Business

Bursa closes lower on lack of buying interest

November 12, 2012

KUALA LUMPUR, Nov 12 – Share prices on Bursa Malaysia closed lower in a quiet market today, on lack of buying interest, dealers said.

The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 3.49 points to 1,637.59, after hovering between 1,636.65 and 1,640.78.

OSK Investment Bank Bhd Technical Analyst Mohammad Ashraf Abu Bakar said the local bourse was dampened by telecommunications stocks like Axiata, which was down one sen to RM5.93, and Telekom Malaysia eased two sen to RM5.58.

Also, other stocks did not support the local bourse, he said.

He, however, said that as long as the benchmark was maintained over the 1,630 level, there was still a possible rebound that might happen on Wednesday, the next trading day, after the Deepavali public holiday tomorrow.

Another dealer said the Asian bourse was affected by worries over whether Washington would be able to work out a spending and taxation deal that were crucial to keep the US economic recovery on track.

In the broader market, losers led gainers by 390 to 225, while 317 counters were unchanged, 710 counters untraded and 27 others suspended.

Volume rose to 780 million shares worth RM1.03 billion from Friday’s 777.107 million shares valued at RM1.32 billion.

The Finance Index shed 19.61 points to 15,048.76, the Plantation Index fell 50.06 points to 8,022.8 and the Industrial Index lost 8.72 points to 2,816.55.

The FBM Ace Index slipped 33.05 points to 4,248.55, the FBM Emas Index slid 22.79 points to 11,173.69, the FBMT100 dwindled 21.47 points to 11,012.25 and the FBM Mid 70 Index declined 14.75 points to 12,272.47. – Bernama

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