KLCI dips early Friday as Genting and CIMB slip

  • Markets
  • Friday, 08 Sep 2017

KUALA LUMPUR: Investors took profit on GENTING BHD and CIMB Group early Friday and nudged the FBM KLCI slightly into the red but the broader market was steady with focus seen now on Lotto Chemicals Titan (LCTitan) again.

At  9.16am, the  KLCI was down 0.86 of a point or 0.05% to 1,782.12. Turnover was 334.55 million shares valued at RM81.63mil. There were 185 gainers, 112 losers and 238 counters  unchanged. 

Asian shares edged up on Friday as investors kept a wary eye on another US storm, while the dollar skidded after European Central Bank chief Mario Draghi suggested the bank may begin tapering its massive stimulus programme this autumn, Reuters reported.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.1%, but was still down 0.2% for the week. Japan's Nikkei stock index was pressured by a stronger yen and slipped 0.5%, losing 2% for the week.

Kenanga Investment Bank Research said based on the late push of the KLCI on Thursday, the bulls were able to dominate the session towards the closing bell after trading range-bound between 1,772 and 1,776 for the most part of the day.

“Despite mostly neutral readings from indicators, the previous two days' bullish moves reflect an increase in investors’ willingness to enter the fray. 

“Notably, the KLCI is now in the midst of testing the 1,783 (R1) resistance level where a decisive breakout above this level would be crucial to influence follow-through buying. 

“Once taken out, the next resistance level to target is 1,789 (R2) further up. Downside support levels in the meantime remain unchanged at 1,760 (S1) and 1,750 (S2) below,” said Kenanga Research.

Bursa Malaysia fell 20 sen to RM10.22, HL Industries 16 sen to RM9.83 and Hartalega 11sen to RM6.79.

MPI lost 10 sen to RM13.76, Genting eight sen to RM6.83 while Texchem and Petronas Dagangan were down six sen each to RM1.09 and RM24.42.

AFG fell 10 sen to RM3.89 and CIMB eight sen lower at RM6.83.

Sino Huann regained traction to climb 2.5 sen to 20.5 sen in active trade.

KL Kepong rose 22 sen to RM24.84 and PPB Group 18 sen  higher at RM16.92 in thin trade. HLFG added 10 sen to RM17.10, Choo  Bee and LC Titan seven sen each to RM2.26 and RM5.42.

CCM Duopharma and Sunway added six sen each to RM2.17 and RM4.46 while Unisem gained five sen to RM4.12.

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