13/11/2012 (The Star) - Blue chips closed lower on Monday in lacklustre trade, with plantations among the major losers following the weak crude palm oil (CPO) futures while most Asian and European markets were in the red.

At the close, the FBM KLCI was down 3.49 points to 1,637.59. Turnover was 780 million shares valued at RM1.02bil. There were 225 gainers, 390 losers and 317 counters unchanged.

MIDF Equities Research said the possibility of retailers making a comeback is now gone in view of the holidays this week.

It pointed out retailers sold for the second consecutive week ended Nov 9, selling RM96.3mil of equities. Participation rate dropped significantly to RM621mil from more than RM700mil in each of the preceding three weeks.

MIDF Research said local institutions mildly supported the market last week where they mopped up RM131.2mil after selling persistently since mid-June. Daily average participation rate rose to RM1.54bil from RM1.49bil the week before.

"We expect more buying support by local institutions this week should foreign selling continue," said the research house.

Meanwhile, Bloomberg reported Asian stocks fell, with the regional benchmark index headed for its lowest close in a month, after Japan's economy shrank at the fastest pace since last year's earthquake, outweighing an acceleration in China's exports.

Among the key regional markets, Japan's Nikkei 225 fell 0.93% as a report showed GDP shrank an annualised 3.5% in the quarter ended September. Taiwan's Taiex fell 0.35% to 7,267.75; South Korea's Kospi slipped 0.19% to 1,900.87 and Singapore's Straits Times Index 0.1% lower to 3,007.57.

Hong Kong's Hang Seng Index rose 0.21% to 21,430.39 and Shanghai's Composite Index gained 0.49% to 2,079.27.

US light crude oil fell 35 cents to US$85.72 and Brent was down 56 cents to US$108.84 while spot gold rose US$4.31 to US$1,735.39.

The ringgit was slightly weaker against the US dollar at 3.0638 versus 3.0633 the previous trading day.

Crude palm oil for third-month futures were off their lows after the October palm oil stocks rose less than expected. It was down RM18 to RM2,298.

Among the plantations, KL Kepong fell the most, down 26 sen to RM20.72, PPB Group 16 sen to RM12.58 and Genting Plantations 15 sen lower at RM8.55 while IOI Corp shed three sen to RM5.

BAT was the top loser, sliding 78 sen to RM58 with 73,700 shares done. However, GAB added 16 sen to RM16.40.

CIMB, Public Bank and RHB Capital were down two sen each to RM7.70, RM15.50 and RM7.63 respectively,

Patimas, which resumed trading, rose 0.5 sen to 3.5 sen and it was the most active with 71.66 million shares done.

MMHE was the top gainer among the KLCI stocks, up 10 sen to RM4.94 while Genting Bhd added five sen to RM9.45 and Tenaga two sen to RM6.97.

AeonCredit rose 10 sen to RM13.40 and SKPetro gained eight sen to RM2.88.