KUALA LUMPUR: Blue chips racked up one of the biggest losses in recent days in early Thursday trade after the recent batch of negative news, cautious key Asian markets and prompted investors to take profit.
At 9.43am, the KLCI was down 12.22 points or 0.69% to 1,760.29. Turnover was 760.68 million shares valued at RM407.84mil. Decliners beat advancers 507 to 108 while 262 counters were unchanged.
Alliance DBS Research said following the lower close on Wednesday, it expects to see follow through selling interest again with support seen at 1,765.
“A fall below 1,765 would put pressure on the benchmark index down to the subsequent support at 1,755,” it said.
Asian stocks retreated on Thursday, taking their cues from a subdued session on Wall Street, while the dollar retained gains made after the Federal Reserve delivered a hawkish policy statement, Reuters reported.
At the end of its two-day meeting, the Fed kept its benchmark interest rate steady as expected, but downplayed weak first-quarter economic growth and emphasised the strength of the labour market, a sign it was still on track for two more rate increases this year.
At Bursa Malaysia, Ekovest fell 24 sen to RM1.19 with 96 million shares done. It plunged to a low of RM1.01 earlier. The warrants, Ekovest-WB fell 14.5 sen to 98.5 sen with 12.25 million warrants traded.
Ekovest is linked to Tan Sri Lim Kang Hoo whose company Iskandar Waterfront Holdings Sdn Bhd (IWH).
The joint venture company between IWH and China Railway Engineering Corp (M) Sdn Bhd (CREC) was affected by the Ministry of Finance’s TRX City Sdn Bhd move to declare that the share sale agreement had been aborted.
MKH ordinary rights shares fell 36 sen to RM4.89 with 69,500 shares done. Malton lost 11 sen to RM1.38.
Genting Bhd
fell 15 sen to RM9.80 while Public Bank was down 14 sen to Rm20 and AmBank gave ip 13 sen to RM5.47.
GDex lost 15 sen to RM2.82 and the warrants, GDex-WB fell 10 sen to RM2 while Pos Malaysia shed nne sen to RM5.55.
On a more positive note, Dutch Lady rose 32 sen to RM58.50 with just 300 shares done. KL Kepong added 28 sen to RM24.88, CI Holdings gained 21 sen to RM2.54 and Petronas Gas was up 16 sen to RM19.16.
Vitrox continued its stellar way, up six sen to RM5.98 while Paragon rose four sen to 56.5 sen.
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