KLCI slips but poised to stay above 1,800 level

-A +A

KUALA LUMPUR (March 26): The FBM KLCI slipped at mid-morning today but remains poised to stay above the crucial 1,800-point level.

At 10am, the FBM KLCI was down 2.18 points to 1,816.92. Year-to-date, the index is up about 0.3% in the first quarter of 2015.

The top losers at mid-morning included British American Tobacco (M) Bhd, Malaysian Pacific Industries Bhd, Kuala Lumpur Kepong Bhd, Maxis Bhd, RHB Capital Bhd, Genting Bhd, UMW Holdings Bhd and Tenaga Nasional Bhd.

The actives included Privasia Technology Bhd, Genetec Technolgy Bhd, Sumatec Resources Bhd, Takaso Resources Bhd and Perisai Petroleum Teknologi Bhd.

The top gainers included Latitude Tree Holdings Bhd, Can-One Bhd, Guiness Anchor Bhd, Tasek Corporation Bhd, WZ Satu Bhd, Aeon Credit Services (M) Bhd and Mudajaya Group Bhd.

Asian shares slipped on Thursday as losses on Wall Street and soft U.S. economic data soured sentiment, while the dollar's bull run looked to have stalled for the time being, according to Reuters.

Dealers said synchronised selling in recently popular trades including biotech stocks, Treasuries and the dollar, smacked more of profit-taking for the quarter end than a major shift in market trends, it said.

JF Apex Securities Research said US markets plunged after February durable goods order dropped, indicating weak global demand and stronger US dollar.

Similarly, it said European stocks fell sharply despite better-than-expected business sentiment data in Germany.

“Back home, the FBM KLCI gained 5.06 points to 1819.10 points to extend its winning streak.

“Following the decline in US markets, we expect profit taking to kick in and the index could consolidate below its resistance of 1,830 points,” it said.