KLCI dips as select blue chips weigh

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KUALA LUMPUR (Dec 8): The FBM KLCI dipped in early trade on Monday despite the positive start at most regional markets, weighed by losses at select blue chips.

At 9.01am, the FBM KLCI shed 2.90 points to 1,746.47.

The top losers included Kuala Lumpur Kepong Bhd, Lafarge Malaysia Bhd, Genting Plantations Bhd, Public Bank Bhd, Astro Malaysia Bhd, Hong Leong Financial Group Bhd, Aeon Credit Services (M) Bhd, BIMB Holdings Bhd, Axiata Group Bhd and AMMB Holdings Bhd.

Regionally, Asian stocks stood firm and the dollar notched fresh seven-year highs against the yen on Monday after much stronger-than-expected jobs data underlined the strength of the U.S. economy, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was unchanged. Australian shares gained 0.8 percent. Tokyo's Nikkei rose 0.3 percent, poking above 18,000 for the first time since July 2007, it said.

BIMB Securities Research in a market preview Monday said that in Asia, key indices ended mostly higher last Friday with strong rallies in Hong Kong and Shanghai markets.

It said the FBM KLCI ended higher, added 3.68 points or 0.21% to end at 1,749.37, lifted by telco and auto stocks.

“Trading participation foreign institutions remain the net sellers while net buying from local institutions and retail.

“We expect another lackluster trading day due to lack of fresh catalysts with the index hovering in the region of 1,745-55,” it said.