business
KLCI dips on mild profit taking
The FBM KLCI dipped at morning today and reversed its gains as profit taking halted the advance of the local index.
At 10.01am, the FBM KLCI dipped 1.09 points to 1,696.84.
The losers included Panasonic Malaysia Manufacturing Bhd, British American Tobacco (M) Bhd, Genting Bhd, Latitude Tree Holdings Bhd, Top Glove Corporation Bhd, Tien Wah Corporation Bhd, Perak Corporation Bhd, Suiwah Corporation Bhd and PBA Holdings Bhd.
The actively traded stocks included Chin Hin Group Bhd, AirAsia X Bhd, XOX Bhd, Sumatec Resources Bhd, AirAsia Bhd, Bumi Armada Bhd and Vivocom International Holdings Bhd.
The top gainers included Kuala Lumpur Kepong Bhd, Chin Hin, Carlsberg Brewery (M) Holdings Bhd, Petronas Dagangan Bhd, Scientex Bhd, Telekom Malaysia Bhd and P.I.E. Industrial Bhd.
Asian shares inched higher today after global oil prices soared to three-month highs on growing hopes of more coordinated measures from oil-producing countries to stem tumbling prices, according to Reuters.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.1% in early trade while Japan's Nikkei bucked the trend and dipped 0.3%, it said.
Hong Leong IB Research said it expects the FBM KLCI to make another attempt to close above 1700 today and re-challenge higher resistance barriers of 1727 (October 19 high) in the near term, predominantly spurred by institutional funds supports amid positive external news flows, slightly-better-than 4Q15 Bursa Malaysia reporting season, surging oil prices and strengthening Ringgit.
“Key supports are 1657 to 1676,” it said. – The Edge Markets, March 8, 2016.
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