KUALA LUMPUR : The FBM KLCI fell in the morning session on Tuesday as investors locked in profits from a liquidity driven rally which saw the 30-stock index nearing the all-time high of 1,597 in July 2011.
At 12.30pm, the FBM KLCI was down 0.52% or 8.34 points to 1,580.88, dragged down mainly by telecommunication and banking stocks. The KLCI had briefly touched 1,594.72 on Monday. Turnover was 598 million shares worth RM621 million. Losers beat gainers 488 to 155 while 313 counters were unchanged.
Key regional markets fell with Hong Kong’s Hang Seng Index down 1.5% to 20,947.9 and Australia’s S&P / ASX 200 which was down 1.22% to 4,210.8. South Korea’s Kospi 1.17% lower at 1992.53 while Singapore’s Straits Times lost 1.12% to 2,958.23.
At Bursa Malaysia, top gainers include Asia File which added 15 sen to RM3.90, C.I. HOLDINGS BHD [] 14 sen to RM1.49 while CHIN TECK PLANTATION []S BHD [] was up 10 sen to RM9.10.
Decliners included BAT, which lost 48 sen to RM52.36, PPB 30 sen to RM16.64 while Nestle was down 20 sen to RM55.70.
Most active was China Stationery Ltd which traded unchanged at RM1.08 with some 34 million shares done.
OSK Research director Chris Eng said the new target for the KLCI was 1,620 towards the end of this year. This was derived from the average 2012 and 2013 fair values at 1,466 and 1,775 respectively.
“While we remain unconvinced of the current rally’s fundamentals and still see a risk of market correction, news flow with regards to large infrastructure investments should help the KLCI post a stronger 2H2012,” Eng said.
At 12.30pm, the FBM KLCI was down 0.52% or 8.34 points to 1,580.88, dragged down mainly by telecommunication and banking stocks. The KLCI had briefly touched 1,594.72 on Monday. Turnover was 598 million shares worth RM621 million. Losers beat gainers 488 to 155 while 313 counters were unchanged.
Key regional markets fell with Hong Kong’s Hang Seng Index down 1.5% to 20,947.9 and Australia’s S&P / ASX 200 which was down 1.22% to 4,210.8. South Korea’s Kospi 1.17% lower at 1992.53 while Singapore’s Straits Times lost 1.12% to 2,958.23.
At Bursa Malaysia, top gainers include Asia File which added 15 sen to RM3.90, C.I. HOLDINGS BHD [] 14 sen to RM1.49 while CHIN TECK PLANTATION []S BHD [] was up 10 sen to RM9.10.
Decliners included BAT, which lost 48 sen to RM52.36, PPB 30 sen to RM16.64 while Nestle was down 20 sen to RM55.70.
Most active was China Stationery Ltd which traded unchanged at RM1.08 with some 34 million shares done.
OSK Research director Chris Eng said the new target for the KLCI was 1,620 towards the end of this year. This was derived from the average 2012 and 2013 fair values at 1,466 and 1,775 respectively.
“While we remain unconvinced of the current rally’s fundamentals and still see a risk of market correction, news flow with regards to large infrastructure investments should help the KLCI post a stronger 2H2012,” Eng said.
