KLCI falls 0.88% as blue chips drag

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KUALA LUMPUR (March 5): The FBM KLCI fell 0.88% at mid-morning on Thursday, weighed by losses at blue chips including Petronas linked counters as well as index-linked plantation stocks.

At 10am, the FBM KLCI lost 15.96 points to 1,809.58.

The top losers included Petronas Dagangan Bhd, Petronas Gas Bhd, SapuraKencana Petroleum Bhd, Genting Plantations Bhd, PPB Group Bhd, Kuala Lumpur Kepong Bhd, British American Tobacco (M) Bhd, UMW Holdings Bhd, S P Setia Bhd, Malayan Banking Bhd and Tenaga Nasional Bhd.

The actively traded counters included Wintoni Group Bhd, Hubline Bhd, SapuraKencana, Asia Bio Energy Technologies Bhd, Nexgram Holdings Bhd, Globaltec Technology Bhd, Inari Amertron Bhd abd Sumatec Resources Bhd.

The gainers included United Plantations Bhd, Inari Amertron, Panasonic Malaysia Manufacturing Bhd, IJM Land Holdings Bhd, Lafarge Malaysia Bhd and Malaysian Pacific Industries Bhd.

Asian stocks slipped on Thursday after Wall Street continued to pull back from record highs ahead of Friday's closely-watched U.S. jobs data, while the nervous euro languished at an 11-year low prior to the European Central Bank's policy meeting, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan shed 0.2 percent. Japan's Nikkei lost 0.2 percent and South Korean and Australian shares also posted modest losses, it said.

Hong Leong IB Research said the FBM KLCI was expected trade range bound in the near term amid toppish technicals and nagging domestic concerns such as potential more 2015 earnings downgrade, depressed Ringgit, volatile oil prices, IMDB debt saga, GST risk and potential credit rating downgrade by Fitch.

“Stiff resistances are 1829-1842 while supports fall on 1800-1810,” it said.