KUALA LUMPUR: Profit-taking activities on recent top performers, including telcos and Tenaga dragged the 30-stock FBM KLCI into the red as some investors decided it could be time they reduced their exposure to riskier assets like equities.

However, the profit taking was not widespread as volume was still low, though advancing counters beat decliners more than two to one.

At 12.30pm, the FBM KLCI was down 5.02 points or 0.31% to 1,631.15. Turnover was 354.46mil shares valued at RM536.24mil. Losers beat gainers 420 to 162 while 312 counters were unchanged.

Bloomberg reported China's stocks fell, dragging the benchmark index to its lowest level since 2009, on concern the slowing global growth will hurt earnings.

China's July preliminary reading of 49.5 for the purchasing managers' index, if confirmed, would be the highest since February. In June, the final number was 48.2. A final reading below 50 would cap a nine-month run, the longest in the index's eight-year history and surpassing the stretch from August 2008 to March 2009.

Among the key regional markets, Japan's Nikkei 225 shed 0.06% to 8,503.43; Shanghai's Composite Index 0.23% lower at 2,136.44; Taiwan's Taiex slipped 0.46% to 6,996.13 while South Korea's Kospi flat at 1,789.42.

However, Singapore's Straits Times Index rose 0.54% to 2,998.68 while Hong Kong was closed due to a storm and was set to open in the afternoon.

US light crude oil rose 59 cents to US$88.73 and Brent gained 77 cents to US$104.03. Spot gold added 51 cents to US$1,577.26.

The ringgit weakened against the US dollar to 3.1745.

Crude palm oil for third-month futures fell RM39 to RM2,951 but off the early low of RM2,9211 - the lowest since June 19.

At Bursa Malaysia, Telekom Malaysia fell eight sen to RM6.10, dragging the KLCI down 0.67 of a point while Maxis gave up six sen to RM6.59, erasing 0.42 of a point off the KLCI while Axiata shed four sen to RM5.81.

Tenaga fell five sen to RM6.67, dragging the index down 0.64 of a point.

Among the plantations, KLK fell 28 sen to RM23.79 and PPB Group eight sen to RM15.42.

Nestle was the top loser, down 50 sen to RM59.40 with 800 shares done and Dutch Lady 32 sen to RM35.60 with 300 units done. Cement-based Tasek lost 28 sen to RM9.60 and Lafarge 16 sen to RM7.82.

Among the insurers, Takaful lost 15 sen to RM6.25 and Allianz-PA fell 13 sen to RM5.85 while Allianz was five sen lower to RM5.95.

However, BAT jumped RM2.06 to RM60.48 with 46,100 shares done. Tanjung Offshore surged 16.5 sen to 95.5 sen, its warrants, TgOffs-WB added 10 sen to 19 sen and TgOffs-WB nine sen to 37 sen.

