KLCI down for second straight day
The Star: Published: Friday March 12, 2010 MYT 10:51:00 AM
KUALA LUMPUR: The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) fell for a second straight day as investors stayed cautious after the sharp fall yesterday.
At 10.20am, the benchmark index was 8.37 points lower at 1,313.06 after opening 1.83 points lower at 1,319.60.
Losers led gainers 336 to 127 while 200 counters were unchanged. Turnover was 192.9 million shares valued at RM274.9mil.
Overnight, the Dow Jones Industrial Average rose 44.51 to 10,611.84 while the Nasdaq composite index rose 9.51 to 2,368.46 for its sixth straight advance.
TA Securities said the negative breadth and weak-buying momentum Thursday implied that a more significant profit-taking retracement was needed before buyers are convinced to bargain for recovery gains.
The research firm downgraded its short-term call on banking stocks to take profit as prices are likely to consolidate or retrace. HwangDBS Vickers Research said as bargain hunters and profit takers continued their wrestle, the local stock market was expected to swing sideways for the time being.
“The benchmark FBM KLCI will probably range bound with a marginal positive bias, possibly targeting to reach 1,340 (its next resistance target) in the near future,” it said, adding that the overnight gain on Wall Street would help to shore up overall sentiment today.
RHB Research Institute said Thursday’s sharp negative reversal on the FBM KLCI calls for a temporary consolidation ahead.
“Dampened further by the T+4 forced-selling activities from Monday’s 1.16 billion shares high volume, the index could see follow-through retracement towards a lower technical gap near the 1,300.74 to 1,312.18 region soon,” it said.
On Bursa Malaysia, Top Glove rose 16 sen to RM12.30, Ho Hup gained 16 sen to RM1.41, and Krisassets Holdings added 11 sen to RM3.
Among banks, CIMB Group fell 20 sen to RM13.84, Public Bank shed 4 sen also to RM11.84 and Maybank was 8 sen lower at RM7.34.
At 10.20am, the benchmark index was 8.37 points lower at 1,313.06 after opening 1.83 points lower at 1,319.60.
Losers led gainers 336 to 127 while 200 counters were unchanged. Turnover was 192.9 million shares valued at RM274.9mil.
Overnight, the Dow Jones Industrial Average rose 44.51 to 10,611.84 while the Nasdaq composite index rose 9.51 to 2,368.46 for its sixth straight advance.
TA Securities said the negative breadth and weak-buying momentum Thursday implied that a more significant profit-taking retracement was needed before buyers are convinced to bargain for recovery gains.
The research firm downgraded its short-term call on banking stocks to take profit as prices are likely to consolidate or retrace. HwangDBS Vickers Research said as bargain hunters and profit takers continued their wrestle, the local stock market was expected to swing sideways for the time being.
“The benchmark FBM KLCI will probably range bound with a marginal positive bias, possibly targeting to reach 1,340 (its next resistance target) in the near future,” it said, adding that the overnight gain on Wall Street would help to shore up overall sentiment today.
RHB Research Institute said Thursday’s sharp negative reversal on the FBM KLCI calls for a temporary consolidation ahead.
“Dampened further by the T+4 forced-selling activities from Monday’s 1.16 billion shares high volume, the index could see follow-through retracement towards a lower technical gap near the 1,300.74 to 1,312.18 region soon,” it said.
On Bursa Malaysia, Top Glove rose 16 sen to RM12.30, Ho Hup gained 16 sen to RM1.41, and Krisassets Holdings added 11 sen to RM3.
Among banks, CIMB Group fell 20 sen to RM13.84, Public Bank shed 4 sen also to RM11.84 and Maybank was 8 sen lower at RM7.34.
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