Share prices open lower on lack of buying interest

KUALA LUMPUR, Nov 28 ― Lack of buying interest from investors  continued to weigh on share prices on Bursa Malaysia which opened lower in the early session today, dealers said.

At 9.10am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 6.54 points lower at 1,591.63 after opening at 1,592.83.

The downward movement was also in line with the losses seen in Wall Street.

HwangDBS Vickers Research said the key FBM KLCI could drop further today as market momentum remains on the downside after slipping under the psychological mark of 1,600 yesterday.

From a technical perspective, the next support line for the benchmark index is currently seen at 1,575, the research house said in a note today.

"Essentially, investors' sentiment was clouded by the slow progress in the US fiscal cliff negotiations, which then negated the European agreement reached to extend financial aid to Greece," it said.

Back home, the Finance Index fell 19.58 points to 14,867.36, the FBM Ace Index declined 8.77 points to 4,183.23 and the FBM Mid 70 Index slipped 6.6 points to 11,916.22.

The Industrial Index shed 26.58 points to 2,654.72, the FBM Emas Index was 36 points lower at 10,855.79, the FBMT100 went down 36.74 points to 10,701.14 and the Plantation Index decreased 22.74 points to 7,844.48.

Losers led gainers 107 to 61, with 113 counters unchanged and 1,383 untraded.

Volume stood at 66.124 million shares worth RM71.185 million.

Of the actives, iDimension gained 1.5 sen to 14 sen but MAS lost 13 sen to 88 sen while SAAG Consolidated, QSR Brands and Biosis were flat at 0.5 sen, RM6.72 and 26.5 sen, respectively.

Among heavyweights, Public Bank rose two sen to RM15.40, but both Maybank and Axiata were flat at RM9.02 and RM5.62 respectively.

Sime Darby declined five sen to RM9.20, CIMB lost four sen to RM7.46 and Petronas Chemicals shed three sen to RM6.06. ― Bernama


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