Wednesday, September 15, 2010

FBM KLCI slightly lower on profit taking

KUALA LUMPUR:'' Share prices on Bursa Malaysia managed to recoup part of their losses to end slightly lower on Wednesday, Sept 15 following mild profit taking, mainly in financial stocks after two days of sharp rally, said a dealer.

At close, the FBM KLCI shed 1.49 points to 1,472.95 after opening 1.73 points lower at 1,472.71.

"The losses were capped as the overall market sentiment remained robust," he said, adding that after some cooling off, the market may move upwards again. The market is closed on Thursday for Malaysia Day celebrations.

OSK Research, in its note, said it was holding on to the year-end target of 1,465 and expected some profit-taking on the big caps towards year-end.

"We would recommend a gradual shift towards buying small caps over the next few months," said the research house.

It said the market's immediate resistance was now at the psychological 1,500-barrier, followed by the 1,524.69 level. Immediate support is at 1,457 followed by the 1,439 level.

The Finance Index fell 20.6 points to 13,359.07, the PLANTATION [] Index eased 27.65 points to 6,904.02 but the INDUSTRIAL INDEX [] added 0.27 of a point to 2,799.93.

The FBM Emas Index declined 12.24 points to 9,817.47, FBM70 [] was 8.79 points lower at 9,559.08 but the FBM Ace Index perked 14.01 points to 3,798.15.

Turnover dropped to 725.111 million shares worth RM1.436 billion from Tuesday's 1.04 billion shares worth RM2.127 billion.

Decliners outnumbered advancers by 416 to 299 while 301 counters were unchanged, 348 untraded and 40 others suspended. - Bernama

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