KLCI remains in negative zone on profit taking

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KUALA LUMPUR (April 9): The FBM KLCI remained in negative territory at the midday break today on sustained profit taking at the local bourse.

At 12.30pm, the FBM KLCI fell 3.66 points to 1,846.65.

Gainers edged losers by 328 to 314, while 359 counters traded unchanged. Volume was 896.49 million shares valued at RM651.15 million.

The top losers included Rapid Synergy Bhd, PPB Group Bhd, APM Automotive Bhd, Kuala Lumpur Kepong Bhd, My E.G. Services Bhd, Hartalega Holdings Bhd, Hong Leong Financial Group Bhd and MDM Resources Bhd.

The actively traded stocks included Netx Holdings Bhd, Frontken Corporation Bhd, Ingenuity Consolidated Bhd, Xinghe Holdings Bhd, Takaso Resources Bhd, Tiger Synergy Bhd and Ho Wah Genting Bhd.

The top gainers included Pestech International Bhd, Allianz (M) Bhd, Time Dotcom Bhd, Scanwolf Corporation Bhd, Panasonic Malaysia Manufacturing Bhd and Signature International Bhd.

Asian stocks rose on Thursday, extending the previous session's gains, while the dollar drew support from minutes of the Federal Reserve's last meeting showing the U.S. central bank was still on course to hike interest rates this year, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.5%, touching its highest level since September 2014, 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 21 May) and the prospects of foreign inflows will provide good support amid imminent profit taking pullback.

“Key supports are 1810-1820 while resistance are near 1858-1878 levels,” it said.