KL mart lower on weaker regional marts

Malaysian shares ended the first day adoption of the new FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) lower due to the weaker regional markets.

At the close, the benchmark FBM KLCI shed 6.86 points to 1,065.83 after opening at 1,072.69. Last Friday, the KLCI closed 6.02 points lower at 1,072.69. The FBM KLCI comprises 30 largest listed companies by market value with at least 15 per cent free float.

Its constituents are also prime market movers and represent about 60 to 70 per cent of the main board's market capitalisation.Bursa Malaysia introduced the FTSE global index standard to attract instant recognition and credibility among international investors and in turn spur the local equities market."However, regional sentiments took the limelight today," said a dealer.

Major markets in the region were down as recent economic data dampened hopes for a faster global economic recovery, said an analyst.SJ Securities technical analyst Phua Kwee Hock set the FBM KLCI support and resistance levels at 1,054 and 1,070 respectively, but said the market would be in consolidation mode this month.

The Plantation Index declined 39.53 points to 5,336.31, the Industrial Index slipped 8.98 points to 2,366.53, the Finance Index shed 19.17 points to 8,522.95 and the FBMEmas Index dropped 50.88 points to 7,157.13.

The new FBM Top 100 fell 39.77 points to 6,975.79, the FBM70 shed 19.38 points to 7,011.31, the FBMMesdaq Index declined 49.56 points to 3,926.75 and the FBM2BRD Index was 48.37 points lower at 4,676.7.

Decliners outnumbered advancers by 436 to 157 while 174 counters were unchanged, 459 untraded and 34 others suspended.Total volume shed to 762.605 million shares worth RM844.032 million from 1.097 billion shares worth RM983.826 million on last Friday.

Among the actives, KNM Group shed 4 sen to 75 sen, Talam Corp-RCPS inched up half a sen to 7 sen, Time Engineering slipped 3.5 sen to 26.5 sen, Talam Corp edged down 1 sen to 8.5 sen and UEM Land fell 9 sen to RM1.37.

In heavyweights, Sime Darby slipped 5 sen to RM7.20, Maybank dropped 10 sen to RM5.65, Bumiputra-Commerce was flat at RM9.50, Tenaga Nasional declined 5 sen to RM7.70 and IOI Corp declined 8 sen to RM4.66.

Meanwhile, the FTSE Bursa Malaysia KLCI futures ended broadly lower amid the bearish cash market, dealers said.Spot month July 2009 slipped 17 points to 1,057, August 2009 declined 18.5 points to 1,053.5, September 2009 dropped 17.5 points to 1,049.5 and far month December 2009 edged down 16.5 points to 1,030. - Bernama