Jumaat, 27 September 2013

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US stocks end week on sour note

Posted: 27 Sep 2013 04:40 PM PDT

NEW YORK: US stocks on Friday closed a downcast week on a sour note, declining amid relentless partisan squabbling over a budget bill to avert a partial US government shutdown.

The Dow Jones Industrial Average shed 70.06 points (0.46 percent) at 15,258.24. The broad-based S&P 500 lost 6.92 points (0.41 percent) at 1,691.75, while the tech-rich Nasdaq Composite Index gave up 5.83 points (0.15 percent) at 3,781.59.

The Democratic-led Senate on Friday approved a temporary budget bill to fund government operations at the start of the 2014 fiscal year Tuesday.

But the measure, which goes to the House of Representatives, does not defund President Barack Obama's health-care law, a prime objective of House Republicans.

With no compromise in sight, Obama told a White House news conference that Congress must pass a bill to fund the government and failure to do so would destabilize the world economy.

Traders were reluctant to buy shares on Friday with such uncertainty, said Art Hogan, head of product strategy for equity research at Lazard Capital Markets.

"The safety trade is going to be to pare back," Hogan said. "Traders are saying 'let's not go into the weekend with a lot of exposure in the off-chance that something bad happens.'"

Dow component Microsoft rose 1.5 percent after the technology website All Things D reported that Ford Motor Co. chief executive Alan Mulally is the front-runner to become the company's next CEO. Ford shares fell 1.3 percent.

Sport apparel giant Nike, which joined the Dow Monday, jumped 4.7 percent after quarterly earnings of 86 cents per share came in 8 cents above forecasts. The company reported strong sales in much of Europe.

Slumping department store chain JC Penney tumbled 13.2 percent after announcing it was selling 84 million shares, a day after saying it had enough capital for its restructuring plan.

Airline giant United sank 9.3 percent after projecting that its passenger revenue per available seat mile, a widely watched benchmark, would rise 2.5-3.5 percent in the coming quarter, below expectations. The data suggests a possible "return to underperformance," said Barclays.

Consultancy company Accenture lost 2.4 percent after earnings met expectations, but booking guidance of US$32 billion-US$35 billion for the upcoming fiscal year "suggests a slow cyclical recovery," said Bank of America Merrill Lynch. -- AFP

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3 days from shutdown, Senate pushes ahead on spending bill - USA TODAY

Posted: 27 Sep 2013 09:44 AM PDT

Susan Davis, USA TODAY 12:18 p.m. EDT September 27, 2013

WASHINGTON — The Senate was on track to approve Friday a stopgap spending bill through mid-November to head off a government shutdown in three days, but the legislation has inflamed House Republicans because it stripped out a provision to defund President Obama's health care law.

Senate conservatives pledged to keep up their efforts to dismantle the law. "This vote is not the end. It's not even the beginning of the end," said Sen. Mike Lee, R-Utah.

House Speaker John Boehner, R-Ohio, will not accept a "clean" funding bill and intends to amend it and send it back to the Senate by Monday. However, House Republicans are unsure how, exactly, to respond.

The House adjourned Friday but is scheduled to be in session over the weekend.

There is "uncertainty in their own caucus," House Minority Leader Nancy Pelosi, D-Calif., said Friday, "I don't think we know what we'll be voting on from what minute to the next, because I don't think they know what we'll be voting on from one moment to the next."

Pelosi said Democrats will vote in support of the Senate funding bill, but Boehner is under pressure from House conservatives to again try to use the spending bill to rein in the health care law.

Rep. Richard Hudson, R-N.C., said lawmakers were debating a number of alternatives to the Senate funding bill but said as of Friday, the next steps were murky. "To be honest with you, I don't know," he said. "We haven't coalesced around a consensus yet."

House Appropriations Chairman Hal Rogers, R-Ky., who is charged with drafting the spending bill, said he was awaiting a decision from GOP leaders. "I'd be open to whatever leadership thinks we should do," he said.

