17/01/2012 (Bernama) - Bursa Malaysia closed lower today amid renewed worries over the euro zone debt crisis, dealers said.

At 5pm, the FBM KLCI lost 14.01 points to 1,509.06 after opening 2.68 points lower at 1,520.39.

The euro zone effects spread across Asia after Standard & Poor's downgraded its ratings on nine countries including France, Italy and Spain.

The key FBM KLCI was dragged down mostly by losses in banking and plantation stocks.

A dealer said the appetite for plantation stocks decreased due to lower demand for palm oil.

Cargo surveyor Intertek Testing Services reported Malaysia's exports of palm oil products for Jan 1 to 15 dropped 11.4 per cent to 591,995 tonnes from 668,385 tonnes in the same period last month while Societe Generale de Surveillance said it dropped 11.3 per cent 575,833 tonnes in the first 15 days of January from 649,138 tonnes previously.

On Bursa Malaysia, the Finance Index dropped 78.95 points to 13,372.72, the Plantation Index lost 77.21 points to 8,428.77 and the Industrial Index declined 22.84 points to 2,775.18.

The FBM Emas Index shed 98.09 points to 10,414.31, the FBM Mid 70 Index fell 126.989 points to 11,711.53 and the FBM ACE Index slipped 34.98 points to 4,265.49.

Trading volume dropped to 1.44 billion shares worth RM1.36 billion as compared to Friday's 1.77 billion shares worth RM1.61 billion.

Market breadth was bearish with 542 losers and 208 gainers.

Hong Leong Investment Bank said on the backdrop of euro zone crisis, the Chinese New Year long holiday weekend and continued consolidation in big caps, the market could be trapped within a narrow range on extended consolidation in the immediate term.

Despite the short term consolidation, as long as the benchmark FBM KLCI continued to remain at 1,501, it was still likely to slowly filling the huge gap between 1,529 and 1,546 which was recorded on Aug 5 last year, it said in a research note.

Among active counters, Compugates and Hovid-Warrants increased a sen each to eight sen and 8.5 sen respectively while UOA Development jumped 17 sen to RM1.50.

For heavyweights, Maybank and Sime Darby slipped seven sen each to RM8.19 and RM9.08 respectively, while CIMB dropped eight sen to RM7.19.

Volume on the Main Market increased to 967.11 million shares valued at RM1.28 billion from 878.71 million shares valued at RM1.48 billion last Friday.

Turnover on the ACE Market declined to 247.75 million units worth RM49.83 million from 310.22 million units worth RM40 million.

Warrants eased to 217.99 million shares valued at RM29.14 million from 573.31 million units valued at RM88.3 million previously.

Consumer products accounted for 117.46 million shares traded on the Main Market, industrial products 189.53 million, construction 29.56 million, trade and services 374.59 million, technology 19.82 million, infrastructure 24.02 million, finance 62.48 million, hotels 658,700, properties 101.01 million, plantations 32.07 million, mining 45,000, REITs 3.88 million and closed/fund 60,200.