Down on weak sentiment

BURSA Malaysia ended in negative territory, influenced by weaker investor sentiment in regional markets after data from the US and China added to evidence of a global economic slowdown.

Losses in plantation and banking stocks pushed the FBM KLCI to close 18.41 points or 1.17% lower at 1,555.18 after hovering between 1,554.65 and 1,566.19.

The US Labour Department reported that the US economy added just 69,000 jobs in May compared to estimates for about 150,000 jobs.

The weaker-than-expected job growth contributed to a modest increase in the unemployment rate, which edged up to 8.2%, marking the first increase since last June. The National Bureau of Statistics of China and China Federation of Logistics and Purchasing reported that China’s non-manufacturing purchasing managers’ index fell to 55.2 in May from 56.1 in April.

“The weak US economic data added to worries about Europe’s deepening debt crisis and China’s slowing economy drove investors out of riskier assets,” a dealer said.

Turnover rose to 677.63 million shares worth RM1.144 billion from 654.35 billion shares worth RM1.0bil last Friday.

Among heavyweights, Maybank fell nine sen to RM8.60, Sime Darby eased four sen to RM9.63, CIMB erased three sen to RM7.37 and Petronas Chemicals decreased 14 sen to RM6.52. – Bernama