Friday, 3 March 2017
KUALA LUMPUR: Investors were quick to lock in gains early Friday after the FBM KLCI surged to a 10 month high the previous day, while the ringgit slipped against the US dollar again.
At 10am, the KLCI was down 6.02 points or 0.35% to 1,709.65. Turnover was 693.11 million shares valued at RM313.22mil. There were 222 gainers, 323 losers and 313 counters unchanged.
The ringgit weakened 0.04% to 4.4490 from the previous close of 4.4470.
Hong Leong Investment Bank (HLIB) Research said after the Dow rallied more than 1,000 points in the past month, investors are likely to turn cautious monitoring details of Trump’s economic plans, coupled with the much anticipated interest rates hike in March amid few fairly positive economic data.
“Hence, we opine that traders may take this opportunity to lock-in profits over the near term.
“Meanwhile, tracking the pullback on Wall Street, profit taking activities may curtail the upside on the local front and investors may deploy selling-into-strength strategy and KLCI’s upside might be capped around 1,728,” it said.
BAT fell the most, down 30 sen to RM48.50 while Petrongas Dagangan was down 12 sen to RM25.02, Genting Bhd and Hartalega 11 sen lower at RM9.17 and RM4.85 while Aeon Credit and Oriental Holdings lost 10 sen each to RM15.60 and RM6.50.
Hong Leong Bank and HLFG lost 12 sen each to RM13.36 and RM15.18.
However, KL Kepong rose 28 sen to RM24.60, IWCity 12 sen to RM1.49 and Petronas Chemicals climbed seven sen to RM7.45.
Among the consumer stocks, Dutch Lady and Cocoland added eight sen each to RM55.70 and RM2.46 while MSM was seven sen higher at RM4.72.
Source by: Internet