House Republicans are also working to put together a legislative package tied to an impending vote to raise the debt ceiling, the nation's borrowing limit, that will hit Oct. 17, according to Treasury Secretary Jack Lew. The bill would suspend the debt ceiling through the 2014 elections in exchange for a one-year delay of implementation of the health care law and instructions on how to overhaul the federal tax code without raising additional revenue.

The package also includes a grab-bag of perennially popular GOP legislation that is unpalatable to Democrats, such as construction of a new oil pipeline from Canada to Texas, and increasing means testing for Medicaid recipients.

President Obama has maintained that he will veto any legislation that seeks to delay or defund his signature domestic achievement, and Democrats have vowed not to negotiate over the debt ceiling.

Pilot suffers heart attack during flight, dies after plane diverted: officials - New York Daily News

Posted: 27 Sep 2013 09:12 AM PDT

A Seattle-bound plane was forced to make an emergency landing after the pilot suffered an apparent heart attack onboard, officials said.

United Airlines flight 1603 was diverted to Boise, Idaho, after the unidentified pilot passed out aboard the Boeing 737-900 shortly before 8 p.m., an airport spokeswoman said.

RELATED: RECORDINGS CAPTURE DRAMA OF 80-YEAR-OLD WISCONSIN WOMAN'S EMERGENCY AIRPLANE LANDING  

"We got a man down," a co-pilot told the control tower before landing, according to audio released by LiveATC.net.

"Chest compressions going on right now. I'm not sure too much right now the status."

RELATED: PLANE DIVERTED TO WHEN MAN TRIES TO OPEN EXITS

The pilot was rushed to Saint Alphonsus Regional Medical Center, but he died overnight, officials told ABC News.

The 161 passengers on the flight were transfered to another plane that brought them to Sea-Tac Airport early Friday, officials said.

RELATED: DRUNK PILOT VEERS OFF RUNWAY, CRASHES INTO FENCE

"Kudos to United for its professional manner," one person tweeted.

With News Wire Services

jkemp@nydailynews.com

@joekemp

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Khamis, 26 September 2013

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KL shares open higher

Posted: 26 Sep 2013 06:52 PM PDT

Share prices on Bursa Malaysia rose in early trading Friday led by gains in index-linked banking stocks and penny stocks in line with the positive overnight close at the Wall Street.

At 9.17am, the benchmark index went up 4.64 points to 1,778.8 after opening 1.62 points higher at 1,775.78.

Heavyweights, Maybank gained 10 sen to RM9.87, CIMB was up five sen to RM7.79, Axiata rose six sen to RM6.89, while Sime Darby and Maxis were flat at RM9.50 and RM7.02, respectively.

Among actives, Daya Materials added one sen to 33 sen, Sona Petroleum rose 1.5 sen to 45 sen, Flonic Hi-Tec was flat at 11.5 sen and MAS inched down half-a-sen to 33.5 sen.

HwangDBS Vickers Research said the key index could stage a mild technical rebound today after falling for four consecutive days with cumulative losses of 27.7 points or 1.5 per cent.

"On the chart, the benchmark index may recover towards its immediate support-turned-resistance level of 1,785 ahead," it said in a note today.

Wall Street was up marginally last night, with major equity indices rising between 0.3 per cent and 0.7 per cent at the closing bell as investors await the outcome of ongoing talks to raise the US government's debt ceiling.

On Bursa Malaysia, the Industrial Index added 3.67 points to 3,041.96, the Plantation Index rose 6.66 points to 8,356.41 and the Finance Index jumped 106.35 points to 16,597.42.

The FBM Emas Index surged 34.02 points to 12,365.9, the FBM100 Index was 33.58 points higher at 12,009.82, the FBM 70 advanced 47.5 points to 14,061.91 and the FBM Ace went up 28.99 points to 5,544.26.

Gainers thumped losers 205 to 57, with 152 counters unchanged, 1,178 untraded and 26 others suspended.

Trading stood at 255.05 million shares worth RM96.47 million.-- Bernama

Ringgit extends yesterday's gains

Posted: 26 Sep 2013 07:04 PM PDT

The ringgit extended yesterday's gains to open higher against the US dollar today, benefiting from emerging appetite for
Asian currencies among investors, dealers said.

