KLCI dips 0.8% on lack of catalysts

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KUALA LUMPUR (Jan 2): The FBM KLCI dipped 0.8% at mid-morning on the first trading day of 2015, weighed by mild profit-taking as the market consolidated amidst lack of fresh catalysts.

At 10am, the FBM KLCI fell 14.05 points to 1,747.20.

The top losers included British American Tobacco (M) Bhd, United Plantations Bhd, Kuala Lumpur Kepong Bhd, Petronas Gas Bhd, Petronas Dagangan Bhd, PPB Group Bhd, Ibraco Bhd, Malaysian Pacific Industries Bhd and Eversendai Corporation Bhd.

The actives included Minetech Resources Bhd, Malayan United Industries Bhd, Kronologi Asia Bhd, Sumatec Resources Bhd and Icon Offshore Bhd.

The top gainers included Cycle & Carriage Bintang Bhd, Y&G Corporation Bhd, Golden Land Bhd, Ta Win Holdings Bhd and Bumi Armada Bhd.

Stock markets in Asia were quiet with China, Japan, Thailand and the Philippines all on holiday.

Australia's main index eased 0.2 percent in early trading, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was flat, having ended 2014 almost exactly where it began - a pattern it has repeated for three years straight, it said.

BIMB Securities Research said U.S. stocks wrapped up a good year on a down note, as morning gains turned into sizeable losses on Wednesday.

In a note Friday, it said the DJI Average failed to close out 2014 above 18,000 after topping that big round number for the first time last week.

“Even so, it recorded its sixth straight year of gains, dating back to the end of the 2008-2009 bear market. It closed 160 points down, or 0.9%, to 17,823.07.

“Meanwhile, European stocks rose Wednesday, with the pan-European benchmark ending higher for a third straight year despite declines for many of the region’s key indexes.

“Asian shares were mixed amid thin volume, with Japan, South Korea, Indonesia, Thailand, Indonesia and the Philippines shuttered for the holiday season.

“Locally, fund selling of key stocks with KLCI down 5.58 points or 0.32% to 1,761.25. We expect it will be a weak trading day today with the immediate support level at 1,754 and immediate resistance 1,767,” it said.