KUALA LUMPUR: Blue chips struggled early Thursday, in stark contrast with the firmer key Asian markets, as the FBM KLCI slipped into the red, led by declines in CIMB and RHB Bank.
At 9.17am, the KLCI was down 0.75 of a point or 0.04% to 1,756.52. Turnover was 185.66 million shares valued at RM108.45mil. There were 165 gainers, 105 losers and 219 counters unchanged.
The ringgit slipped 0.01% to the US dollar at 4.285 from the previous close of 4.2845.
Asian shares scaled near-decade peak on Thursday, bolstered by a surge in global stocks to a record high on strong US corporate earnings, while investors awaited the Japanese and European central bank meetings for clues on their policy outlooks, Reuters reported.
MSCI's broadest index of Asia-Pacific shares outside Japan added 0.15 percent, hovering near its highest level since December 2007.
Japan's Nikkei gained 0.1%; Australian stocks rose 0.3% and South Korea's KOSPI advanced 0.15%.
Kenanga Investment Bank Research said the KLCI was still in consolidation mode, based on Wednesday’s performance where it closed just above the 1750/1,754 (S1) support level.
Stock market data showed foreign funds were net sellers at RM43.70mil while local institutions were net buyers at RM29.90mmil annd retial investors net buyers also at RM1`3.80mil.
“Thus far, this crucial level had held up well this past week with the key index likely to continue sideways in the absence of any catalyst.
“However, in the event it gives way, the overall technical picture could deteriorate rapidly with a capitulation towards 1,729 (S2) next. On the flip-side, strong resistance levels are likely to be present at 1,771/1775 (R1) and 1,795 (R2),” said the research house.
HCK fell the most, down 13 sen to RM5.26 while IWCity lost eight sen to RM1.38, Pecca seven sen to RM1.58 and MTouche five sen lower at 46 sen.
CIMB lost six sen to RM6.36 and RHB Bank four sen lower at RM5.03. Bursa rose 10 sen to RM10.10, MAHB seven sen higher at RM8.87.
Petron gained 10 sen to RM8.56, Magna Prime shares and warrants WB added seven sen each to RM1.57 and 64 sen. Dufu gained five sen to RM1.45.
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