• 
• 
• 

More News Business Headlines      Japan stocks crash on volatile bonds, weak China data; Nikkei ends down 7.3%      MISC posts RM300m net profit in Q1, sees challenging year ahead      KL Kepong slips to low of RM21.36 as quarterly profit drops      Maybank's Q1 earnings up 11.8% to RM1.506b      Lafarge Cement positive on markets, mulls expanding capacity      Dayang Enterprise awards RM705m contract to Perdana Petroleum      KLCI pauses, Japan, Hong Kong key indices slide (Update)      ECM Libra plans to exit PN17 by year-end      China HSBC flash PMI hits 7-mth low, fans growth fears      RHB Research maintains Buy on KPJ Healthcare, FV RM7.30      Alliance Neutral on Axiata, ups target price to RM7      Deleum top loser, down 11.3% after disappointing results      Maybank KE Research maintains Hold on AirAsia      Public Invest Research ups Uzma target price to RM2.86      Malaysia's blue chips fall more than 6pts in early trade      Profit taking may weigh on Malaysian equities      HP raises 2013 outlook as Whitman's plan takes hold      Bernanke says more progress needed before stimulus pullback      Wall Street falters in volatile session on Fed worries      Aeon director: GST won’t affect group      Petronas Chemicals Group to invest RM3bil in capital expenditure      Weak CPO prices hit Boustead profit      April CPI up 1.7% on higher food prices      Report: AirAsia X sets indicative price for IPO      MAEI sees 3%-4% rise in electrical, electronics exports      Cahaya Mata Sarawak to invest in grinding plant      Star to leverage on new, fast-growing businesses      No plans for MBO, says Vincent Lee      Scomi active as CEO raises stake      Bumi Armada shares rise after a strong Q1      BToto buys RM20m REDtone shares      Ingress gets notice from joint-offerors      Support Line      Axiata Q1 profit improves      Lower net profit for AirAsia      BMW targets 10% growth in sales this year      Forum to highlight on Asia economic ventures      Asean flavour in Invest M’sia confab      Top management changes at APM      ‘Fair value’ of MMHE at RM3.30      Push to limit foreign ownership in banks      EU: FTA will depend on concessions from Beijing      Sony cuts target, to assess spin-off plan      Europe moves closer to ending banking secrecy      China Galaxy soars 11% in debut      Gina Rinehart loses US$7bil      Australia consumer confidence falls  Go

• Transport Ministry reveals new FT registration plate to start with W1A
• Ahmad Zahid: Government will take action on foreigners who abuse student visas
• Adam Adli claims trial to sedition charge
• Tian Chua, Haris Ibrahim, Tamrin Ghafar detained (Update)
• Tabung Haji top-level official denies khalwat
• Justice Akhtar: Intention to finish off Sosilawati, others at wrong place wrong time
• Verdict ends three years of restlessness for family, says Sosilawati's daughter
• Adam Adli charged with uttering seditious words (Update)
• All four accused guilty in murder of Sosilawati Lawiya and three others (Update)
• New crime prevention department to be set up
• Syariah Court can annul child’s marriage, says SIS
• A-G: Prosecution to proceed with statutory rape charges against Riduan
• Women’s groups laud A-G’s promise to press statutory rape charges against Riduan
• Probe into why teen withdrew rape report
• What comes after WYY?

• Ecuador warns satellite could hit rocket remains
• Short-story writer Davis wins Booker International Prize
• Two babies among US tornado victims
• Anti-Islamist protests flare following London attack
• 'British solider' butchered in suspected Islamist attack (Updated)

• Ice queen Nicol into British Open quarters
• Australia to consider following ban on anchor putters
• Intxausti wins 16th stage, Nibali still keeps pink jersey
• Indonesia drawn to meet China again – in knockout stage
• Results worldwide
• Malacca sprinter Mohd Azam Masri out to create history by winning five events in MSSM meet
• Athletics runs in the veins of Vallabouy family
• Chinese long jumper Jinzhe claims another Olympic scalp
• Dane Jorgensen’s wish is to avoid Chinese ace Lin Dan in World Championships
• National badminton team’s lack of depth a glaring factor in home tourney
• Khim Wah-V Shem perform above expectations in Sudirman Cup debut
• Jindapon aims to qualify for 2016 Olympics
• Kenichi’s goal is to take Japan into Sudirman Cup semi-finals
• Dong-keun shows he’s a capable replacement
• Harrison makes swift U-turn

• Please wait.

• Asean flavour in Invest M’sia confab
• Report: AirAsia X sets indicative price for IPO
• Petronas Chemicals Group to invest RM3bil in capital expenditure
• ECM Libra plans to exit PN17 by year-end
• Lower net profit for AirAsia
• BToto buys RM20m REDtone shares
• MISC posts RM300m net profit in Q1, sees challenging year ahead
• KL Kepong slips to low of RM21.36 as quarterly profit drops
• Maybank's Q1 earnings up 11.8% to RM1.506b
• Lafarge Cement positive on markets, mulls expanding capacity

Copyright © 1995-2013 Star Publications (M) Bhd (Co No 10894-D) - Investor Relations