sen to RM9.80, CIMB gained three sen to RM7.88, while Petronas Chemicals was flat at RM6.50.

Meanwhile, FBM KLCI futures closed lower in line with the weak cash market, dealers said.

August 2012 eased six points to 1,648.5, September 2012 dropped 5.5 points to 1,648, December 2012 fell five points to 1,643 and March 2013 declined three points to 1,642. – Bernama