KLCI extends slide, oil slips following overnight rally

KUALA LUMPUR: The local market continued to look wobbly in Wednesday morning trade despite a firmer finish on Wall Street overnight as US Treasury yields rose off 15-month lows.

At 9.10am, the FBM KLCI was down 2.45 points to 1,647.49. Trading volume was 192.85 million shares valued at RM107.01mil. There were 147 gainers versus 81 decliners and 176 counters unchanged.

On the regional scene, Japan’s Nikkei fell 0.7% while South Korea’s Kospi also dropped 0.7%. Australia’s ASX200 slipped 0.4%.

Counters coming under pressure included Public Bank dropping 22 sen to RM23.52, SCGM falling eight sen to RM1.06 and Hong Leong Bank sliding six sen to RM20.24.

On the advancing end, F&N rose 72 sen to RM35.30 , Panasonic gained 68 sen to RM38.26 and Teck Guan added 30 sen to RM1.31.

Crude oil prices turned slightly lower after rising nearly 2% in the previous session following massive power blackout in Venezuela’s main oil export port of Jose and its four crude upgraders.

US crude slid eight cents to US$59.86 a barrel and Brent crude fell nine cents to US$67.88 a barrel.

Source : TheStar