KLCI snaps positive run on profit taking, AirAsia stocks hit over missing jet

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KUALA LUMPUR (Dec 29): The FBM KLCI snapped its positive run on Monday while stocks linked to low cost carrier AirAsia Bhd came under pressure after an aircraft belonging to its affiliate went missing early Sunday morning.  

At 10am, the FBM KLCI fell 6.72 points to 1,757.72. The index had earlier dipped to a low of 1,753.97.

The top losers included Petronas Gas Bhd, British American Tobacco (M) Bhd, Kuala Lumpur Kepong Bhd, Guiness Anchor Bhd, AirAsia, Malaysia Airports Holdings Bhd, Tune Ins Holdings Bhd, Public Bank Bhd and Petronas Dagangan Bhd.

AirAsia was the most actively traded counter with 50.8 million shares done. The stock fell 7.14% or 21 sen to RM2.73.

The other actives included AirAsia X Bhd, Minetech Resources Bhd, JobStreet Corporation Bhd, Hubline Bhd, Kronologi Asia Bhd, Tune Ins, Icon Offshore Bhd and Technodex Bhd.

The gainers included Ibraco Bhd, Apollo Food Holdings Bhd, Nestle (M) Bhd, Puncak Niaga Holdings Bhd, Malaysian Bulk Carriers Bhd and AMM Holdings Bhd.

Asian stocks tip-toed higher on Monday, following fresh gains on Wall Street, while the euro wallowed near 28-month lows versus the dollar on nervousness ahead of a vote in the Greek parliament that could result in snap elections, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.1 percent, it said.

Hong Leong IB Research said overall, the market was likely to remain choppy (induced by thin volume in a subdued market) due to profit taking consolidation (due to toppish slow stochastic reading) and persistent swings in crude oil prices.

“Meanwhile, sentiment could also be dampened by the “missing AirAsia” plane.

“Weekly supports are situated at 1725-1741 while resistances are near 1769-1784,” it said.