KUALA LUMPUR: CIMB Equities Research said the FBM KLCI fell and closed below the key support levels of 1,566 and 1,563, eliminating the possibility of further upside potential.

It said on Monday the index is now below its base channel support as well. The breakdown of the channel support usually signals that minor wave 3 is underway, targeting 1,509-1,523 next.

“In the near term, investors should sell into any rallies. The key resistance is now 1,591 while the minor resistance is 1,556-1,562. The bears have taken charge for now,” said CIMB Research.

Meanwhile, Hwang DBS Vickers Research said the selling may not be over yet for Asian equities following Wall Street’s extended losses on Friday.

On Wall Street, major U.S. equity indices lost between 0.6% and 1.2% at the closing bell dragged down by continued political uncertainty in Greece. HDBSVR said back home, the KLCI could face renewed downward pressures on Monday. On the chart, the benchmark index may test the immediate support level of 1,530 ahead. Hoping to buck the weak market trend are stocks with positive news flows such as: (a) Favelle Favco, which has secured orders to supply cranes amounting to RM60mil; and (b) TAS Offshore, after clinching contracts for the sale of oil gas support vessels valued at RM98mil.

Article source: http://biz.thestar.com.my/news/story.asp?file=/2012/5/21/business/20120521085808&sec=business

MAJOR market weaknesses on the Wall Street and regional stock markets triggered a sell-off on Bursa Malaysia over the last five trading days under review.

The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) fell in tandem when it hit its intra-week low of 1,526.26 level yesterday.

The index tumbled through its immediate downside support of 1,580, 1,570, 1,560, 1,550 and 1,540 levels when it hit its intra-week low of 1,526.26, triggered by foreign market weaknesses. Its 30 index-linked components corrected sharply downwards over the week with losers overwhelming gainers by 28 to 2.

It opened marginally lower at 1,582.06 points on Monday and ended the week at 1,532.46.

Share prices on Bursa Malaysia consolidated on four of the last five trading days under review.

Overall market sentiment weakened considerably during the week with blue-chips taking a heavy beating.

The ACE Market counters and lower-priced counters on the Main Board took heavy beatings as they consolidated their recent gains. The FBM KLCI’s week-on-week loss of 51.86 points, or 3.27 per cent clearly reflected this.

In New York, the Dow Jones Industrial Averages contnued to consolidate further when it stayed below the 13,000 level over the last four trading days. It closed at 12,442.49 points on Thursday, posting loss of 378.11 points, or 2.95 per cent.

Meanwhile, the tech stock-heavy Nasdaq Composite Index fell back in step with the weak performance on the broader market over the week. The Nasdaq Composite Index closed at 2,813.69 points on Thursday, posting a loss of 4.09 per cent.

At home, the benchmark FBM KLCI tumbled sharply yesterday.

The FTSE Bursa Malaysia Small Cap Index tumbled 859.59 points, or 6.94 per cent, to close at 11,521.14 points while the FBM ACE Index fell 314.31 points, or 6.92 per cent, to 4,228.37.

The following are the readings of some of its technical indicators:

* Moving Averages: The FBM KLCI had since stayed below the support of its 10-, 20-, 30-, 50- and 100-day moving averages. It stayed above its 200-day moving averages yesterday.

* Momentum Index: Its short-term momentum index stayed below the support of its neutral reference line yesterday.

* On Balance Volume (OBV): Its short-term OBV trend had since stayed above the support of its 10-day exponential moving averages.

* Relative Strength Index: Its 14-day RSI stood at the 29.07 level.

OUTLOOK

The FBM KLCI hit a high of 1,584.63 on Monday, but failed in its bid to re-challenge the confines of this column’s envisaged resistance zone (1,588 to 1,622 levels).

Instead, the local index tumbled to a low of 1,526.26 yesterday, breaching the confines of this column’s envisaged support zone (1,546 to 1,580 levels).

