KLCI dips on profit taking pullback

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KUALA LUMPUR (Apr 9): The FBM KLCI dipped at mid-morning today on some mild profit taking pullback.

At 10.02am, the FBM KLCI shed 2.13 points to 1,848.18.

The top losers included Hong Leong Financial Group Bhd, APM Automotive Bhd, UMW Holdings Bhd, Kuala Lumpur Kepong Bhd, Hartalega Holdings Bhd, Globetronics Techcnology Bhd, My E.G. Services Bhd, RHB Capital Bhd, Guinness Anchor Bhd and MISC Bhd.

The actives included Frontken Corporation Bhd, Ingenuity Consolidated Bhd, Xinghe Holdings Bhd, Takaso Resources Bhd, Pasukhas Group Bhd and Hovid Bhd.

The gainers included British American Tobacco (M) Bhd, Allianz (M) Bhd, Pestech International Bhd, Malaysian Pacific Industries Bhd, Cahya Mata Sarawak Bhd, Signature International Bhd and Nestle (M) Bhd.

Asian stocks steadied on Thursday following Wednesday's surge, while the dollar drew support from minutes of the Federal Reserve's last meeting showing the Fed was still on course to hike interest rates this year, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was little changed after surging 1.8% the previous day to a seven-month high, it said.

Hong Leong IB Research said positive expectations from Invest Malaysia conference (23-24 Apr), the upcoming 11th Malaysia Plan (to be tabled in Parliament on May 21) and the prospects of foreign inflows will provide good support amid imminent profit taking pullback.

“Key supports are 1,810–1,820 while resistance are near 1,858–1,878 levels,” it said.