Broad weakness. The KLCI closed another 12 points lower yesterday at 1273.7 points, off the intraday low of 1264.1 as losses in the morning were pared. Market breadth was negative throughout the day with shares of Sime Darby reeling under extended selling pressure while heavyweights such as Public Bank, KLK and BAT contributed to the broader index decline. Results announcements decorate headlines today with Hong Leong Bank reporting a 10.3% rise in net profit and Star's doubling of its net profit to RM38m. Other prominent headlines are the government resolving the contentious railway land issue in Tanjung Pagar Singapore, the inking of a MOU between MMC and STX Energy for a proposed solar cell manufacturing facility at the Senai Hi-Tech park and MBM allocating RM100m over the next 3 years to widen its distribution network. The fragile sentiment in the near term is likely to drive extended volatility in the market with the index possibly attempting to consolidate after the sharp losses over the past week with a downside bias. The Dow was down over 100 points overnight on fresh concerns that Europe’s debacle is far from over.
*Terkini – Jadual Seminar & Bengkel PUABUMI 2012
4 years ago