KUALA LUMPUR:'' The FBM KLCI fell sharply in early trade on Thursday, Nov 18, and was down by more than 1% at one point, dragged by losses at key blue chips including Genting, Tenaga and PPB Group.
While'' analysts attributed the early fall as a knee-jerk reaction to the recent decline at regional markets, most Asian bourses stabilised as commodities lent support.
On Bursa Malaysia at 10am, the 30-stock FBM KLCI was down 0.81% or 12.13 points to 1,491.41. Losers led gainers by 245 to 195, while 231 counters traded unchanged. Volume was 233.51 million shares valued at RM275.50 million.
RHB Research Institute Sdn Bhd said that given the recent sharp falls in the regional markets, and the negative news flow on more tightening measures in China to tame inflation, as well as the renewed debt crisis in Europe, the local bourse was expected to open with a knee-jerk reaction today.
The index should seek support at the 40-day SMA near 1,489, but all eyes will be focusing on the 1,450 level ' the previous breakout resistance-turn-support point, to see whether the multi-month uptrend would be derailed, it said.
'Losing 1,450 will be seen as a trigger to a major correction phase on the FBM KLCI,' said the research house in a note Nov 18.
Among the major losers on Bursa Malaysia at mid-morning, PPB fell 80 sen to RM18.74, Genting down 20 sen to RM10.26, Kulim lost 18 sen to RM13.70, F&N and Tenaga fell 12 sen each to RM15.68 and RM8.65, Jobstreet down 10 sen to RM2.80, KFCH lost nine sen to RM3.92, Hong Leong Financial Group shed eight sen to RM8.90 while Genting PLANTATION []s lost seven sen to RM8.48.
BAT led the gainers list and was up 36 sen to RM46.38; Batu Kawan and IJM Land added 14 sen each to RM16.74 and RM2.88, Top Glove rose 13 sen to RM5.63, Petronas Gas added 12 sen to RM11.26. Lafarge Malayan Cement and Panasonic were up 10 sen each to RM7.98 and RM18.42 while Lingui and YTL Power gained nine sen each to RM1.31 and RM2.60.
Karambunai was the most actively traded stock with 12.2 million shares done. The counter gained half a sen to 20.5 sen. Other actives included Timecom, SAAG, KNM, Time, Transmile and Kencana.
At the regional markets, Japan's Nikkei 225 rose 0.61% to 9,871,51, the Shanghai Composite Index added 0.98% to 2,866.62, the South Korean Kospi Index gained 0.69% to 1,910.14 and Hong Kong's Hang Seng Index opened 1% higher at 23,437.80.
Meanwhile, Taiwan's Taiex and Singapore's Straits Times Index shed 0.04% each to 8,252.07 and 3,210.94 respectively.
While'' analysts attributed the early fall as a knee-jerk reaction to the recent decline at regional markets, most Asian bourses stabilised as commodities lent support.
On Bursa Malaysia at 10am, the 30-stock FBM KLCI was down 0.81% or 12.13 points to 1,491.41. Losers led gainers by 245 to 195, while 231 counters traded unchanged. Volume was 233.51 million shares valued at RM275.50 million.
RHB Research Institute Sdn Bhd said that given the recent sharp falls in the regional markets, and the negative news flow on more tightening measures in China to tame inflation, as well as the renewed debt crisis in Europe, the local bourse was expected to open with a knee-jerk reaction today.
The index should seek support at the 40-day SMA near 1,489, but all eyes will be focusing on the 1,450 level ' the previous breakout resistance-turn-support point, to see whether the multi-month uptrend would be derailed, it said.
'Losing 1,450 will be seen as a trigger to a major correction phase on the FBM KLCI,' said the research house in a note Nov 18.
Among the major losers on Bursa Malaysia at mid-morning, PPB fell 80 sen to RM18.74, Genting down 20 sen to RM10.26, Kulim lost 18 sen to RM13.70, F&N and Tenaga fell 12 sen each to RM15.68 and RM8.65, Jobstreet down 10 sen to RM2.80, KFCH lost nine sen to RM3.92, Hong Leong Financial Group shed eight sen to RM8.90 while Genting PLANTATION []s lost seven sen to RM8.48.
BAT led the gainers list and was up 36 sen to RM46.38; Batu Kawan and IJM Land added 14 sen each to RM16.74 and RM2.88, Top Glove rose 13 sen to RM5.63, Petronas Gas added 12 sen to RM11.26. Lafarge Malayan Cement and Panasonic were up 10 sen each to RM7.98 and RM18.42 while Lingui and YTL Power gained nine sen each to RM1.31 and RM2.60.
Karambunai was the most actively traded stock with 12.2 million shares done. The counter gained half a sen to 20.5 sen. Other actives included Timecom, SAAG, KNM, Time, Transmile and Kencana.
At the regional markets, Japan's Nikkei 225 rose 0.61% to 9,871,51, the Shanghai Composite Index added 0.98% to 2,866.62, the South Korean Kospi Index gained 0.69% to 1,910.14 and Hong Kong's Hang Seng Index opened 1% higher at 23,437.80.
Meanwhile, Taiwan's Taiex and Singapore's Straits Times Index shed 0.04% each to 8,252.07 and 3,210.94 respectively.
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