As at 9am, the local note was quoted at 3.2120/2150 to a US dollar from 3.2130/2160 yesterday.

The ringgit was also traded higher against most major currencies.

It improved against the Singapore dollar to 2.5600/5644 from 2.5605/5648 Thursday and was marginally better versus the yen at 3.2448/2481 from 3.2550/2597 yesterday.


It appreciated against the British pound to 5.1511/1569 from 5.1565/1630 yesterday and strengthened against the euro to 4.3311/3357 from 4.3411/3458 Thursday.-- Bernama
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House GOP opens 2-front war on ObamaCare, president makes final pitch - Fox News

Posted: 26 Sep 2013 09:05 AM PDT

House Republicans are opening a two-front war on ObamaCare, pushing for a vote this weekend on a bill that would delay the health care law in exchange for raising the debt ceiling -- a week after handing the Senate a separate bill that would defund the law. 

At the same time, President Obama was launching a final push to promote the law in advance of a major provision going into effect next Tuesday. 

Speaking at a Maryland community college in suburban Washington, he decried the "misinformation" swirling around the law but said Republicans have been unsuccessful "at every step" in their efforts to stop it. 

Government-regulated insurance "exchanges" are set to launch on Oct. 1. "The closer we got to this date, the more irresponsible folks opposed to this law have become," Obama claimed. 

But House Republicans stood by their strategy on Thursday. "The American people don't want the president's health care bill," House Speaker John Boehner said. 

GOP leaders said they are putting forward the debt-ceiling bill this week; a senior House source told Fox News that the tentative plan is to debate and vote on Saturday. That bill is expected to cover a lot of ground, with provisions to raise the debt ceiling, tee up future tax reform, approve the Keystone pipeline and, perhaps most important to Republicans, delay ObamaCare by one year. 

This comes as the Senate deals with a measure that would keep the government open past Sept. 30 in exchange for defunding the health law. The Senate voted Wednesday to advance the bill and, if Democrats can clear one final hurdle on Friday, Majority Leader Harry Reid plans to strip out the ObamaCare measure and send it back to the House. 

At that point, House Republicans would be faced with a choice. 

They could continue to push for anti-ObamaCare provisions in the budget bill. This, though, risks a government shutdown on Oct. 1, as Democrats refuse to go along with any budget bill that defunds the health law. GOP leaders are also exploring adding face-saving options -- like the repeal of a tax on medical devices, which many Democrats also oppose -- to the stopgap spending bill. 

But as an alternative path, Republicans could simply pass a "clean" budget bill, and immediately shift their attention to the fight over the debt ceiling -- using that as leverage to push for a one-year delay of the health law. 

This is arguably a much bigger fight with much bigger implications. 

Treasury officials say the U.S. government exhausts its borrowing capability on Oct. 17. Failure to raise the debt ceiling by then could risk a U.S. default. 

Republicans, though, are hoping to use that doomsday scenario to convince Democrats to relent and delay the health law by a year. 

They argue the administration has already delayed the requirement on mid-sized and large businesses to provide insurance to workers, and that the government should extend that to the rest of the law. 

"I think we ought to really force the effort to delay this individual mandate for at least a year, just as the president unilaterally decided to delay the employer mandate," Sen. John Barrasso, R-Wyo., told Fox News, though he wants to achieve that through the budget bill. 

"I think it's very important to give American people the same relief that the president unilaterally decided to give to others," he said. 

But the Obama administration is already gearing up for a major launch of the so-called insurance exchanges on Oct. 1, and has no interest in delaying the law. The White House is equally insistent that Congress approve the increase in the debt ceiling. 

"The president's not going to accept that proposition. He's just not. We will not negotiate over Congress' responsibility to pay the bills that Congress racked up," White House Press Secretary Jay Carney said Wednesday. 

Aside from the ObamaCare provision, the GOP's demands on the debt limit involves far less dramatic spending cuts than Republicans demanded from Obama in a debt showdown two years ago. Then, Republicans extracted $2.1 trillion in cuts over a decade for a similar increase in the borrowing cap. Now, GOP leaders are mulling a 14-month borrowing increase that would increase the debt ceiling by almost $1 trillion but are considering only modest cuts, like an increase in the contribution federal workers make to their pensions. 