YTLPower, Airasia, CIMB and KLK’s week-on-week losses of 7.23 per cent , 6.94 per cent , 6.29 per cent and 5.80 per cent respectively accounted for the bulk of the FBM KLCI’s week- on-week loss of 51.86 points, or 3.27 per cent.

YTL remained as the week’s top performer with a year-to-date gain of 21-sen, or 14.19 per cent.

The benchmark’s weekly chart stayed below the support of its intermediate-term uptrend (See FBM KLCI’s weekly chart ?A5:A6) during the week. It staged a re-test of its immediate downside support (A1:A2) while continuing to stay decisively above its intermediate-term uptrend (A3:A4).

Chartwise, the FBM KLCI’s daily price chart staged a decisive breach of the support of its intermediate-term uptrend (See FBM KLCI’s daily chart B1:B2) yesterday. It had since moved towards its intermediate-term support (B3:B4)

The FBM KLCI’s daily, weekly and monthly fast MACDs (moving average convergence divergence) continued to stay below the support of their respective fast MACDs.

With that, the key index had entered its intermediate-term consolidations.

The key index’s 14-day RSI stayed at 29.07 per cent level. Its 14-week and 14-month RSI stayed at 46.08 and 57.13 per cent levels at the market close yesterday.

Following the continuing technical pullback during the week, the FBM KLCI is likely to stage a re-test of its immediate downside support (1,500-1,525) before it has the momentum of staging a mild technical rebound.

Next week, the FBM KLCI’s envisaged resistance zone is at the 1,536 to 1,570 levels while its immediate downside support is at the 1,494 to 1,528 levels.

The subject  expressed above is based purely on technical analysis and opinions of the writer. It is not a solicitation to buy  or sell.

Article source: http://www.btimes.com.my/Current_News/BTIMES/articles/LOCKED518/Article/

The research firm said the Kuala Lumpur stock market, along with major markets around the region, has turned bearish of late on the back of external headwinds in the Eurozone as political backlash renewed concern over the monetary union’s sovereign debt crisis.

“Domestic political landscape has also turned murkier following the Bersih 3.0 rally on April 28 2012, which may delay the 13th general election (GE). Institutional investors have generally stayed on the sidelines despite the run-up in regional equity markets in the first quarter of this year (Q12012) due partly to the political uncertainty,” it said in a report yesterday.

“Our recent rounds of meeting with fund managers revealed that institutional investors are looking for better clarity post-GE as well as better entry levels, valuation wise. As such, any delay in the calling of the GE may prolong the lacklustre Malaysian equity market, in our opinion,” it added.

Nonetheless, Alliance believes that the fundamentals of the Malaysian economy and equity market remain firmly intact. Despite weak external demand, gross domestic product growth in 2012 will be underpinned by resilient domestic consumption and government spending.

The equity market is also expected to be supported by better earnings growth outlook post-Q12012 reporting season as well as continued positive news flow on construction and oil and gas (OG) jobs, new listings, capital management, and privatisations.

“Based on our analysis, we noted the percentage of results coming in below expectation has fallen to 24% from 41% in Q32011, the lowest level since the Q22010 reporting season. We believe earnings estimate may be on the cusp of an upgrade cycle post-Q12012 reporting season, although not likely to be in a significant way.

“Furthermore, positive corporate news flow is likely to accelerate in the months to come as we expect further traction in the implementation of projects under the Economic Transformation Programme, particularly construction and OG related projects,” said Alliance.

“On top of this, we also expect plenty of corporate actions such as new listings (Gas Malaysia, Felda Global), capital management initiatives and privatisation exercises,” it added.

Despite its lower FBM KLCI target, Alliance is maintaining its sector calls and remains overweight on the banking, construction, consumer, gaming, OG, and retail REIT sectors.

“Given current market correction is driven largely by sentiment, we cannot gauge how long and how deep the correction will be. That said, from a fundamental point of view, we believe market trough should be around the 1,410-point level, implying another 8.2% downside from current level.

