KUALA LUMPUR: Profit taking of Hong Leong Bank and MISC weighed on the FBM KLCI early Thursday after the softer overnight close on Wall Street but metal-related stocks chalked up some healthy gains.
At 9.09am, the KLCI was down 1.34 points or 0.08% to 1,776.60. Turnover was 126.43 million shares valued at RM52.30mil. There were 138 gainers, 98 losers and 158 counters unchanged.
Kenanga Investment Bank Research said following the weaker close the previous day and lower trading volumes, the technical picture indicates that investors have turned cautious following a six-day winning streak.
“Given the mostly healthy momentum indicators, expect pullbacks, if any, to be short lived with an eventual bias towards 1,789 (R1) and possibly 1,795 (R2).
“Support levels are seen at 1,771 (S1) and 1,760 (S2) where investors are likely to buy on weakness,” it said.
Meanwhile, Reuters reported oil futures rose in early Asian trading, adding to gains from the previous session after official figures showed US crude inventories fell more than expected.
Brent crude rose eight cents to US$52.78 while US West Texas Intermediate (WTI) crude was up eight cents also toUS$49.64.
Among the KLCI stocks, Hong Leong Bank fell 10 sen to RM15.52 and MISC three sen to RM7.30. However, BAT rose 32 sen to RM42.88 while MAHB climbed nine sen to RM8.89.
KESM shed 10 sen to RM14.26, Scicom six sen to RM1.99 and VS Industry five sen lower at RM2.04. KKB and UMW were down four sen each to RM1.01 and RM5.65.
Press Metal
rose nine sen to RM3.36, its warrants WC gained eight sen to RM2.93, Choo Bee and Alcom seven sen each to RM2.08 and RM1.85 while Ann Joo added five sen to RM3.26.
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