Fox News' Chad Pergram and the Associated Press contributed to this report.

Costa Concordia: Remains found near wreck - BBC News

Posted: 26 Sep 2013 09:02 AM PDT

This time-lapse footage shows the first day of the Costa Concordia salvage operation

Italian officials overseeing the continuing search for bodies around the wreck of the Costa Concordia say unidentified remains have been found.

Two people have been unaccounted for since the night the ship sank off the Italian shore in a disaster which claimed the lives of 30 other people.

The 290m (951 ft) vessel was raised upright last week in a major salvage operation off Giglio island.

Its captain is on trial over the disaster in January of last year.

Francesco Schettino is accused of manslaughter, causing the shipwreck and abandoning ship, but says he is being made a scapegoat for others' errors.

Map showing the route of the Costa Concordia on a previous trip and on the day of the collision.

"During a search in the water near the central part of the ship, coast guard and police divers found remains which still have to be identified with DNA," Italy's civil protection agency said in a statement on Thursday.

The agency's head, Franco Gabrielli, reaffirmed that further tests were needed but told reporters the remains were "absolutely consistent" with the two missing people, said Reuters news agency.

Recovering the remains after 20 months under the weight of the cruise ship was "almost a miracle," Mr Gabrielli said.

An Indian waiter, Russel Rebello, and Italian passenger Maria Grazia Trecarichi were reported missing, presumed dead, after the disaster.

It was thought that perhaps they had been trapped beneath the ship and the rocks, the BBC's Alan Johnston reports from Rome.

Divers found remains lying just outside the hull on the seabed. They still have not been brought ashore, and the process of running DNA identification tests is yet to begin.

But relatives of the two missing people have been informed of the find.

Graphic
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Rabu, 25 September 2013

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KL shares open slightly higher

Posted: 25 Sep 2013 07:02 PM PDT

Share prices on Bursa Malaysia rose slightly higher in early trading on Thursday despite overnight losses on Wall Street.

At 9.13am, the benchmark index inched up 0.14 point to 1,784.2, after opening 0.24 point higher at 1,784.3.

HwangDBS Vickers Research expects the local bourse to show resilience ahead, despite facing persisting selling pressures.

"On the chart, the key FBM KLCI -– following a 17.8-point or 1.0 per cent loss over the last three days -– could move slightly above the immediate support line of 1,785 today," it said in a note today.

Wall Street slipped further last night, on the back of concerns that the ongoing government budget talks might affect the US economic recovery.

Major US equity bellwethers were down between 0.2 per cent and 0.4 per cent at the closing bell.

On Bursa Malaysia, the Industrial Index added 7.04 points to 3,054.32, the Plantation Index rose 20.58 points to 8,374.82 but the Finance Index shed 14.62 points to 16,616.55.

The FBM Emas Index went up 2.78 points to 12,400.12, the FBM100 Index was 1.77 points higher at 12,136.65, the FBM 70 increased 5.44 points to 14,104.93 but the FBM Ace declined 16.79 points to 5,475.26.

Gainers led losers 118 to 88, with 151 counters unchanged, 1,226 untraded and 26 others suspended.

Trading stood at 176.05 million shares worth RM91.45 million.

Among actives, MAS and Pasukhas added one sen each to 34 sen and 18.5 sen respectively, Zelan rose three sen to 27 sen, SerSol was flat at RM1.02 and Technodex eased 1.5 sen to 9.5 sen.

Of heavyweights, Axiata and Sime Darby went up one sen each to RM6.91 and RM9.52 respectively while Petronas Chemicals and Maxis were flat at RM6.90 and RM7.04 respectively.

Maybank and CIMB both fell one sen to RM9.84 and RM7.78 respectively.-- Bernama

Ringgit rebounds against US dollar

Posted: 25 Sep 2013 07:04 PM PDT

The ringgit rebounded against the US dollar in early trade on Thursday over concerns US politicians would raise the country's borrowing limits, dealers said.

