FBM KLCI succumbs to mild profit taking in early trade

KUALA LUMPUR: The FBM KLCI slipped into negative territory in line with the decline at key regional markets that fell on some profit taking ahead of the long weekend as well as the holiday-shortened trading in Japan next week.

The FBM KLCI slipped 1.20 points to 1,534.10 at 10am. It had earlier risen to 1,540.55 before giving up its gains.

Losers overtook gainers by 189 to 179, while 222 counters traded unchanged. Volume was 162.73 million shares valued at RM175.67 million.

At the regional markets, South Korea’s Kospi fell 0.93% to 2,187.78, Hong Kong’s Hang Seng Index lost 0.41% to 23,708.94, Singapore’s Straits Times Index was down 0.30% to 3,175.47, the Shanghai Composite Index shed 0.05% to 2,885.46 and Taiwan’s Taiex slipped 0.01% to 9,039.76.

Japan stock markets were closed for a national ahead.

Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients on April 29 said that due to the Dow Jones Industrial Average’s positive tone last night, the FBM KLCI could remain stronger today.

“There may be an initial gap-up, followed by pre-weekend profit taking later.

“We expect further range trading for the FBM KLCI. As such, invest with a short-term horizon. The index could limp to a good week-on-week close,” he said.

On Bursa Malaysia, F&N was the top loser at mid-morning and fell 30 sen to RM17.34; Kawan Food and Sime Darby fell eight sen each to RM1.34 and RM9, Petra Energy down seven sen to RM1.62, Malayan Flour Mills six sen to RM5.74 while Ta Ann, Petrol One Resources and Litrak fell five sen each to RM6.60, RM1.33 and RM3.82 respectively.

Priceworth warrants were most active at mid-morning with 17 million units done. The warrants added 17 sen to 38 sen.

Other actives included Focus Lumber, ConnectCounty, Karambunai, HWGB and SAAG.

Gainers included Petronas Gas, HLFG, BAT, KLK, AirAsia, Daibochi and Proton. (Source:theedgemalaysia.com)