Banks top losers, FBM KLCI at 3-month low

KUALA LUMPUR: Key regional markets fell in the morning session on Monday, Feb 8 while as investors worried about the fiscal problems in Europe while at Bursa Malaysia, banks were the top losers.

Reuters reported the euro and growth-linked currencies fell on Monday, Feb 8 as investors unwound risky trades amid growing worries about eurozone's debt problems, dismissing assurances from European finance ministers at the weekend,

At 12.30pm, the FBM KLCI fell to its lowest since Nov 3, down 6.28 points to 1,241.62. Turnover was 302.76 million shares valued at RM420 million. There were 143 gainers, 407 losers and 231 stocks unchanged.

Japan's Nikkei 225 and Hong Kong's Hang Seng Index fell below their key support levels of 10,000 and 20,000 at the midday break. The Nikkei fell 0.58% to 9,998.34 and the Hang Seng Index 0.2% lower at 19,623.97.

Thailand's SET fell 1.07% to 684.02 and Jakarta's Composite Index slid 2,21% to 2,463.41 but Singapore's Straits Times Index rose 0.33% to 2,692.35.


However, commodities rose, with crude palm oil futures adding RM30 to RM2,549, oil 54 cents to US$71.73 and US spot gold 84 cents higher at US$1,067.14.

OSK Research said the near-term technical outlook of the FBM KLCI remains firmly bearish.

"For nearly a year, the bears have had nearly nothing to bite, and are extremely hungry. We would not be surprised if the FBM KLCI eventually retraced to the 200-day MAV line, which is now situated at the 1,175 -level. The 200-day MAV line is now our first downside target.

"From the current level, an immediate support lies at the 1,233 level, followed by the 1,200 level. To the upside, there is immediate resistance at the 100-day MAV line, which is now seen at the 1,258 level, followed by the 50-day MAV line, which now lies at the 1,275 level," it said.

CIMB and Public Bank fell 12 sen each to RM12.30 and RM11.28, AMMB 11 sen to RM4.63 while Maybank gave up nine sen to RM6.72. Their declines dragged the FBM KLCI down by 5.05 points.

Other losers were BAT, down 30 sen to RM42.20, Allianz 15 sen to RM4.40, Aeon 14 sen to RM5.06 and LPI 12 sen to RM13.56.

ETI Tech rose one sen to 45.5 sen with 15.9 million shares while Genting Bh added two sen to RM6.80.

Nestle rose 66 sen to RM33.90, Bandaraya 13 sen to RM1.78 and the warrants 9.5 sen to 67sen, CSC Steel added seven sen to RM1.60.