Barefoot Investor: Kuala Lumpur shares lower at close

Share prices on Bursa Malaysia ended lower as foreign funds selling across the region in response to news of weak global development weighed down the local bourse

At 5pm, the FTSE Bursa Malaysia Composite Index (FBM KLCI) fell 6.16 points or 0.39 per cent to 1,588.58, as most of the 30 counters of the key benchmark index traded lower on selling pressure.

The CI had opened 0.4 of a point higher at 1,595.14 and moved between 1,584.20 and 1,597.08 throughout trade today.

The unexpected higher unemployment data in the US and worries that the Euro debt crisis was spreading to Italy, on top of Greece's debt, kept investors away from the market.

Of course, everyone will not expect this trend to persist  too long since the oil and gas stocks were among those that performed well, especially when the news of merger between Kencana Petroleum and SapuraCrest Petroleum.

Plantation stocks were the among the stocks favoured by investors which also including the Kuala Lumpur Kepong, that rose t 14 sen to RM22.80.

At close, the Plantation Index lost one point to 7,909.97, the Finance Indexfell 58.70 points to 14,980.04 and the Industrial Index declined 3.41 points to 2,879.21.

The FBM Emas Index decreased 38.95 points to 10,895.38, the FBM Ace Index declined 16.73 points to 4,163.92 and the FBM70 Index shed 23.99 points to 11,847.71.

The market breadth overall today was negative with losers outnumbering gainers 460 to 237 while 304 counters were unchanged, 487 untraded and 37 others suspended.


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