business

KLCI retreats as regional markets dip

March 08, 2016

The FBM KLCI retreated at the midday break today in line with the profit taking at most regional markets.

At 12.30pm, the FBM KLCI fell 5.50 points to 1,692.43. The index had earlier risen to its intra-morning high of 1,706.08.

Losers outpaced gainers by 469 to 214, while 344 counters traded unchanged. Volume was 1.15 billion shares valued at RM907.60 million.

The top losers included British American Tobacco (M) Bhd, Genting Bhd, Ta Ann Resources Bhd, Hartalega Holdings Bhd, Gadang Holdings Bhd, Top Glove Corporation Bhd, Latitude Tree Holdings Bhd, Nestle (M) Bhd and Can-One Bhd.

The actives included Chin Hin Group Bhd, AirAsia X Bhd, XOX Bhd, AirAsia Bhd, Bumi Armada Bhd, Sumatec Reources Bhd and APFT Bhd.

The top gainers included Carlsberg Brewery (M) Holdings Bhd, Chin Hin, Amway (M) Holdings Bhd, Kuala Lumpur Kepong Bhd, Aturmaju Holdings Bhd, Ann Joo Resources Bhd and My EG Services Bhd.

Asian shares fell today as investors took profits after a month-long rally and investors grew wary of the market's near-term prospects ahead of major central bank meetings.

Led by China, MSCI's broadest index of Asia-Pacific shares outside Japan fell more than a percent. Japan's Nikkei and South Korea's KOSPI fell more than a percent each, it said.

BIMB Securities Research said that in Asia, key indices closed mixed yesterday with rally in China as investors focused on the country’s plans to prop up the slowing economy while Japanese market ended negative on profits taking.

“Back home, the FBM KLCI closed higher, added 5.44 points or 0.32% to 1,697.93, lifted by heavyweights such as Genting, Maybank and YTL.

“Trading participation saw net buying by foreign institutions and local retail while local institutions were net sellers.

“We expect the local market trend sideways due to lack of fresh catalysts with the index to hover around 1,695-1,700,” it said. – The Edge Markets, March 8, 2016.