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KL shares lower on lack of buying interest Posted: 27 Nov 2012 06:05 PM PST KUALA LUMPUR: Lack of buying interest from investors continued to weigh on share prices on Bursa Malaysia which opened lower in the early session on Wednesday, dealers said. At 9.10 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 6.54 points lower at 1,591.63 after opening at 1,592.83. The downward movement was also in line with the losses seen in Wall Street. HwangDBS Vickers Research said the key FBM KLCI could drop further today as market momentum remains on the downside after slipping under the psychological mark of 1,600 yesterday. From a technical perspective, the next support line for the benchmark index is currently seen at 1,575, the research house said in a note today. "Essentially, investors' sentiment was clouded by the slow progress in the US fiscal cliff negotiations, which then negated the European agreement reached to extend financial aid to Greece," it said. Back home, the Finance Index fell 19.58 points to 14,867.36, the FBM Ace Index declined 8.77 points to 4,183.23 and the FBM Mid 70 Index slipped 6.6 points to 11,916.22. The Industrial Index shed 26.58 points to 2,654.72, the FBM Emas Index was 36 points lower at 10,855.79, the FBMT100 went down 36.74 points to 10,701.14 and the Plantation Index decreased 22.74 points to 7,844.48. Losers led gainers 107 to 61, with 113 counters unchanged and 1,383 untraded. Volume stood at 66.124 million shares worth RM71.185 million. Of the actives, iDimension gained 1.5 sen to 14 sen but MAS lost 13 sen to 88 sen while SAAG Consolidated, QSR Brands and Biosis were flat at 0.5 sen, RM6.72 and 26.5 sen, respectively. Among heavyweights, Public Bank rose two sen to RM15.40, but both Maybank and Axiata were flat at RM9.02 and RM5.62 respectively. Sime Darby declined five sen to RM9.20, CIMB lost four sen to RM7.46 and Petronas Chemicals shed three sen to RM6.06. -- BERNAMA

US stocks fall despite Greek deal Posted: 27 Nov 2012 03:10 PM PST NEW YORK: US stocks fell Tuesday as fiscal cliff worries overshadowed encouraging US economic data and investors shrugged off Greece's revised bailout deal. The Dow Jones Industrial Average shed 89.24 points (0.69 percent) at 12,878.13. The broad-market S&P 500 lost 7.35 (0.52 percent) at 1,398.94, while the Nasdaq Composite slid 8.99 (0.30 percent) to 2,967.79. Investors remained focused on Washington where Democratic Senator Harry Reid said little progress had been made in budget negotiations, Briefing.com analysts said. "After the Senate majority leader's comments, the S&P 500 fell to session lows from its flat line," and declined further in a final round of selling pressure. European markets closed higher after the Greek deal, which allows Athens to trim its debt load through bond buybacks and reduced rates, and promises new rescue loan installments of 43.7 billion euros (US$57 billion) through March. But critics said Greece's creditors, the European Union and the International Monetary Fund, had again "kicked the can down the road" with the new arrangement. "We think that Greece will eventually need a much larger debt relief, but any agreement on this is unlikely to happen before German elections next fall," said Tullia Bucco of UniCredit Research. Trade was heavy in food manufacturer Ralcorp Holdings, which surged 26.4 percent after ConAgra Foods set a deal to buy it for US$6.8 billion, including assuming Ralcorp debt. ConAgra gained 4.7 percent. The Dow's biggest laggards were Hewlett-Packard, down 3.1 percent, American Express, off almost two percent and United Health, 1.6 percent. Intel led the nine gainers, up 0.6 percent. Casino operator Las Vegas Sands jumped 5.2 percent after it announced a special dividend to be paid before year-end, aiming to avoid higher dividend taxes that will likely result from deficit-slashing negotiations under way in Washington. On the Nasdaq, Research in Motion, the BlackBerry maker, dived 10.4 percent despite an upgrade from CIBC World Markets. Apple shares fell 0.8 percent after Monday's 3.2 percent gain. -- AFP

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