THE FTSE Bursa Malaysia KLCI (FBM KLCI) slipped below the 1,560-point level yesterday as regional markets were pulled down by the debt impasse in Washington which may trigger the first-ever US debt default.
The key Bursa Malaysia barometer which opened 0.4 point better at 1,565.46 and hit a low of 1,558.51 before ending at 1,559.6 or 5.46 points easier compared with the close on Friday.
Affin Investment Bank's head of retail, Dr Nazri Khan, said that the US deadlock was temporary as the lawmakers eventually would come out with a last-minute consensus.
"Although the debt ceiling talks have no fresh direction or progress so far, market players are still hopeful there will be an agreement before August 2," he said. "On the local front, we lack catalysts and leads."
The Finance Index lost 73.52 points to 14,737.61 but the Industrial Index gained 0.15 points to 2,868.05 and the Plantation Index rose 22.81 points to 7,720.92.
The FTSE Bursa Malaysia Emas Index dropped 47.359 points to 10,719.07, the FTSE Bursa Malaysia Mid 70 Index decreased 79.396 points to 11,749.23 and the FTSE Bursa Malaysia ACE Index shed 50.75 points to 4,119.36.
Volume leader Ingenuity Solutions-WA slipped 1 sen to 3.5 sen. Ingenuity Solutions eased 1 sen to 7.5 sen, Wijaya Baru Global-WA earned 4 sen to 15.5 sen and Bumi Armada inched down 9 sen to RM4.08.
Debutante Hibiscus Petroleum was among the active counters, dropping 9.5 sen to 53 sen but its warrants rose 1 sen to 13.5 sen.
Among heavyweights, Maybank was unchanged at RM8.83, CIMB dipped 8 sen to RM8.45, Petronas Chemicals eased 3 sen to RM7.01 and Sime Darby dwindled 1 sen to RM9.19.
Market breadth was negative with losers outnumbering gainers 505 to 203 while 291 counters were unchanged, 500 untraded and 27 others suspended.
A total of 857.415 million shares valued at RM1.361 billion changed hands compared with 1.166 billion shares worth RM1.993 billion last Friday.
On Bursa Malaysia Derivatives, FBM KLCI futures contracts closed lower in line with the bearish cash market.
July 2011 dropped 10.5 points to 1,557, August 2011 slipped 12 points to 1,556, September 2011 lost 11 points to 1,557.5 and December 2011 dipped 11.5 points to 1,556.5.
Volume rose to 10,716 lots from 4,708 lots on Friday but open interest fell to 22,673 contracts from 22,719 previously. – Bernama
READ MORE PREVIOUS ARTICLE REGARDING TRADING OPINIONS ON 26 JULY 2011
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