KUALA LUMPUR (Aug 9): The FBM KLCI, which opened in positive territory, fell 2.47 points or 0.1% on profit taking after the index's recent gains.
At 9:25am, the KLCI fell to 1,670.21 points after rising 0.79 point to 1,673.47 points at 9:08am. Yesterday, the KLCI climbed 8.64 points to close at its intraday high of 1,672.68 points.
Today, TA Securities Holdings Bhd wrote in a note: "The index's break above immediate resistance from 1,666 and 1,667, the respective 200- and 100-day moving averages, should see a challenge of 1,676."
Across Bursa Malaysia, there were 147 gainers and 58 decliners at 9:08am. Some 112 million shares worth RM42 million were traded.
Top gainer was Panasonic Manufacturing Malaysia Bhd while leading decliner was British American Tobacco (Malaysia) Bhd. The most-active stock was Malaysia Building Society Bhd.
The ringgit strengthened after crude oil prices climbed 3% in overnight trades. At 9:16am, the ringgit strengthened to 4.0330 against the US dollar.
The ringgit tracks crude oil prices as the commodity forms a crucial portion of the Malaysian economy.
Reuters reported that oil prices settled up nearly 3% on Monday amid renewed speculation that OPEC would try to restrain output, easing oversupply worries that pressured the market to three-month lows last week.
US West Texas Intermediate crude settled up US$1.22 or 2.9% at US$43.02 per barrel. Brent crude rose US$1.12 or 2.5% to settle at US$45.39.