KUALA LUMPUR: Blue chips got off to another weak start on Monday, extending their decline from the straight four-day losses the previous week, with Maybank and RHB Bank under some profit taking.
At 9.12am, the FBM KLCI was down 2.32 points or 0.13% to 1,768.72. Turnover was 231.43 million shares valued at RM108.04mil. There were 132 gainers, 148 losers and 219 counters unchanged.
Reuters reported the euro slipped on Monday after German Chancellor Angela Merkel won a fourth term in a weekend election, but faced leading a much less stable coalition in a fractured parliament as support for the far-right party surged.
The market reacted by selling the euro on the possibility of Merkel running into difficulties in forging a coalition, according to a report.
MSCI's broadest index of Asia-Pacific shares outside Japan was 0.2% higher. Japan's Nikkei rose 0.6%, Australian shares climbed 0.4% and South Korea's Kospi was flat.
On the technical outlook, Kenanga Investment Bank Research said chart wise, the KLCI has formed a long black body candlestick with short lower and upper shadow as the index opened marginally higher but slid deeper into the red later that day.
“From a charting perspective, the MACD is beginning to cross below its Signal-line, reflecting the negative momentum in the short term.
“However, with the overall technical picture remaining positive and the index just right above the support level of 1,770 (S1), we expect bargain hunting activity to take place. In case of a break down, the next support level is located at 1,760 (S2). Conversely, resistance levels to watch are 1,796 (R1) and 1,840 (R2),” said Kenanga Research.
The call warrants of Eco World, AmBank and MRCB were among the top losers. Eco World CJ fell 20 sen to six sen, AmBank-C3 lost 19.5 sen to 14.5 sen and MRCB-C24 skidded 14.5 sen to 8.5 sen.
Vis Dynamics, whose shares had surged in recent weeks, fell 13 sen to RM1.19 in active trade. MFCB was down 11 sen to RM3.60.
RHB Bank fell 10 sen to RM5.18, Maybank seven sen to RM9.78 and Takaful six sen to RM3.63.
Poh Kong jumped 13 sen to 76 on stronger earnings, Scientex added 11 sen to RM8.70 while Hartalega
gained seven sen to RM6.55.
Pentamaster added 11 sen nto RM4.98 and JF Tech seven sen higher at RM2.12.
Petronas Chemical rose 11 sen to RM7.41 and LC Titan eight sen to RM5.33.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
