KLCI dips as investors take a breather

noon_market_down_theedgemarkets

noon_market_down_theedgemarkets

-A +A

KUALA LUMPUR (Apr 22): The FBM KLCI dipped at the midday break today with investors seemingly taking a breather after the rally yesterday.

At 12.30pm, the FBM KLCI fell 4.07 points to 1,858.73.

Losers overtook gainers by 464 to 254, while 335 counters traded unchanged. Volume was 1.52 billion shares valued at RM898.14 million.

The top losers included British American Tobacco (M) Bhd, Allianz (M) Bhd, Lafarge Malaysia Bhd, Oriental Food Industries Bhd, Bursa Malaysia Bhd, Pestech International Bhd, UMW Holdings Bhd, Hong Leong Financial Group Bhd and Ibraco Bhd.

The actively traded stocks included Frontken Corporation Bhd, Vsolar Group Bhd, Sanichi Technology Bhd, Privasia Technology Bhd, Bioalpha Holdings Bhd and Nova MSC Bhd.

The gainers included Hong Leong Industries Bhd, NCB Holdings Bhd, Petronas Dagangan Bhd, Sunsuria Holdings Bhd, Globetronics Technology Bhd and Malaysian Pacific Industries Bhd.

Japanese shares rallied to a 15-year high on Wednesday on expectations of improved corporate earnings, while oil sagged after Saudi Arabia ended its military campaign in Yemen, easing tensions in the energy-rich Middle East, according to Reuters.

Japan's Nikkei rose 1.1% to a high not seen since April 2000, with foreign investors buying on hopes of a strengthening recovery in the world's third-biggest economy and growth in corporate earnings, it said.

BIMB Securities Research said that Asian markets were mostly higher yesterday propped up by China’s recent stimulus measures plus the inflow of foreign funds.

“Locally the FBM KLCI was up an encouraging 14.14 points to 1,862.80 which is a 2015 high.

“This was on the back of a net foreign inflow of RM187.6 million yesterday.

“We expect the market to take a breather today amid some profit taking activities with the 1,860 as the immediate support level,” it said.