“As we believe any correction will not be severe, investors should therefore take this opportunity to selectively accumulate fundamentally strong stocks with good earnings growth potential and position for a rebound in a typically strong fourth-quarter,” said Alliance.

Article source: http://www.thesundaily.my/news/382321

BURSA MALAYSIA: KL Shares End Higher, KLCI Up 8.17 Points

KUALA LUMPUR, May 17 (Bernama) — Share prices on Bursa Malaysia posted modest gains at close Thursday, ending a four-day losing streak amid lingering worries over Greece, dealers said.

The FTSE Bursa Malaysia KLCI (FBM KLCI) finished 8.17 points or 0.53 per cent higher at 1,544.21 after moving between 1,536.24 and 1,552.25 throughout the day.

Positive sentiment overshadowed the concern over Europe’s debt crisis including better-than-expected housing starts data in US and news that Japan’s economy rebounded in the first quarter.

“Bargain hunting propped up the market but further gains were limited by fears of deepening debt crisis in Europe,” a dealer said.

The dealer said Greece was now headed back for elections in June which may lead to its exit from the euro zone.

Back home, Alliance Research said the fundamentals of the Malaysian economy and equity market remained firmly intact despite the weak external demand.

In a note, it said the current gross domestic product (GDP) growth will be underpinned by resilient domestic consumption and government spending.

The Finance Index rose 87.62 points to 13,847.63, the Plantation Index increased 8.01 points to 8,164.62 and the Industrial Index went up 8.16 points to 2,695.06.

The FBM Emas Index increased 53.539 points to 10,547.02, the FBM Mid 70 Index rose 43.64 points to 11,477.92 and the FBM ACE Index gained 2.94 points to 4,290.5.

Market breadth was positive with 472 gainers and 279 losers while 327 counters were unchanged, 456 untraded and 22 others suspended.

Turnover declined to 1.27 billion shares worth RM1.93 billion from 1.33 billion shares valued at RM2.06 billion recorded yesterday.

Volume on the Main Market dwindled to 820.69 million shares worth RM1.86 billion from 885.61 million shares valued at RM1.99 billion Wednesday.

Turnover on the ACE market rose to 328.91 million shares worth RM53.49 million from 299.3 million shares valued at RM45.09 million Wednesday.

Warrants fell to 109.5 million units worth RM16.14 million from 123.59 million units valued at RM13.31 million transacted Wednesday.

Among top gainers, Krisassets rose 40 sen to RM7.90, Syarikat Takaful gained 32 sen to RM3.89 and BAT added 30 sen to RM51.90.

Among active counters, newly-listed SapuraKencana lost 14 sen to RM2.10.

It debuted on the Main Market at RM2.30 per share, a premium of 30 sen against the initial share price of RM2.00.

Ariantec Global fell 1.5 sen to 18.5 sen and AsiaEP lost two sen to 3.5 sen.

As for heavyweights, Maybank fell one sen to RM8.55, Sime Darby shed six sen to RM9.48 but CIMB gained seven sen to RM7.25.

Consumer products accounted for 42.83 million shares traded on the Main Market, industrial products 124.93 million, construction 347.99 million, trade and services 434.44 million, technology 26.59 million, infrastructure 33.72 million, finance 42.43 million, hotels 511,000 , properties 45.96 million, plantations 27.49 million, mining 1,500, REITs 5.13 million and closed/fund 34,000.

— BERNAMA

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Article source: http://www.bernama.com/bernama/v6/newsindex.php?id=666939

KUALA LUMPUR: Key Asian markets were routed on Wednesday as investors took money off the table on growing worries about the Greece contagion effect while at Bursa Malaysia, the FBM KLCI recorded its steepest loss this year.

Asian markets registered losses of more than 3%, with Hong Kong and South Korea among the worst hit.

At 5pm, the FBM KLCI was down 25.03 points or 1.6% to 1,536.04 – the lowest since Feb 2. Year-to-date, the KLCI is up a mere 0.35%.

Turnover was 1.33 billion shares valued at RM2.06bil. Declining stocks hammered advancers 822 to 97 while 215 counters were unchanged.

