KLCI falls 0.37% on technical correction

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KUALA LUMPUR (Jan 26): The FBM KLCI saw a technical correction today, falling 0.37% after posting gains over the past week, while global markets kept a close eye on Greece.

At 5pm, the benchmark index was down 6.64 points or 0.37% at 1,796.44.

According to Jupiter Securities Sdn Bhd chief market strategist Benny Lee, the market is in consolidation mode after it appreciated 59.51 points or 3.41% over the past week.

“The KLCI is consolidating its gains after last week. However, the continued decline in crude oil prices and the ringgit has also contributed to the fall today,” he said, adding that the market is still “fragile”.

Across the board, 1.89 billion shares worth RM2.13 billion were traded, with decliners beating gainers at 559 versus 312, while 266 counters were unchanged.

Top decliners included British American Tobacco (Malaysia) Bhd, Globetronics Technology Bhd and Coastal Contracts Bhd. The gainers, meanwhile, were led by Syarikat Takaful Malaysia Bhd. The counter with the highest volume of trades was Daya Materials Bhd.

Markets in the region were largely mixed: Japan’s Nikkei was down 0.25%, South Korea’s Kospi fell 0.02%, while Hong Kong’s Hang Seng climbed 0.24%.

Reuters reported that the euro skidded to an 11-year low and stock prices fell on Monday as Greece's Syriza party promised to roll back austerity measures after sweeping to victory in a snap election, putting Athens on a collision course with international lenders.

The euro fell to an 11-year low of $1.1098 on the vote outcome before recovering to $1.1186, still down 0.2 percent from last week.