FBM KLCI, regional markets stay low

KUALA LUMPUR: FBM KLCI, along with regional markets, remained marginally lower at midday Malaysian close.

At the end of morning session trade at 12.30pm, the FBM KLCI dropped 1.58 points or 0.12% to 1,263.87.

Among heavyweight stocks, top losers were TNB down 8 sen to RM8.40, CIMB slipping 6 sen to RM12.94 and Genting shedding 5 sen to RM7.00. Top gainers at midday were Maybank up 2 sen to RM6.79, and PLANTATION [] stocks IOI Corp gaining 2 sen to RM5.42 and KLK adding 18 sen to RM15.98.

Overall trading volume on the stock exchange at 245.73 million shares for the half day was not too different from the day before or the previous week, averaging at about 550 million shares daily.

A Kuala Lumpur-based dealer attributed the lacklustre trading partly to investors winding down their activities for the year end. He said, "You can't expect much action in the final few weeks. The volume and technical signals show that this might be the case in the next three weeks."

He pointed out that the news of Dubai's debt problems since last week, though negative, did not spark large-scale selling regionally and added there was limited downside "unless there was a some other clear sell-signal".

At 12.30pm key regional indices remain largely unchanged for the day but in slightly negative territory. Japan's Nikkei 225 fell 0.02% to 10,103.93, Hong Kong's Hang Seng Index dropped 0.73% to 21,923.44 and China's Shanghai Composite Index down 0.15% to 3,297.95. Singapore's Straits Times Index was up 0.25% to 2,806.46 points.

Higher metal prices and early signs of crude oil price rebound were boosting some selective play in regional markets, pushing up mining counters in Australia.

Industrial-use metal, copper for three-month delivery shot up 1.41% to US$6,910 per metric tonne on the London Metal Exchange on Monday trade while Nymex crude of one-month delivery is heading towards US$70 per barrel, up 26 cents to US$69.77 for the day at 1.10pm.