KLCI poised to end 2014 on lacklustre note

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KUALA LUMPUR (Dec 31): The FBM KLCI looked poised to close the year on a lacklustre note after it opened the final trading day of 2014 in the negative zone.

At 9am, the FBM KLCI was down 7.07 points to 1,759.76. Year-to-date as at Dec 30, the local market had fallen some 5.36%.

The top losers included Tenaga Nasional Bhd, Public Bank Bhd, Kuala Lumpur Kepong Bhd, Telekom Malaysia Bhd, IJM Corporation Bhd, Ta Ann Holdings Bhd, Axiata Group Bhd, Malayan Banking Bhd and PPB Group Bhd.

Asian markets were set for a cautious close to 2014 on Wednesday as worries about Greece's future in the euro zone served as an excuse to take profits on popular trades, according to Reuters.

The U.S. dollar also ran into selling on its recent gains, while the euro got no respite as a host of European bonds yields fell to all-time lows after a shockingly sharp fall in Spanish inflation, it said,

Trade was thinned by holidays in Japan, Thailand, South Korea and the Philippines, while many markets in Europe are either shut or finish early on Wednesday, said Reuters.

Hong Leong IB Research in a market preview Wednesday said that overall, the market is likely to remain choppy (induced by thin volume in a subdued market) due to profit taking consolidation and ​​a 5 ½ year low in crude oil prices, which could reignite concerns about government budget balance and trade balance and add pressures to ringgit and GDP growth, prior to the GST implementation in Apr 2015.

“Weekly supports are situated near 1738-1747 while resistance is near 1784 levels,” it said.