KLCI slips after 3 days of gains, Eng Tek slumps on Thai woes

The FBM KLCI slipped on Friday, Oct 14 after three continuous days of gains, as external factors began to weigh on investor sentiment.

Meanwhile, Eng Teknologi Holdings Bhd shares continued to slide after company said its FY11 revenue would be negatively impacted by the floods in Thailand.

Asian shares inched down on Friday, tracking New York and European shares lower as weak Chinese trade data raised concerns about the global economy, while the euro eased after another sovereign debt ratings downgrade, according to Reuters.

The FBM KLCI slipped 2.61 points to 1,442.26 at 10am.

Losers beat gainers by 257 to 146, while 170 counters traded unchanged. Volume was 259.77 million shares valued at RM215.35 million.

At the regional markets, Japan’s Nikkei 225 fell 0.53% to 8,776.25, Hong Kong’s Hang Seng Index lost 0.86% to 18,597.01, Taiwan’s Taiex fell 0.55% to 7,387.68, South Korea’s Kospi was down 0.31% to 1,817.48 and the Shanghai Composite Index shed 0.26% to 2,432.44 while Singapore’s Straits Times Index edged up 0.53% to 2,748.58.

BIMB Securities Research in a note Oct 14 said despite an all round decline in major bourses around the globe, recent chaotic sentiments may have finally eased.

It said yesterday’s easing of most equity markets were nothing more than bouts of profit taking after an impressive run-up.

The DJI Average was off a mere 40 points more from a lacklustre earnings report by JP Morgan, it said.

Regionally, Asian bourses were mostly up buoyed by China’s more proactive move to buy up its banking shares, said the research house.

“The cumulative effects especially a clearer picture from the Euro zone had also propped up the local bourse by an impressive 16 points edging ever closer to the 1,450 level.

“Today, we would expect the market to consolidate with the immediate support at the 1,440 mark,” it said.

On Bursa Malaysia, Eng Teknologi slumped 17 sen to RM1.83 after the company said its revenue for FY11 would be negatively impacted by the Thailand floods that have caused it to halt operations there.

Other losers included GAB and MISC that fell 14 sen each to RM10.40 and RM6.27, Sunchirin 13 sen to RM1.32, Parkson 11 sen to RM5.49, CIMB 10 sen to RM7.30, Genting Malaysia nine sen to RM3.69, Carlsberg eight sen to RM6.80 and Kretam down six sen to RM1.95.

Gainers included KLK, Panasonic, F&N, Petronas Dagangan, HLFG, BAT, Hong Leong Bank, Jerneh and YTL Land.

The actives included YTL Land, OSK, UOA Development, RedTone, Green Packet, Takaso and KUB.(theedgemalaysia.com)