Market broadly lower, CIMB, Genting weigh down FBM KLCI

KUALA LUMPUR: Sentiment was cautious on Bursa Malaysia at the midday break on Monday, Dec 21, as most key Asian markets were in the red. Declining stocks beat advancers two to one.

At 12.30pm, the 30-stock FBM KLCI fell 1.27 points to 1,265.7. Turnover was 228.38 million shares valued at RM365 million. There were 149 gainers, 322 losers and 229 stocks unchanged.

Among key regional markets, Japan's Nikkei 225 rose 0.6% to 10,202.88 but Hong Kong's Hang Seng Index fell 0.6% to 21,040.19. Shanghai's Composite Index slipped 0.62% to 3,094.59 and Singapore's Straits Times Index shed 0.2% to 2,796.91.

Crude palm oil futures fell RM54 to RM2,566 but light crude oil rose five US cents to US$73.41 and US spot gold added US$2.53 to US$1,115.72.

Meanwhile, Nobel Prize-winning economist Joseph Stiglitz was quoted by Bloomberg in Singapore, as saying that the US needed to prepare for a second stimulus plan as there was a "significant" chance that growth there would slow down in the second half of next year.

At Bursa Malaysia, CIMB fell eight sen to RM12.94, dragging the FBM KLCI down 0.91 of a point. Genting's four sen loss to RM7.19 and Tenaga's three sen decline to RM8.37 pushed the index down another 0.67 of a point. PPB fell 10 sen to RM15.90 on weaker CPO futures.

Metrod was the top loser, down 39 sen to RM3.01 while CCB gave up 12 sen to RM3.96 and Lityan 10 sen to RM1.93.

HLFG fell 15 sen to RM7.65 with 318,200 shares done but EON Cap gained 24 sen to RM6.82. Hong Leong Bank, which is keen to acquire a stake in EON Cap, was unchanged at RM8.30.

Top Glove rose 26 sen to RM9.88 following its strong set of results while DiGi added 18 sen to RM21.60 and Tanjong 12 sen to RM16.52. Hai-O advanced 17 sen to RM7.65.