KUALA LUMPUR: Malaysian blue chip stocks continue their decline Friday morning, Nov 12 as investors locked in profits following a recent high in the primary barometer.
Analysts said the correction in the FBM KLCI was healthy. Hong Leong Investment Bank head of research Low Yee Huap said given the liquidity-driven market, further consolidation in the benchmark should be well absorbed unless there was a major reversal in foreign money flows.
"We would only turn negative if the FBM KLCI convincingly breaks below the uptrend line at 1,453 on high volume," Low wrote in a note Friday morning.
At 9.59am, the FBM KLCI fell 5.9 points to 1,507.8. Across the bourse, some 280 million shares worth RM294 million changed hands. There were 175 gainers versus 281 decliners.
GENTING BHD [] shares stole the spotlight as the top decliner Friday morning after its Singapore unit's third quarter financials came in below market expectations.
MBM RESOURCES BHD [] also caught market interest after the company announced better third quarter numbers
Genting fell 32 sen to RM10.28, while MBM added 14 sen to RM3.16.
Shares of oil and gas support services companies are also worth watching on Friday, following updates that Malaysian policymakers would provide tax incentives to encourage exploration of hydrocarbon reserves in marginal fields.
Across Asia, South Korea's Kospi ran ahead of its peers with a close to 2% jump to1952.66, amid the on-going Group of 20 meeting in Seoul.
Japan's Nikkei 225 fell 0.3% to 9,828.08 while Australia's S&P/ASX 200 was down 0.1% to 4,722.5. China's Shanghai Composite declined 1% to 3,114.91 , Taiwan's Taiex fell 0.6% to 8,383.3, while Singapore's Straits Times was down 0.4% to 3,281.82.
The ringgit was traded weaker at 3.1010 against the US dollar. Crude oil futures fell 56 sen to US$87.25 (RM270.34) a barrel while spot prices for gold was down US$5.05 to US$1,403.60 an ounce.
US markets fell in overnight trade, as investors anticipate the outcome of the Groups of 20 (G20) meeting. G20 countries lawmakers' decisions at the event could be indicative of the global economy's direction.
The Dow Jones Industrial Average fell 0.7% to close at 11,283.10 , Nasdaq dipped 0.9% to 2,555.52 while the S&P 500 was down 0.4% to 1,213.54.
Analysts said the correction in the FBM KLCI was healthy. Hong Leong Investment Bank head of research Low Yee Huap said given the liquidity-driven market, further consolidation in the benchmark should be well absorbed unless there was a major reversal in foreign money flows.
"We would only turn negative if the FBM KLCI convincingly breaks below the uptrend line at 1,453 on high volume," Low wrote in a note Friday morning.
At 9.59am, the FBM KLCI fell 5.9 points to 1,507.8. Across the bourse, some 280 million shares worth RM294 million changed hands. There were 175 gainers versus 281 decliners.
GENTING BHD [] shares stole the spotlight as the top decliner Friday morning after its Singapore unit's third quarter financials came in below market expectations.
MBM RESOURCES BHD [] also caught market interest after the company announced better third quarter numbers
Genting fell 32 sen to RM10.28, while MBM added 14 sen to RM3.16.
Shares of oil and gas support services companies are also worth watching on Friday, following updates that Malaysian policymakers would provide tax incentives to encourage exploration of hydrocarbon reserves in marginal fields.
Across Asia, South Korea's Kospi ran ahead of its peers with a close to 2% jump to1952.66, amid the on-going Group of 20 meeting in Seoul.
Japan's Nikkei 225 fell 0.3% to 9,828.08 while Australia's S&P/ASX 200 was down 0.1% to 4,722.5. China's Shanghai Composite declined 1% to 3,114.91 , Taiwan's Taiex fell 0.6% to 8,383.3, while Singapore's Straits Times was down 0.4% to 3,281.82.
The ringgit was traded weaker at 3.1010 against the US dollar. Crude oil futures fell 56 sen to US$87.25 (RM270.34) a barrel while spot prices for gold was down US$5.05 to US$1,403.60 an ounce.
US markets fell in overnight trade, as investors anticipate the outcome of the Groups of 20 (G20) meeting. G20 countries lawmakers' decisions at the event could be indicative of the global economy's direction.
The Dow Jones Industrial Average fell 0.7% to close at 11,283.10 , Nasdaq dipped 0.9% to 2,555.52 while the S&P 500 was down 0.4% to 1,213.54.
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