Reuters reported European shares fell, in a broad-based sell-off, as concerns around Greece’s political and financial crisis sapped risk appetite and strategists advising investors to buy defensive stocks.

Among the key regional markets, Japan’s Nikkei 225 fell 1.12% to 8,801.17; Hong Kong’s Hang Seng Index 3.19% to 19,259.83; Shanghai’s Composite Index 1.21% to 2,346.19; South Korea’s Kospi 3.08% to 1,840.53; Taiwan’s Taiex 2.18% to 7,234.57 and Singapore’s Straits Times Index 1.58% to 2,831.15.

Commodities were also routed, with US light crude oil down US$1.37 to US$92.61, Brent US$1.24 to US$111 while gold spot lost US$6.90 or 0.45% to 1,537.20.

Crude palm oil futures fell, with the June contract down RM21 to RM3,108 at 5.13pm and the July contracts RM127 lower at RM3,098. The third-month futures fell RM123 to RM3,086 which was the lowest since Feb 3.

The head of a bank-backed research house said investors were taking profit on stocks that had rallied, especially plantations and Tenaga Nasional also.

While he said the Malaysian economic fundamentals were still strong, the external events could impact market sentiment. Investors were also awaiting updates on the political front on the general elections.

He expected investors to stay on the sidelines until the Greece issue had blown over.

Tenaga fell 28 sen to RM6.17, wiping off 3.57 points off the KLCI while DiGi and Maybank shed seven sen each to RM3.90 and RM8.56.

Among the plantations, Sime Darby fell 19 sen to RM9.54, erasing 2.69 points from the KLCI while IOI lost 11 sen to RM4.90 and KLK 64 sen to RM22.26.

BLD Plantations fell 65 sen to RM8.18, Batu Kawan 44 sen to RM18, TDM 42 sen to RM4.17 and PPB 38 sen to RM15.56.

AEON Credit fell the most, down 78 sen to RM10.14, Dutch Lady lost 60 sen to RM31.70 and BAT 38 sen to RM51.60.

Luster, which resumed trading, rose 12.5 sen to 16 sen with 30.43 million shares done. Its rights shares, Luster-OR, added seven sen to 7.5 sen.

SMPC-WB was the top gainer, up 19.5 sen to 20 sen while Kris Assets added 10 sen to RM7.50 and RHB Cap seven sen to RM7.27.

Article source: http://biz.thestar.com.my/news/story.asp?file=/2012/5/16/business/20120516180614&sec=business

KUALA LUMPUR: Blue chips ended the morning session sharply lower on Tuesday, with CIMB and Maybank weighing on the FBM KLCI, while bigger capitalised plantations fell as investors worried about the fallout from the euro zone crisis.

At 12.30pm, the FBM KLCI had fallen 13.62 points or 0.86% to 1,561.46. Turnover was 541.16 million shares valued at RM663.75mil.

The broader market displayed the overall caution with declining counters beating advancers more than 10 to one. There were 709 losers to 69 gainers and 202 stocks unchanged.

Asian stocks fell, commodities headed for their longest slump in 14 years and bond risk climbed on evidence of slowing growth in China before a report that may show Europe’s economy shrank for the first time since 2009. The euro traded near an almost four-month low, Bloomberg reported.

Among the key regional markets, Japan’s Nikkei 225 fell 1.12% to 8,873.20, Shanghai’s Composite Index fell 0.81% to 2,361.44 and South Korea’s Kospi 1.08% to 1,893.03.

However, Singapore’s Straits Times Index rose 0.25% to 2,871.29, Hong Kong’s Hang Seng Index 0.12% to 19,758.73 and Taiwan’s Taiex 0.06% to 7,381.52.

Among the commodities, US light crude oil fell 45 cents to US$94.35, Brent 46 cents lower at US$111.11 while gold spot shed US$1.98 to US$1,554.75.

