Update Foreign selling weighs on KLCI

more selling to come,beware and please check your holdings/stocks

Update Foreign selling weighs on KLCI
Written by Joseph Chin of theedgemalaysia.com
Friday, 26 August 2011 15:29

KUALA LUMPUR: Malaysia’s stock market continued to be battered by fund selling of bank stocks on Friday, Aug 26 but more worrying was the selling was extending to other fundamentally strong and smaller capitalised stocks also.

Analysts said the selling was from foreign funds on concerns about the economy slowing, worsened further by the US and European economies. As for the recent corporate results, they said the earnings were not that impressive also.

At 3.21pm, the FBM KLCI was down 22.22 points to 1,442.52. Turnover was 602.32 million shares valued at RM1.39 billion. Losers battered gainers 661 to 99.

It was HL Bank and HLFG’s turn to come under selling, down 42 sen each to RM12.36 and RM11.72. CIMB was the most active, falling 23 sen to RM7.02.

Other big capitalised stocks fell, with GENTING BHD [] down 33 sen to RM9.45 and KLK 24 sen to RM21.24 while Bumi Armada shed 26 sen to RM3.54 after its disappointing results.

Petronas Chemicals lost 22 sen to RM6.08, Airasia 16 sen to RM3.341 and MRCB nine sen to RM1.96