Business

Published: Thursday November 19, 2009 MYT 10:27:00 AM
Updated: Thursday November 19, 2009 MYT 12:58:35 PM

FBM KLCI little changed; selling pressure continues


KUALA LUMPUR: The FTSE Bursa Malaysia KLCI (FBM KLCI) was almost unchanged before the midday break, with more selling pressures in the market despite the boost by Maxis Bhd’s debut listing.

At 12.30pm, the benchmark index was up slightly by 0.35 point at 1,275.45. Losers outnumbered gainers 375 to 191 while 240 counters were unchanged.

Shares of Maxis, which were actively traded, rose 40sen against its reference price of RM5. Mudajaya Group Bhd and EON Capital Bhd continue to attract interest after significant improvements to their respective quarterly results released last week.

Mudajaya added 16 sen to RM4.64 while EON increased 13 sen to RM6.03.

Parkson Holdings Bhd shed 15 sen to RM5.10, SP Setia lost 9 sen to RM3.70 and RHB Capital fell 8 sen to RM5.39.

TA Securities, in a report, said although the anticipated listing of Maxis today should provide a liquidity boost and encourage more institutional participation on blue chips, the overall consolidation mood on the broader market was likely to persist.

The immediate resistance for the FBM KLCI was at 1,288 points while the immediate downside cushion was at 1,275, it said.

Meanwhile, on the commodities market, the three-month crude palm oil futures finally succumbed to profit taking after three consecutive days of gains. At 12.30pm, it was marginally lower by RM6 per tonne to RM2,394. Oil in electronic trading was slightly down at US$79.52 per barrel.

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