KUALA LUMPUR: The local stock market extended its decline early Friday while key Asian markets were mixed over uncertainties emerging over the recent minutes by the US Federal Reserve.
At 9.33am, the KLCI was down 0.07 points to 1,739.49. Turnover was 744.52 million shares valued at RM241.39mil. There were 284 gainers, 195 losers and 358 counters unchanged.
Oil prices dipped on Friday as ongoing concerns about oversupply outweighed an OPEC-led production cut and strong refinery activity.
Brent crude futures lost four cents to US$54.85 per barrel at 0109 GMT and US West Texas Intermediate (WTI) crude futures shed one one cent to $51.69.
Foreign funds turned sellers on Bursa on Thursday at RM116.6mil after several weeks while local institutions were net buyers at RM89.5mil and retail investors at RM27.1mil
Kenanga Investment Bank Research said the decline in the KLCI on Thursday was due to profit-taking activities in blue-chips such as Genting and CIMB.
“Key momentum indicators such as daily RSI and Stochastic are still trending negatively to reflect the waning bulls.
“All in, with uncertainties emerging over the recent minutes by the US Fed suggesting that the central bank should trim its massive stimulus and anxiety over the presidential meeting between Trump and Xi Jinping, the local bourse is likely to close the week on a tepid note within 1,735-1,745. Resistance levels are found at 1,740 (R1)/1,750 (R2), while supports are tied at 1,727 (S1)/1,714 (S2),” it said.
Tenaga lost eight sen to RM13.68.
Maybank C28 call warrants slumped 29.5 sen to 15.5 sen and CIMB-C21 lost half the value, down 12.5 sen to 12.5 sen.
Batu Kawan fell 10 sen to RM19.30, FGV-C25 skidded eight sen to seven sen while BAT lost six sen to RM46.
However, Ajinomoto surged 44 sen to RM17.80, MAHB 25 sen higher at RM7.25, PPB Group 14 sen higher at RM16.76 and KESM 10 sen to RM12.80.
JHM and CAB Cakaran
added nine sen to RM4.27 and RM2.41.
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