KUALA LUMPUR: Blue chips fell early Thursday with Hong Leong Bank and MISC among the top losers as investors looked for leads from institutional players but companies with fresh corporate news attracted attention.
At 10am, the FBM KLCI was down 1.33 points or 0.08% to 1,769.28. Turnover was 431.54 million shares valued at RM277.48mil. There were 229 gainers, 222 losers and 292 counters unchanged.
Asian shares dipped on Thursday as investors locked in recent gains after Wall Street's Dow Jones Industrial Average broke the 22,000 barrier for the first time in its 121-year history, Reuters reported.
MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.5%, with South Korea's Kospi index falling 1.5% in early trade.
Oil dipped on Thursday as a rally that has pushed up prices by almost 10% since early last week lost momentum despite renewed signs of a gradually tightening US market, Reuters reported.
Brent crude futures fell 17 cents, or 0.3%, at US$52.19 per barrel at 0147 GMT. US West Texas Intermediate (WTI) crude futures were at US$49.44 per barrel, down 15 cents, or 0.3%, from their last settlement.
On the outlook for Bursa Malaysia, Kenanga Investment Bank Research said that based on Wednesday’s market performance, investors were adopting a wait-and-see approach as the key index retests its 1,771 (R1) resistance level.
It said the factors were the lower trading volume and weaker market breadth while the KLVI traded within a tight four-point range for the remainder of the day, despite opening 5.48 points higher.
“Unless and until this 1,771 level is taken out in a decisive manner, we expect some risk to the downside at 1,760 (S1) and 1,750 (S2) given the bearish MACD trend and “Dead Cross” by the 20- and 50-day SMAs.
“Further resistance levels include 1,789 (R2) should the KLCI break above 1,771 (R1),” it said.
Hong Leong Industries fell 24 sen to RM10, KESM fell 16 sen to RM15.52, MISC 12 sen to RM7.48. Hong Leonng Bank fell 10 sen to RM15.58 and Innoprise seven sen lower at RM1.15.
CCM lost 12 sen to RM1.57 as investors were not positive on its corporate exercise with CCM Duopharma
Biotech.
Globaltec Formation rose 0.5 sen to six sen with 33.60 million shares done after its subsidiary NuEnergy Gas Ltd (NGY) has received the Indonesian government’s approval to prepare the plan for its Tanjung Enim production sharing contract (PSC).
REV jumped 21 sen to 94.5 sen with 16.7 million shares done on its dividend plan.
Iskandar Waterfront City rose 14 sen to RM1.37 in active trade.
Petron added eight sen to RM9.13.
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