business

KLCI succumbs to profit taking at mid-morning

March 09, 2016

The FBM KLCI remained in negative territory at mid-morning today weighed by key blue chips that succumbed to profit taking.

At 10.05am, the FBM KLCI lost 9.88 points to 1,677.98.

The top losers included Aeon Credit Services (M) Bhd, Petronas Chemicals Group Bhd, British American Tobacco (M) Bhd, Malayan Banking Bhd, Public Bank Bhd, Genting Plantations Bhd, Petronas Dagangan Bhd, Petronas Gas Bdh and RHB Capital Bhd.

The actives included AirAsia X Bhd, Berjaya Auto Bhd, Borneo Oil Bhd, Xinghe Holdings Bhd, Chin Hin Group Bhd, SKN Consortium Bhd, Iris Corporation Bhd and Evergreen Fibreboard Bhd.

The top gainers included Top Glove Corporation Bhd, Kossan Rubber Industries Bhd, Kuala Lumpur Kepong Bhd, Panasonic Malaysia Manufacturing Bhd, SCGM Bhd, Karex Bhd, Hartalega Holdings Bhd, Guiness Anchor Bhd, Scientex Bhd and MISC Bhd.

Asian shares stepped back further from two-month highs on Wednesday as a retreat in oil prices and weak Chinese trade data revived concerns about the health of the global economy, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.2% in early trade, shedding 1.4% from its two-month high hit on Monday. Japan's Nikkei fell 1.0 percent in morning trade, it said.

Hong Leong IB Research said the inability of the index to close above 1700 psychological barrier is likely to signal a pause in the current advance, given KLCI’s recent surge and weakening indicators.

“More importantly, a decisive break below 200-d SMA at 1676 will reignite further profit taking consolidation towards 1642-1650 territory,” it said. – The Edge Markets, March 9, 2016.