As at 9am, the local note was quoted at 3.2140/2170 per US dollar from 3.2215/2245 at yesterday's close.

Meanwhile, the local currency was mostly better against most major currencies.

The ringgit was slightly higher versus the Singapore dollar at 2.5634/5678 from 2.5657/5683 on Wednesday and was marginally better against the yen at 3.2676/2710 from 3.2679/2726 yesterday.

It depreciated against the British pound to 5.1675/1736 from 5.1515/1569 on Wednesday but strengthened against the euro to 4.3456/3503 from 4.3477/3521 yesterday.-- Bernama
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21 hours and counting: Cruz crusade against Obamacare continues on Senate ... - NBCNews.com

Posted: 25 Sep 2013 08:59 AM PDT

By Michael O'Brien, Carrie Dann and Andrew Rafferty, NBC News

For 21 hours and counting, Texas Sen. Ted Cruz has been standing and speaking on the Senate floor without so much as a bathroom break to interrupt his symbolic demonstration against Obamacare, but NBC News has learned that he plans on leaving the floor at noon Wednesday.   

There is no sign that the weary Cruz is prepared to end his marathon speaking session until the Senate reconvenes around noon Wednesday for a vote he cannot prevent. Senate officials and Cruz' senior staff tell NBC News that Cruz has not left the Senate floor, has not been seated and has had just a few nibbles to eat. He has had short breaks from speaking only to allow a handful of friendly colleagues to ask him long questions.  Wearing black sneakers instead of his trademark cowboy boots, Cruz has paced the floor while others spoke to stretch his legs. 

Texas Senator Ted Cruz reads two bedtime stories to his daughters at home and likens Obamacare to "Green Eggs and Ham"

But for all the posturing, his effort amounts to little more than a very, very long speech.  The display is not formally considered a filibuster because it is not being used to stop legislation – in this case a bill that would continue to fund the government.

The Senate will still proceed with a vote, scheduled for about 1:00pm on Wednesday, to take up legislation passed last week by Republicans in the House which would prevent a government shutdown but also contains provisions to stop funding the Affordable Care Act.  Cruz is protesting the bill because Senate rules would allow Democrats to strip the part that would defund Obamacare. 

When he took to the Senate floor just after 2:41 p.m. on Tuesday, Cruz vowed to speak in opposition to the Affordable Care Act "until I am no longer able to stand."

And speak he did, all through the night.  Cruz read Dr. Seuss' "Green Eggs and Ham" as he wished his children goodnight from the Capitol. He professed his love for White Castle burgers, talked about Star Wars and the moon and even commended actor Ashton Kutcher for a recent award show speech.  Between the padding, the freshman senator dipped into long monologues about his fierce opposition to President Barack Obama's health care law.

Because of Majority Leader Harry Reid's move Monday to schedule a test vote on government funding for Wednesday morning, Cruz can't do anything on his own procedurally to delay the timing of that vote.

And as Cruz spoke, Reid aide Adam Jentleson tweeted that the Republican "pre-negotiated the terms of his #fakefilibuster with Senator Reid yesterday. Not exactly a Mr. Smith moment."

When asked how long he planned to speak, Cruz offered a wry response to reporters on Capitol Hill: "We shall see."

If Cruz managed to keep at least 60 of his fellow senators from supporting that Wednesday vote, he could prevent cutting off debate on the budget bill – and that would be a filibuster. 

Sen. Ted Cruz, R-Texas, talks about difficult situations that Americans have faced during his Tuesday speech on the Senate floor against the Affordable Care Act.

Cruz wants that procedural vote to fail, because – if the final government funding bill subsequently passed, Democrats would simply strip out the part of the legislation that deals with Obamacare, kicking the clean bill back to the House. 

But Cruz has only a few allies in that attempt. Some of those supporters, Republican Sens. Mike Lee, David Vitter, Pat Roberts, Jeff Sessions, Marco Rubio, Jim Inhofe, and Mike Enzi had visited the Senate floor to ask their colleague a question, a tactic that allowed Cruz a temporary break from speaking.

