Tuesday, 6 March 2012

KLCI takes a breather, Tenaga, Genting weigh

KUALA LUMPUR (March 6): Stocks on Bursa Malaysia took a breather on Tuesday as investors locked in recent gains, with profit taking seen in heavyweight Tenaga and Genting while key regional markets put on a lackluster performance after the weaker close on Wall Street.

At 10.04am, the FBM KLCI was down 2.79 points to 1,586.43. Turnover was 284.50 million shares valued at RM202.80 million. Losers led gainers 245 to 152 while 276 stocks were unchanged.

Reuters reported Asian shares and growth-linked currencies were under pressure on Tuesday as slowing economies in China and Europe and tension over Iran dampened sentiment, prompting investors to take profits from recent rallies that had been driven by ample liquidity.

CIMB Equities Research said that while the KLCI close to testing its all-time high of 1,597 in July 2011, it expected the index to face resistance.

“Only a successful close above the 1,600 psychological level could further lift prices towards a new heights at 1,620. Otherwise, we expect some consolidation to take place. On the downside, the 1,550 key support level is still a level to keep watch as it would eliminate all bullish potential if it is breached. There is also a minor support at 1,570,” it said.

Among the decliners were Tenaga and Genting, down six sen each to RM6.25 and RM10.70. Shell was the top loser, down 26 sen to RM10.12 but in very thin volume of 200 shares done.

PBB lost 26 sen to RM16.68, Oriental Holdings 13 sen to RM6.52, Can-One six sen to RM1.83, MBM Resources five sen to RM4.58 and Batu Kawan four sen to RM18.90.

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