Crude palm oil futures for May rose RM41 to RM3,196 per tonne while for June, it was up RM22 to RM3,175 and for July, RM20 higher at RM3,170.

Fund managers said market sentiment on Bursa Malaysia and most regional market would continue to suffer the effects from the fallout of the eurozone crisis.

At Bursa, consumer stocks were among the decliners, with Dutch Lady down 50 sen to RM32.30, Nestle 28 sen to RM54.60 and Carlsberg 26 sen to RM10.54.

CIMB fell 15 sen to RM7.34, dragging the KLCI down 2.63 points while Maybank’s nine sen decline to RM8.46, erased 1.62 points.

Among the plantations, Batu Kawan fell 38 sen to RM18.30 and KLK 30 sen to RM22.90 while heavyweight IOI shed eight sen to RM5.10 and Sime four sen to RM9.71.

RHB Research Institute revised down its valuation benchmarks for the plantation sector and it was attributing a target PE of 14 times to 16 times for the big cap stocks (from 15 times to 17 times), 11 times to 13 times for the mid-cap stocks (from 12 times to 14 times) and 7.0 times to 9.0 times for the small cap stocks.

“We are downgrading our call on Genting Plantations to Market Perform (from outperform) and our call on KLK to an Underperform (from market perform). We are downgrading our sector recommendation to Neutral (from overweight),” it said on Tuesday.

BAT was the top gainer, up 40 sen to RM52.20, Toyo Ink added 25 sen to RM1.70. Malayan Flour-WB 18.5 sen to 49.5 sen, Media Prima 13 sen to RM2.36 and Wing Tai Malaysia five sen to RM1.70.

Article source: http://biz.thestar.com.my/news/story.asp?file=/2012/5/15/business/20120515131119&sec=business

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KUALA LUMPUR (May 14): The FBM KLCI remained in negative territory at the mid-day break on Monday, in line with the mixed regional markets that mostly pared down gains as the weaker outlook for the eurozone kept investor sentiment in check.

At 12.30pm, the FBM KLCI was down 2.16 points to 1,582.16.

Market breadth was negative with 440 losers, 147 gainers and 273 counters trading unchanged. Volume was 411.86 million shares valued at RM329.45 million.

The ringgit weakened 0.12% to 3,0746 versus the US dollar crude palm oil futures for the the third month delivery fell RM41 per tonne to RM3.224, crude oil lost 42 cents per barrel to US$95.71 (RM294.79) while gold added US$2.12 an ounce to US$1,581.53.

Asian shares fell on Monday after weekend talks to form a new Greek government failed and China’s latest move to loosen monetary policy highlighted concerns its economy is faltering, prompting investors to further trim their exposure to risk, according to Reuters.

At the regional markets, Japan’s Nikkei was up 0.23% to 8,973.50, Hong Kong’s hang Seng index added 0.29% to 2,0023.10, the Shanghai Composite Index edged up 0.19% top 2,399.56 and Singapore’s Straits Times Index rose 0.44% to 2,895.96.

Meanwhile, Taiwan’s Taiex fell 0.16% to 7,389.85 and South Korea’s Kospi was down 0.22% to 1,912.90.

On Bursa Malaysia, SAM Engineering was the top loser in the morning session and fell 58 sen to RM3.07, Sarawak Oil Palms fell 21 sen to RM6.25, Kluang and Tradewinds Plantations down 20 sen each to RM2.60 and RM5.69, Far East 17 sen to RM7.48, MSC 12 sen to RM4.10, TH Plantations 11 sen to RM2.48, while KPJ and Genting Plantations fell 10 sen each to RM5.79 and RM9.40.

Compugates was the most actively traded counter with 25.38 million shares done. The stock fell half a sen to 9 sen.

Other actives included Ariantec, Scope, Permaju, Naim Indah Corp, Karambunai, Daya Metronic, Focus and Astral supreme.

Gainers included KrisAssets, BAT, KLK, Nestle, Aeon Credit, Ajinomoto, Delloyd, GAB and Can-One.

