Share prices end sharply lower, FBM KLCI below 1,460-point level - 23/9/2010

KUALA LUMPUR: Share prices here ended sharply lower on Thursday, Sept 23, dragged by losses in major heavyweights, dealers said.

The FTSE Bursa Malaysia KUALA LUMPUR COMPOSITE INDEX [] (FBM KLCI) lost 16.67 points to 1,458.08 after opening 0.95 points higher at 1,475.7.

Dealers said there was a correction after the bourse touched a two-and-a-half-year high on Tuesday with investors tracking losses on Wall Street amid pessimistic assessment by the US Federal Reserve's Federal Open Market Committee on Tuesday that the US economic recovery had slowed.

"I think economic problems are beginning to surface in Europe & US. That is why the market is down today. US economy is still shaky — that is why the US Fedearal Reserve is ready to do their 'quantitative easing' measures if economy slides," said Maybank Investment Bank head of retail research Lee Cheng Hooi.

He said resistance for the FBM KLCI would be seen at 1,480 and market was pressurizing its support of 1,460.

The INDUSTRIAL INDEX [] shed 17.70 points to 2,780.64, Finance Index slipped 95.681 points to 13,237.18 and the PLANTATION [] Index declined 134.3 points to 6,743.45.

The FBM Emas Index eased 101.37 points to 9,749.8, FBM Ace Index slid 24.63 points to 3,782.09 and the FBM70 [] dropped 67.62 points to 9,572.70.

Turnover was lower at 999.443 million shares worth RM1.416 billion from 1.332 billion shares worth RM2.021 billion on Wednesday.

Decliners led advancers by 523 to 221 while 254 counters were unchanged, 354 untraded and 36 others suspended.

Gamuda lost four sen to RM3.84 on profit taking after its recent advances in line with the easier market sentiment.

Of the active stocks, Karambunai rose four sen to 12 sen, KNM Group gained half a sen to 47 sen, Compugates Holdings declined half a sen to 6.5 sen and Tiger Synergy was flat at 12.5 sen.

Among heavyweights, Maybank lost six sen to RM8.62, CIMB slipped 10 sen to RM8.19, Tenaga Nasional lost four sen to RM9.00 and Sime Darby eased one sen to RM8.33. — Bernama