Published: Tuesday December 4, 2012 MYT 9:25:00 AM

Malaysia's blue chips fall, Genting, Public Bank weigh

By Joseph Chin

KUALA LUMPUR: The FBM KLCI fell in early trade on Tuesday on mild selling pressure on Genting Bhd and Public Bank as the weaker Wall Street weighed on sentiment.

At 9.06am, the KLCI was down 4.45 points to 1,602.9. Turnover was 24.43 million shares valued at RM14.37mil. There were 60 gainers, 66 losers and 107 counters unchanged.

Key regional markets fell after the US manufacturing unexpectedly shrank and a budget standoff intensified.

At Bursa Malaysia, the disappointing corporate results for the quarter ended September also curbed investors' risk appetite.

CIMB Equities Research described the November corporate results season as another big letdown, making it the 10th straight results season that disappointed.

"We maintain our Neutral call but lower the end-2013 KLCI target from 1,730 to 1,670 based on an unchanged price-to-earnings target of 13.3 times," it said.

UMW fell the most, down 22 sen to RM10.60 while Allianz gave up 16 sen to RM6.70 and MMHE dropped 10 sen to RM4.30. Public Bank lost 10 sen to RM15.46 and Genting five sen to RM8.91.

Among plantations, IOI Corp lost nine sen to Rm4.84, FGV six sen to RM4.53 and PPB Group four sen lower at RM11.94.

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