Article source: http://www.theedgemalaysia.com/highlights/213410-klci-remains-in-the-red-at-mid-day-break-.html

FBM KLCI Futures To Remain Weak

KUALA LUMPUR, May 12 (Bernama) — The FBM KLCI futures contracts on Bursa Malaysia Derivatives are expected to remain weak next week due to external woes.

Dealers said unfavourable economic growth and political turmoil in major countries would continue to dent investor sentiment and discourage them from taking major positions in riskier assets.

They added that the local market would continue to follow movements in regional markets in the absence of fresh catalyst from the local front.

Affin Investment Bank Head of Retail Research Dr Nazri Khan said investors remained extremely wary that France and Greece may renege on its deficit cut and debt commitments, thus creating heightened uncertainty about the prospects of Europe and the global economic growth.

“Our bearish view is supported by FTSE All World which is down four per cent week-on-week and key indices such as Dow Jones, Nasdaq and Japanese Nikkei breaching their psychological support levels respectively for the first time since March this year,” he told Bernama.

For the week just ended, the FBM KLCI futures contracts moved in tandem with the cash market.

On a Friday-to-Friday basis, May 2012 and June 2012 declined 7.5 points each to 1,575.5 and 1,575 respectively and September 2012 lost seven points to 1,571 but September 2012 added one point to 1,574.50.

Turnover was lower at 26,198 lots from 29,339 lots previously while open interest was up 28,392 contracts from 27,480 contracts.

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THE local stock market failed to sustain recent gains and slipped back into consolidation this week. The market benchmark, the FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI), fell through its immediate downside support levels of 1,590 and 1,580 points, hitting an intra-week low of 1,572.85 yesterday.

Trading on Bursa Malaysia yesterday’s was marked by a sharp fall in KL Kepong shares at around 3pm when they were transacted at RM17 each, believed to be an error made by a market participant. KLK shares closed at RM23.46 yesterday, compared with RM23.50 in the previous day.

Of the FBM KLCI’s 30 component stocks, losers outpaced gainers 18 to 9.

The benchmark index opened marginally lower at 1,585.17 on Monday before falling to a week low of 1,572.95 that day.

Share prices on Bursa Malaysia consolidated on three of five trading days. Overall sentiment weakened with key heavyweight blue-chips leading the market decline.

Select lower-priced ACE Market counters remained the market favourites over the week. They managed to attract renewed buying support as reflected in the higher trading volume.

The market’s benchmark index staged a technical pullback, ending the week with a decline of 0.42 per cent.

Among other indices, the FTSE Bursa Malaysia Small Cap Index eased 0.69 per cent, to close at 12,380.73 while the FTSE Bursa Malaysia ACE Index lost 0.72 per cent to 4,542.68.

The following are the readings of some of the FBM KLCI’s technical indicators:

Moving Averages: The FBM KLCI had since stayed below the support of its 20-, 30- and 50-day moving averages. It stayed above its 10-, 100-and 200-day moving averages at the market close on Friday.

Momentum Index: Its short-term momentum index continued to stay below the support of its neutral reference line at the market close yesterday.

On Balance Volume: Its short-term OBV trend had since stayed above the support of its 10-day exponential mov ing averages.

Relative Strength Index: Its 14-day RSI stood at the 49.06 level.

Outlook

The FBM KLCI hit AN intra-week high of 1,591.08 on Wednesday, failing in its bid to re-challenge the confines of this column’s envisaged resistance zone (1,595 to 1,630 levels).

Instead, the benchmark index consolidated to lower levels when it hit its intra-week low of 1,572.95 on Thursday, moving into the confines of this column’s envisaged support zone (1,550 to 1,585 levels).

UEM Land, YTL Power, PPB and BAT’s week-on-week losses of 5.66 per cent, 4.60 per cent, 3.58 per cent and 3.26 per cent respectively accounted for the bulk of the FBM KLCI’s decline.

YTL replaced HL Bank as the week’s top performer with a gain of 18.92 per cent.

