KLCI dips 0.53% as blue chips weigh on profit taking

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KUALA LUMPUR (Nov 27): The FBM KLCI fell 0.53% at they midday break on Thursday as a combination of profit taking and lack of fresh catalysts pulled the local index south.

At 12.30pm, the FBM KLCI fell 9.76 points to 1,832.41.

The top losers included British American Tobacco (M) Bhd, Tahps Group Bhd, Panasonic Manufacturing Malaysia Bhd, Petronas Dagangan Bhd, Telekom Malaysia Bhd, Hong Leong Financial Group Bhd, SapuraKencana Petroleum Bhd, Oriental Holdings Bhd, Malayan Banking Bhd and Tan Chong Motor Holdings Bhd.

Nova MSC Bhd was the most actively traded counter with 43.96 million shares done. The stock fell 4.88% or one sen to 19.5 sen.

The other actives included Daya Materials Bhd, KNM Group Bhd, Sumatec Resources Bhd, Tiger Synergy Bhd and Privasia Technologies Bhd.

The gainers included United Plantations Bhd, IQ Group Holdings Bhd, Berjaya Auto Bhd, Kuala Lumpur Kepong Bhd, Carlsberg Brewery (M) Bhd, Kian Joo Can Factory (M) Bhd, Malaysian Smelting Corporation Bhd and My E.G. Services Bhd.

Regionally. Asian stocks hit a one-month high on Thursday as investors bet that more central bank stimulus in China and Europe would shore up the global economy, while oil prices tumbled to a four-year low as hopes for output cuts by OPEC faded, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0.4 percent while Shanghai shares hit a three-year high, extending their rally after a surprise interest rate cut last week. They are up 8.2 percent so far this month, it said.

BIMB Securities Research said that in Asia, key indices ended mostly positive on Wednesday with investors switching to defensive stocks.

“Back home, the FBM KLCI ended higher, gaining 3.61 points to 1,842.170 lifted mainly by tobacco and gaming stocks.

“Trading participation saw net selling from foreign institutions while local institutions and retail were net buyers.

“We expect a lackluster trading day due to lack of fresh catalysts with the index hovering in the region of 1,840-45,” it said.