KUALA LUMPUR: Malaysia's blue chips opened lower on Tuesday as investors mulled the fresh corporate developments while they also awaited the outcome of the US Federal Open Market Committee (FOMC).

The FBM KLCI opened down 2.14 points to 1,770.03, dragged down by losses in plantations and banks. Turnover was 29.87 million shares vaklued at RM12.73mil. The broader market was firmer, with 87 gainers to 28 losers.

Hwang DBS Vickers Research (HDBSVR) said as the FOMC begins its two-day meeting on Tuesday, the outcome of which could provide an insight whether the monetary stimulus will be scaled back anytime soon.

"Investors turned net buyers when they pushed up key equity indices on Wall Street by between 0.7% and 0.8% last night. "This will likely pave the way for Asian equities to extend their recoveries ahead. In Malaysia, the benchmark may build on its two-day gains of 29.3-point or 1.7% to climb towards the immediate resistance threshold of 1,785," said HDBSVR. At Bursa Malaysia, Petronas Dagangan fell the most, down 56 sen to RM24.84 while Genting Malaysia shed seven sen to RM3.85 and Genting Bhd four sen lower at RM190.46.

Plantations were among the major losers, KL Kepong fell 24 sen to RM21.26, Genting Plantations 10 sen to RM9.17 and FGV three sen to RM4.52.

AmBank fell 10 sen to RM7.09, Maybank four sen to RM10.34. Pos Malaysia slipped four sen to RM4.84.

Original source: http://biz.thestar.com.my/news/story.asp?file=/2013/6/18/business/20130618091846&sec=business



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