KLCI succumbs to mild profit taking in early trade

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KUALA LUMPUR (Nov 27): The FBM KLCI succumbed to some mild profit taking in early trade on Thursday after having climbed 33 points over teh past three trading days.

At 9am, the FBM KLCI fell 3.97 points to 1,838.20

The top losers included Sime Darby Bhd, IHH Healthcare Bhd, IJM Corporation Bhd, Maxis Bhd, Malayan Banking Bhd, Telekom Malaysia Bhd, Media Prima Bhd, Oldtown Bhd and Prestariang Bhd.

Regionally, Asian stocks inched higher on Thursday as the prospect of further stimulus from central banks in the region and Europe eclipsed disappointing U.S. data, which tripped up the dollar, according to Reuters.

Oil prices tumbled more than one percent to a four-year low as hopes for curbs in output by the OPEC faded, it said.

JF Apex Securities Research said U.S. stocks gained overnight with the Dow and S&P 500 finishing at records, as investors considered reports on manufacturing and housing in assessing the strength of the U.S. economy.

Meanwhile, it said European shares closed mixed with the German DAX clocking up its tenth straight session of gains.

“On the local exchange, the FBM KLCI extended its gains after rising 3.61 points to 1842.17 points.

“We expect consolidation and sideways movement below the resistance of 1,860 points,” it said.