KUALA LUMPUR: The FBM KLCI slipped into negative territory in early trade on Friday, Dec 10 in line with most key regional markets that succumbed to some mild profit taking and unloading of positions by foreign investors ahead of the year-end break.
Regional investors also remained sidelined ahead of Chinese inflation data, expected over the weekend, according to Reuters.
On Bursa Malaysia, losses at key blue chips including BAT, DiGi, Hong Leong Bank, Tenaga and Genting dragged the FBM KLCI down 1.78 points to 1,519.51 at 10am. Losers edged gainers by 216 to 204, while 224 counters traded unchanged. Volume was 302.51 million shares valued at RM403.77 million.
At the regional markets, Japan's Nikkei 225 fell 0.43% to 10,241.70, Taiwan's Taiex down 0.35%t to 8,723.47, Singapore's Straits Times Index lost 0.54% to 3,192.80, South Korea's Kospi slipped 0.25% to 1,983.89, the Shanghai Composite Index down 0.15% to 2,806.67 while Hong Kong's Hang Seng Index opened 0.4% lower at 23,091.52.
Commenting on the FBM KLCI, RHB Research Institute Sdn Bhd said admittedly, the recovery in recent sessions has silenced the previous negative readings on the chart, and turned the market sentiment into a more favourable state.
The research house said in a note Dec 10 that if the buying support persists, the market will stand a good chance to retake the strong resistance level at 1,524 and the all-time high level of 1,531.99 soon.
That will also lift the 10-day Simple Moving Average (SMA) to cut across the 40-day SMA and move the medium-term technical outlook to the positive territory, it said.
'Thus, lifting the FBM KLCI back onto its previous bullish track and heading towards our 1.618 times Fibonacci Projection target at 1,668.
'Nevertheless, as we have warned earlier, the FBM KLCI must remove the all-time high level of 1,531.99, before it can secure a fresh breakout signal, to lure in more buying support.'' For now, we maintain our strategy of 'selling into strength' on the current rally,' it said.
On Bursa Malaysia at mid-morning, BAT fell RM1.26 to RM46.04, Nestle was down 22 sen to RM43.30, DiGi lost 14 sen to RM24.40, Hong Leong Bank fell 12 sen to RM9.24, Panasonic and Carlsberg down 10 sen each to RM18.70 and RM6.32, Genting fell eight sen to RM10.98, while Dutch Lady and Kulim lost six sen each to RM18.60 and RM12.42.
Tenaga lost 11 sen to RM8.68 over the delay in getting a tariff hike.
Gainers this morning included Landmark, Golsta, Melati, Maybank, Bintulu Port, Mah Sing, AMMB and YTL Land, while the actively traded stocks included Petronas Chemicals, Careplus, Hovid and DRB-Hicom.
Regional investors also remained sidelined ahead of Chinese inflation data, expected over the weekend, according to Reuters.
On Bursa Malaysia, losses at key blue chips including BAT, DiGi, Hong Leong Bank, Tenaga and Genting dragged the FBM KLCI down 1.78 points to 1,519.51 at 10am. Losers edged gainers by 216 to 204, while 224 counters traded unchanged. Volume was 302.51 million shares valued at RM403.77 million.
At the regional markets, Japan's Nikkei 225 fell 0.43% to 10,241.70, Taiwan's Taiex down 0.35%t to 8,723.47, Singapore's Straits Times Index lost 0.54% to 3,192.80, South Korea's Kospi slipped 0.25% to 1,983.89, the Shanghai Composite Index down 0.15% to 2,806.67 while Hong Kong's Hang Seng Index opened 0.4% lower at 23,091.52.
Commenting on the FBM KLCI, RHB Research Institute Sdn Bhd said admittedly, the recovery in recent sessions has silenced the previous negative readings on the chart, and turned the market sentiment into a more favourable state.
The research house said in a note Dec 10 that if the buying support persists, the market will stand a good chance to retake the strong resistance level at 1,524 and the all-time high level of 1,531.99 soon.
That will also lift the 10-day Simple Moving Average (SMA) to cut across the 40-day SMA and move the medium-term technical outlook to the positive territory, it said.
'Thus, lifting the FBM KLCI back onto its previous bullish track and heading towards our 1.618 times Fibonacci Projection target at 1,668.
'Nevertheless, as we have warned earlier, the FBM KLCI must remove the all-time high level of 1,531.99, before it can secure a fresh breakout signal, to lure in more buying support.'' For now, we maintain our strategy of 'selling into strength' on the current rally,' it said.
On Bursa Malaysia at mid-morning, BAT fell RM1.26 to RM46.04, Nestle was down 22 sen to RM43.30, DiGi lost 14 sen to RM24.40, Hong Leong Bank fell 12 sen to RM9.24, Panasonic and Carlsberg down 10 sen each to RM18.70 and RM6.32, Genting fell eight sen to RM10.98, while Dutch Lady and Kulim lost six sen each to RM18.60 and RM12.42.
Tenaga lost 11 sen to RM8.68 over the delay in getting a tariff hike.
Gainers this morning included Landmark, Golsta, Melati, Maybank, Bintulu Port, Mah Sing, AMMB and YTL Land, while the actively traded stocks included Petronas Chemicals, Careplus, Hovid and DRB-Hicom.
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