Kentucky Republican Sen. Rand Paul, who in March held a 13-hour filibuster, also took to the Senate floor to ask if Cruz would accept any sort of compromise that keeps the government open while revising the health care law.

Republicans "don't control all the government" Paul said while asking Cruz if he intended to shut down the government.

Cruz said he did not want to shut down the government, but would not be open to a middle ground and "will not vote for a continuing resolution that does not defund 'Obamacare.'"

Paul actually privately opposed Cruz's approach to the stopgap spending measure during a meeting with other GOP senators on Tuesday. Sources told NBC News that Paul joined with Minority Leader Mitch McConnell, R-Ky., to help hasten the return of the spending measure to the House to give colleagues in the lower chamber more time to figure out how to proceed.

But most senior Republicans, including McConnell, will not be coming to Cruz's aid. They have said they will vote to cut off debate - which would enable Democrats to strip the provision to defund Obamacare, but - more importantly - also allow the process of reaching an agreement to fund the government to move forward.

On that note, Reid said Tuesday that he would seek to move forward with legislation to fund the government through mid-November, a more modest time frame than had initially been sought by lawmakers.

Senator Ted Cruz, R-Texas, speaks on the Senate floor Tuesday, vowing to deliver a long speech against the Affordable Care Act.

The political appeal, though, of a long speech – filibuster or no – is undeniable.  Paul earned the adulation of conservatives for the filibuster he waged against the Obama administration's national security practices and its use of drones.

Paul's effort back in March to hold up the president's nominee to lead the CIA was the first time the tactic had been used since 2010.

"We saw something incredible happen at that time...and it transformed the debate," Cruz said Tuesday, commending Paul's effort.

Cruz, like Paul, has possible designs on the Republican presidential nomination in 2016, and his speech against Obamacare – the program so hated by conservatives – could help endear him to the party's base.

NBC News' Kelly O'Donnell and Matthew DeLuca contributed to this report.

This story was originally published on

Treasury Warns of Potential Default by Mid-October - New York Times

Posted: 25 Sep 2013 08:05 AM PDT

Washington — The Treasury will only have $30 billion of cash on hand by mid-October, putting the United States on the precipice of an unprecedented default, the department said on Wednesday.

The warning puts additional pressure on a hamstrung Congress, which is already struggling to prevent the federal government from shutting down over a budget impasse on Oct. 1.

In a letter to Speaker John A. Boehner of Ohio, Treasury Secretary Jacob J. Lew warned that a single day's net expenditures can be as high as $60 billion. On any given day after that mid-October deadline, money going out might overwhelm money coming in plus cash on hand.

That means that until Congress lifts its statutory debt ceiling, the Treasury could miss or be forced to delay paying some of its bills. Such an event would be unprecedented, and financial analysts anticipate a violent market reaction that might raise federal borrowing costs, slow the recovery and destabilize markets around the world.

The House recently passed legislation that would order Treasury to prioritize payments to bondholders — an action meant to soothe the markets in the event of a debt-ceiling crisis. But the Obama administration has rejected that idea and refused to negotiate over the debt limit more broadly.

"The United States should never have to choose, for example, whether to pay Social Security to seniors, pay benefits to our veterans, or make payments to state and local jurisdictions and health care providers under Medicare and Medicaid," Mr. Lew wrote.

"There is no way of knowing the damage any prioritization plan would have on our economy and financial markets. It would represent an irresponsible retreat from a core American value: We are a nation that honors all of its commitments," he added.

But Republicans are currently debating what legislation to tie to raising the debt ceiling, such as defunding the Affordable Care Act or new spending cuts. That has set up a second showdown over budget and financial issues.

"The president remains willing to negotiate over the future direction of fiscal policy, but he will not negotiate over whether the United States will pay its bills for past commitments," Mr. Lew said. "Extending borrowing authority does not increase government spending; it simply allows the Treasury to pay for expenditures Congress has already approved."

The potential costs from a debt-ceiling default might dwarf the costs associated with a government shutdown. The Bipartisan Policy Center, a Washington research group, has estimated that market concern over the potential of a default in 2011 cost nearly $19 billion over 10 years.

