KUALA LUMPUR (Oct 26): The FBM KLCI retreated at mid-morning today on some mild technical profit-taking despite the stronger performance at most regional markets.
At 10.05am, the FBM KLCI fell 2.83 points to 1,708.10.
The top losers included British Amrican Tobacco (M) Bhd, Petronas Gas Bhd, MSM Malaysia Holdings Bhd, Sarawak Oil Palms Bhd, Hong Leong Bank Bhd, IJM Plantations Bhd, Kuala Lumpur Kepong Bhd, Hartalega Holdings Bhd and Nestle (M) Bhd.
The actives included RGB International Bhd, XOX Bhd, Instacom Group Bhd, China Automobile Parts Holdings Bhd, KNM Group Bhd and APFT Bhd.
The gainers included Boustead Heavy Industries Corporation Bhd, Keck Seng (Malaysia) Bhd, Power Root Bhd, Scientex Bhd, SAM Engineering & Equipment Bhd, Oriental Interest Bhd and Tasek Corporation Bhd.
Asian stocks on Monday were close to wiping out all their losses since China's shock currency devaluation in August, as global equities rallied after China's central bank cut rates to shore up faltering growth in the world's second-largest economy, according to Reuters.
Japan's Nikkei rose 1% to a two-month high while South Korea's Kospi gained 0.4% and the Australian shares edged up 0.3%, it said.
Hong Leong IB Research said driven by positive external leads and extended gains in Wall Street and European markets, there was still some room for the FBM KLCI to advance further today.
“However, with limited impact from 2016 Budget and ongoing technical profit-taking consolidation, further strong upside may be capped near key hurdles at 1,729 (61.8% FR) and 1,740 (200-d SMA).
“Key supports are 1,686–1,700,” it said.
(Note: The Edge Research’s fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)