Profit taking halts KLCI’s uptrend

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KUALA LUMPUR (April 22): The FBM KLCI retreated in early trade on some mild profit taking after it had rallied on Tuesday, and in line with the lacklustre overnight close at Wall Street.

At 9.06am, the FBM KLCI shed 1.19 points to 1,861.61.

The top losers included PPB Group Bhd, KLCC Properrty Holdings Bhd, British American Tobacco (M) Bhd, AMMB Holdings Bhd, AMMB Holdings Bhd, Scientex Bhd, Genting Malaysia Bhd amnd Tan Chong Motor Holdings Bhd.

Japanese shares hit a new 15-year high on Wednesday on expectations of positive corporate earnings, while oil sagged after Saudi Arabia ended its military campaign in Yemen, easing tensions in the energy-rich Middle East, according to Reuters.

Japan's Nikkei rose 0.7 percent to a high not seen since April 2000. South Korea's Kospi gained 0.4 percent, while Australian shares slipped, it said.

JF Apex Securities Research in a market preview today said US markets were mixed with the Dow and S&P falling on corporate earnings while Nasdaq climbed as biotech stocks advanced.

Meanwhile, it said European equities rose despite concerns on Greece's debt crisis.

“On the local market, the FBM KLCI surged 14.14 points to 1862.80 points, in line with Asian markets following China's stimulus plan.

“Following the lackluster performance in the US, we expect the FBM KLCI to be mild today after breaking its resistance of 1860 points,” it said.