KUALA LUMPUR: Blue chips slipped in early Friday trade, with the FBM KLCI heading toward the key 1,700 level on profit taking as investors digested the latest batch of mixed corporate results.
Shares and the call warrants of low-cost carrier AirAsia was in focus after the release of its results.
At 9.30am, the KLCI was down 2.37 points or 0.14% to 1,702.11. Turnover was 475.21 million shares valued at RM219.30mil. There were 203 gainers, 264 losers and 249 counters unchanged.
Kenanga Investment Bank said overall, the KLCI remains in a positive medium-longer term trend.
However, the KLCI appears to be poised for a near-term profit-taking after briefly notching a reaction-high of 1,720 earlier in the week.
“Notice that yesterday’s black-bodied bar reflect sustained weakness throughout the day, while the MACD has just crossed below its signal-line. From here, we see the possibility of the KLCI pulling back towards 1695/1700 (S1) before garnering some support.
“Failing which, the next support level is located at 1,680 (S2). Overhead resistance in the meantime is located at 1,710 (R1) and 1,720 (R2),” it said.
Reuters reported US oil prices fell on Friday after government data released late on Thursday showed stockpiles rose last week for a seventh straight week, although losses were muted as inventory growth was well below expectations.
US West Texas Intermediate fell 13 cents to US$54.32 a barrel by 0048 GMT, having closed up 86 cents in the previous session.
Brent crude was trading down 13 cents also at US$56.45. The contract rose 74 cents in the previous session to settle at US$56.58.
AirAsia extended its decline, falling six sen to RM2.70 with 8.34 million shares done. Its call warrants C49 fell 2.5 sen to 25.5 sen and C46 was down 1.5 sen to 18.5 sen in active trade.
KLCI stock IHH Healthcare fell 17 sen to RM5.98 and Hong Leong Bank was down eight sento RM13.48.
Tasek fell the most, down 46 sen to RM12.72, Gas Malaysia lost 17 sen to RM2.81while Globetronics gave up 12 sen to RM4.28.
Among the consumer stocks, Heineken fell 14 sen to RM17.04 with 200 shares done while Apollo was down 11 sen to RM5.16. However, Dutch Lady
added 70 sen to RM54.70 and Bestle gained 62 sen to RM76.60 and BAT 32 sen higher at RM49.92.
IGB surged 33 sen to RM2.85 and Goldis 12 sen higher at RM2.62. On Thursday, Goldis made an offer to acquire all the remaining shares in IGB at RM3 a share.
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