The United States hit its statutory borrowing limit of about $16.7 trillion on May 19, meaning that Treasury could no longer issue new debt to pay the government's bills. With the government running in the red, the Treasury has used a series of "extraordinary measures" to free up about $300 billion in cash. But those measures buy it only so much time.

In the letter, Mr. Lew set Oct. 17 as the effective deadline for Congressional action: after that date, the country would be at severe risk of missing or defaulting on some of its payments every day going forward.

The Treasury makes more than 80 million individual payments a month. After exhausting its extraordinary measures, it would miss about 30 percent of those payments until Congress raised the ceiling again.

According to the Bipartisan Policy Center, the Treasury is facing a $12 billion Social Security payment on Oct. 23 and a $6 billion interest payment on the public debt on Oct. 31.

On Nov. 1 alone, it needs to spend $18 billion on Medicare, $25 billion on Social Security, $12 billion on military pay and veterans benefits and $3 billion on the Supplemental Security Income program.

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Selasa, 24 September 2013

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KL shares open lower

Posted: 24 Sep 2013 07:00 PM PDT

Bursa Malaysia opened lower Wednesday, weighed down by key index linked counters.

At 9.06am, the benchmark index slipped 5.54 points or 0.30 per cent to 1,786.94, after opening 4.42 lower at 1,788.06.

Maybank lost four sen to RM9.93 and CIMB fell two sen to RM7.88.

HwangDBS Vickers Research said the key index might stage a technical rebound today.

"After slipping 9.4 points or 0.5 per cent in the past two days, the benchmark index could show a slight positive bias, but may face stiff immediate resistance at the psychological mark of 1,800 for now," it said in a note today.

Overnight on Wall Street, major equity indices posted mixed closings of between -0.4 per cent and +0.1 per cent, amid renewed concerns on the ongoing government budget talk and the US economic fundamentals.

Bearish performance on the local bourse is also in tandem with most regional markets.

Japan's Nikkei 225 went down 0.11 per cent to 14,716.62, Hong Kong's Hang Seng declined 0.82 per cent to 23,179.04 and Singapore's Straits Times Index edged down 0.08 per cent to 3,211.75.

On Bursa Malaysia, the Industrial Index shed 27.94 points to 3,025.96, the Plantation Index added 0.77 of-a-point to 8,367.95 and the Finance Index shed 34.14 points to 16,755.06.

The FBM Emas Index declined 31.27 points to 12,411.66, the FBM100 Index was declined 32.32 points to 12,151.29, the FBM 70 fell 15.57 points to 14,105.5 but the FBM Ace rose 21.88 points to 5,510.46.

Gainers led losers 101 to 92, with 142 counters unchanged, 1,248 untraded and 13 others were suspended.

Volume was light at 111.956 million shares worth RM32.453 million.

Among actives, Frontken added 2.5 sen to 10 sen, TA Enterprise rose two sen to 64.5 sen, Green Packet increased 1.5 sen to 53.5 sen, while The Media Shoppe and China Stationery were flat at 17.5 sen and 21 sen.

Heavyweights, Axiata went up two sen to RM6.92, TNB and Public Bank was down four sen each to RM9.01 and RM17.84 respectively.

Sime Darby and Petronas Chemicals were flat at RM9.50 and RM6.90.-- Bernama

Ringgit opens weaker against US dollar

Posted: 24 Sep 2013 07:02 PM PDT

The ringgit opened weaker against the US dollar Wednesday as investors remained on the sidelines after the
weaker-than-expected German sentiment data was revealed yesterday.

As at 9.15am, the local note was quoted at 3.2220/2250 per US dollar from 3.2140/2170 yesterday.

Meanwhile, the local currency declined against most major currencies.

The ringgit was lower against the Singapore dollar to 2.5663/5697 from 2.5614/5654 on Tuesday and was marginally weaker against the yen at 3.2674/2711 from 3.2422/2459 yesterday.


It depreciated against the British pound to 5.1536/1590 from 5.1289/1366 Tuesday and declined against the euro to 4.3420/3470 from 4.3370/3417 yesterday.-- Bernama
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