KUALA LUMPUR (July 5): The FBM KLCI took a breather on Thursday and snapped its four-day winning streak, slipping into negative territory at mid-morning.
At 10am, the FBM KLCI shed 2.11 points to 1,611.64.
There were 185 gainers and 176 losers, while 249 counters traded unchanged. Volume was 250.71 million shares valued at RM153.74 million.
Asian shares eased on Thursday as markets awaited the European Central Bank's policy decision later in the day, while the euro was pressured by widespread expectations of a rate cut to support fragile euro zone growth, according to Reuters.
MSCI's broadest index of Asia-Pacific shares outside Japan inched down 0.2 percent after hitting a seven-week high on Wednesday, it said.
At the regional markets, Japan’s Nikkei 225 fell 0.07% to 9,097.59, Hong Kong’s Hang Seng Index lost 0.26% to 19,658.30, the Shanghai Composite Index fell 0.96% to 2,205.94, Taiwan’s Taiex was down 0.28% 7,401.61, South Korea’s Kospi down 0.06% to 1,873.40 and Singapore’s Straits Times Index was unchanged at 2,948.63.
BIMB Securities Research in a note Thursday said all that was needed was some reassurances from the EU leaders as the positive outcome from the recent summit had injected confidence into the region and suddenly it is not “Euro-geddon” after all.
Although European bourses took a breather following a strong uptrend over the last few days, investors may have stay side-lined waiting for the US unemployment figures due today, it said.
The research house said that meanwhile, prospects of more monetary easing in Asia saw the regional markets sustaining its upward momentum.
“Riding on this optimism, the local bourse attained an all time high with the FBMKLCI hitting 1,614.79 before retreating marginally to close at 1,613.75.
“As mentioned yesterday, buying interests returned on Plantation counters buoyed by a strengthening CPO price and we believe this to continue. We foresee there to be more upside for the FBM KLCI over the near term and our interim target of 1,630 is looking precariously vulnerable,” it said.
Among the decliners on Bursa Malaysia, BAT fell 26 sen to RM56.06, Far East 25 sen to RM7.40, Kluang 19 sen to RM2.56, Petronas Dagangan and HLFG down 18 sen each to RM20.82 and RM12.10, Gold IS fell 14 sen to RM2.06, PPB and Petronas Gas down 12 sen each to RM15.78 and RM17.88, while Bertam fell 9.5 sen to 59.5 sen.
Gainers at mid-morning included Pharmaniaga, Tradewinds, MISC