KLCI slips on mild profit taking

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KUALA LUMPUR (Feb 17): The FBM KLCI slipped at mid-morning on Tuesday on some mild profit taking ahead of the Lunar New Year holidays.

At 10.03am, the local index slipped 1.68 points to 1,807.21.

The top losers included Kuala Lumpur Kepong Bhd, LPI Capital; Bhd, KLCC Property Holdings Bhd, Country Heights Holdings Bhd, Dutch Lady Milk Industries Bhd, IQ Group Bhd, Bosutead Heavy Industries Corporation Bhd, Tiong Nam Logistics Bhd, Guiness Anchor Bhd and Bursa Malaysia Bhd.

Teh actives included Perisai Pettroleum Teknologi Bhd, Asia Bio Energy Technologies Bhd, Kronologi Asia Bhd and Daya Materials Holdings Bhd.

The gainers included Batu Kawan Bhd, Melati Ehsan Holdings Bhd, Petronas Dagangan Bhd, Caring Pharmacy Group Bhd, United Plantations Bhd, Warisan TK Bhd,KSL Holdings Bhd and LTKM Bhd.

U.S. stock futures and the euro tumbled in early Asian trade on Tuesday after talks between Greece and euro zone finance ministers broke down when Athens rejected a proposal to request a six-month extension of its international bailout programme.

U.S. stock futures fell to $2,082, about 0.8 percent below its levels on Monday just before the news of euro zone finance ministers' meeting hit the wire.

JF Apex Securities Research said yesterday, the FBM KLCI climbed 7.94 points to 1808.89 points following positive lead from the US and Europe on Friday.

However, it said European markets were lower overnight following fresh EU sanctions on Russia and Ukraine and Greece debt talk stalled. Meanwhile, US markets were closed for President's Day holiday.

“Asian markets are seen to be cautious as Greece rejected a proposal from its European creditors and Japan suffered a 6.9 magnitude earthquake with tsunami warning issued.

“Given the lackluster sentiment, we expect the FBM KLCI to hover around 1,800 points and remain below its resistance of 1,830 points,” it said.