Friday, 14 December 2012

FBM KLCI snaps winning streak, opens lower

KUALA LUMPUR: The FBM KLCI clawed back some of its gains this morning after surging for for eight consecutive days, taking cue from weaker regional markets.
At 9.09am, the local bourse shed 2.98 point to 1649.77 points with 41.26 million shares traded, valued at RM20.04 million. There were 70 gainers, 114 losers and 134 counters unchanged.
"On the domestic front, we think that the FBM KLCI Index would likely trade sideways again as investors look to take profit following the local bourse's strong performance having clocked up 8 days of successive gains amounting to 45.4 points or 2.8%," HwangDBS Vickers Research said in a market preview note today.
Overnight market, US equity indices retreated between 0.6% - 0.7% last night as investors grew concerned on the standoff in federal budget negotiations. It said this overshadowed stronger economic data released yesterday indicating lower unemployment claims and a rebound in retail sales.

Regional markets were weaker on concerns of the US fiscal cliff, on concerns that US lawmakers might not be in time to avert a fiscal crisis with an end-of-year deadline looming.
Japan's Nikkei 225 declined 0.43% to 9701.02, Hong Kong's Hang Seng Index fell 0.26% to 22,445.58, Shanghai's Composite Index lost 1.02% to 2,061.48.
While Taiwan's Taiex dipped 0.48% to 7719.99, and Singapore's Straits Times Index drop 0.03% to 3155.53.
Trading interest might be stirred in Astro, Felda Global, MMHE and AirAsia, after Astro and Felda Global were announced as new constituents in the FBM KLCI Index following the semi-annual review, replacing Malaysia Marine and Heavy Engineering (MMHE) and AirAsia.
Meanwhile, Axiata announced that it will be acquiring its Cambodian rival Latelz Co for USD155 million (or RM470 million).

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