KUALA LUMPUR (July 4): The FBM KLCI slipped 0.20% today, after falls in select blue chip stocks weighed on the index.

At market close, the benchmark index fell 3.78 points to end lower at 1,884.91 points.

Danny Wong, CEO of Areca Capital, said movements of the KLCI was tightly bound today, while blue chip stocks had exerted some downward pressure on the index.

“This is mostly due to CIMB Group Holdings Bhd which fell today due to speculation on who will be taking the spot as CEO after Nazir Razak stepped down.

“We expect the KLCI to maintain its tight-bound movement for a while,” he told theedgemalaysia.com.

He also noted there was more upside for small-to-mid cap stocks today.

Bursa Malaysia saw a total of 1.78 billion shares valued at RM1.74 billion traded. Market breadth was positive with 480 gainers against 345 losers, while 342 counters were unchanged.

The top gainer was British American Tobacco (Malaysia) Bhd, while the top decliners were led by Tahps Bhd. The most active stock was China Stationeries Ltd.

Regionally, Japan’s Nikkei rose 0.58%, Hong Kong’s Hang Seng gained 0.06%, while South Korea’s Kospi fell 0.07%.

Asian shares rose to a three-year peak on Friday, though the dollar inched away from overnight highs hit on U.S. jobs data which underscored the strength of the economic recovery.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.2 percent, touching its highest levels since May 2011 and on track for a weekly gain of 1.7 percent.

Business & Markets

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