The FBM KLCI’s weekly chart stayed below the support of its intermediate-term uptrend (see FBM KLCI’s weekly chart A5:A6) during the week. It continued to trend above its intermediate-term uptrend (A3:A4).

Chartwise, the FBM KLCI’s daily price chart staged a breach of of its intermediate-term uptrend support (see FBM KLCI’s daily chart B1:B2) yesterday. Another week of market weakness will confirm the breach of the support of its intermediate-term uptrend (B1:B2).

The benchmark’s weekly fast MACD (Moving Average Convergence Divergence indicators) continued to stay below the support of its weekly fast MACD. Also, its monthly fast MACD stayed below its monthly slow MACD. The FBM KLCI’s 14-day RSI stayed at 49.06 per cent level on Friday. Its 14-week and 14-month RSI stayed at 58.76 and 62.40 per cent levels at the market close last Friday.

Following the technical pullback during the week, the index is likely to stage a follow-through consolidation next week. It’s going to be a tight rangebound market next week. Lower liners will continue to be the main trading focus of the week.

Next week, the FBM KLCI’s envisaged resistance zone is at 1,588 to 1,622 points while its immediate downside support is at 1,546 to 1,580 points.

The subject expressed above is based purely on technical analysis and opinions of the writer. It is not a solicitation to buy or sell.

Article source: http://www.btimes.com.my/Current_News/BTIMES/articles/nock12-2/Article/

PETALING JAYA: Asian markets were mostly lower at midday, Thursday, as the European debt crisis continued to rattle investor confidence but the FBM KLCI bucked the trend, supported by gains in Petronas Gas.

At 12.30pm, the FBM KLCI was up 3.51 points to 1,588.41. Turnover was 722.32 million shares valued at RM493.12mil. Losers beat gainers 332 to 256 while 209 counters were unchanged.

The broader market displayed some weakness, as declining stocks outpaced advancers by midday, though blue chips had notched up some gains.

The quality of buying was also weak as reflected in the value of the shares traded against the volume traded.

Bloomberg reported that Greece’s political turmoil entered a fourth day with coalition talks deadlocked, raising the possibility that another election will have to be held.

More than 50% of investors predict at least one nation will exit the euro region this year, according to the Bloomberg Global Poll of 1,253 finance professionals.

Among the regional markets, the Nikkei 225 slipped 0.13% to 9033.55 and Hong Kong’s Hang Seng Index fell 0.93% to 20,141.96 while Shanghai’s Composite index declined 0.18% to 2,404.15.

Also down were Seoul’s Kospi Index, which dipped 0.18% to 1,946.77, and Singapore’s Straits Times Index slipping 0.22% to 2,894.52. However, Taiwan’s Taiex Index rose 0.16% to 7,488.

Nymex crude oil slipped 24 cents to US$96.57 per barrel. Spot gold rose US$5.35 to US$1,594.93 per ounce. The ringgit was quoted at 3.068 to the US dollar.

On the Malaysian equities market, Maybank Investment Research said due to the US markets’ lower tone, there might be another weaker trading day.

“After surging from the 1,310.53 low, the index has stalled at 1,609.33 (April 3). After the 1,609.33 high, we may have seen a retracement low at 1,566.55 on April 27.

“Range trade the market as the foreign indices are not entirely stable yet. The “Sell in May and go away” adage may still hold true this year,” it cautioned investors.

BAT was the top gainer, adding 36 sen to RM54.74 while Petronas Gas rose 30 sen to RM17.28, United Plantations 24 sen to RM19.86, Petronas Dagangan 16 sen to RM19.86 and RHB Cap 10 sen to RM7.43.

TAHPS was the top loser, down 49 sen to RM4.51 with 1,000 shares done, The Store shed 24 sen to RM2.25, Tradewinds 20 sen to RM9.60 and PPB 10 sen to RM16.50.

Article source: http://biz.thestar.com.my/news/story.asp?file=/2012/5/10/business/20120510133650&sec=business