KUALA LUMPUR (June 25): The FBM KLCI edged down in early trade on Monday in line with slip at key regional markets on increasing concerns over a global economic slowdown.
The FBM KLCI shed 1.47points to 1,601.60 at 9.02am.
There were 81 gainers and 27 losers, while 82 counters traded unchanged. Volume was 26.72 million shares valued at RM8.78 million.
Asian shares mostly slipped on Monday and the safe-haven dollar rose as concerns about faltering global growth and Europe's intractable debt crisis continued to sap investor confidence, but Japanese stocks were supported by a weaker yen, according to Reuters.
The euro fell, despite moves late last week to ease funding strains on the euro zone banking system, as markets remained unconvinced that a European Union summit on Thursday and Friday will make substantial progress towards resolving the crisis, it said.
MIDF Research in its regional fund flow report on Monday said it expects plenty of window dressing activity this week.
It said that the momentum started last week with a few heavyweights gaining ground against the run of play.
“The evidence could not be more overwhelming. While the FBM KLCI had gained 4.7% year-to-date (YTD), the broader FBM70 had lost 6.9% YTD.
“The FBM KLCI had been particularly well supported in June. For the month until last Friday, the KLCI had gained 1.4%, while the FBM70 had lost a massive -7.3%,” it said.
Among the early decliners were Petronas Dagangan, Petronas Gas, KLK, CIMB, KBB, GD Express, Pakson and Genting.