Monday, 21 January 2013

FBM KLCI closes down 40 points, largest day drop since October 2011

KUALA LUMPUR: The FBM KLCI ended the first day of the week 40.81 points lower, as investors cashed in their positions ahead of the general election.

At 5pm, the KLCI was down 2.43% to 1,635.63, its largest single day drop since October 2011. Turnover stood at 1.83 billion shares valued at RM2.60bil. There were 85 gainers, 904 losers, and 172 counters unchanged.

The index hit an intra-day low of 1,631.40, down 45.04 points.

Dealers said among the sellers were foreign funds as they cleared their positions amidst talk the general elections would be called soon.

Last week, foreign investors bought net RM952.20 million of Malaysian equities in the week ended Jan 18, 2013, making it the sixth week in the row, and the highest number of equities bought by foreigners in 27 weeks.

“The market might rebound marginally tomorrow, however sentiments have been affected and investors should take on a defensive stance,” an analyst said.

Among the 30 component linked stocks, Axiata fell 34 sen to RM6.30, CIMB lost 34 sen to RM7.24, DiGi declined 21 sen to RM4.93.

Among the key regional markets, Japan's Nikkei 225 was 1.52% lower at 10,747.74, Hong Kong's Hang Seng Index declined 0.05% to 23,590.91, Shanghai's Composite Index gained 0.48% to 2,328.22.

Taiwan's Taiex shed 0.10% to 7,724.92, South Korea's Kospi inched down 0.07% to 1,989.28 and Singapore's Straits Times Index increased 0.35% to 3,222.44.

US light crude oil shed 44 cents to USD95.12, Brent was 27 cents lower at USD111.62. Spot gold increased USD5.37 to USD1,689.67, while the Ringgit weakened 0.0248 against the USD at 3.0359.

Crude palm oil for third-month futures increased RM16 to RM2,416.

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