KUALA LUMPUR (June 10): The FBMKLCI closed the third consecutive day in the red amid profit taking activities, coupled with the weaker sentiment throughout the regional indices.
At the of the trading hours, the key index settled at its lowest point of the day at 1,641.22 points, fell 9.29 points or 0.56% from yesterday's close of 1,650.51 points.
Over the past three days, FBMKLCI had retreated by 19.4 points or 1.2%.
Malacca Securities Sdn Bhd technical analyst Loui Low said the KLCI is likely to pullback, after it had formed a technical rebound at 1,610 level to 1,660 level recently.
"Right now, we seeing a pullback phase and this is normal, given the sharp rise over the past few trading days," he said, adding the trend to continue into next week.
"Resistance will be envisaged around the 1,660 level. Support will be located around the 1,630 level," he said.
In term of currency, Low said the ringgit may trend lower against the U.S. dollar to quote at 4.1000 level, based on technical charting.
"Once it crossed above the level, export-oriented counters will come in again," he said, noting there was some profit taking on export-oriented counters over the past week due to stronger ringgit.
Investment wise, he reckoned consumer stocks and recycling-themed stocks such as Power Root Bhd, AWC Bhd, and Brite-Tech Bhd.
On Bursa Malaysia, market breadth is negative with 461 losers versus 300 gainers, while 371 counters were unchanged. A total of 1.85 billion shares, worth RM1.39 billion, exchanged hands for the day.
Top gainer was British American Tobacco (M) Bhd, while the top loser was P.I.E. Industrial Bhd.
The most actively-traded counter was Trive Property Group Bhd, which saw its share price surging more than 42% to hit a one-year high to close at 10 sen today, after 180.53 million shares traded.
It was also slapped with an unusual market activity (UMA) query by Bursa Malaysia, over its unusual trading activity.
In the currency market, U.S. dollar reversed losses today, rising 0.63% against the ringgit to trade at 4.0705 as at point of writing.
Oil prices also stepped back, after notching another 2016 high.
Global benchmark Brent crude futures fell 1.31% to US$51.27 per barrel, after hitting a high of US$52.86 yesterday, while U.S. crude slid 0.72% to US$49.84 a barrel as at 4.34pm.
Regionally, Japan's Nikkei 225 closed 0.4% lower, South Korea's KOSPI lost 0.32% and Hong Kong's Hang Seng index slipped 1.2%. China's Shanghai Composite Index was closed for a holiday today.
Reuters reported Asian shares pulled back on Friday, as investors sought refuge in safe-haven assets, amid festering concerns over the June 23 referendum that could see Britain exit the European Union.