KUALA LUMPUR: The FBM KLCI kicked off in negative territory for the sixth consecutive day on Wednesday, Jan 26 but managed to pare down some its losses by mid-morning after having falling by more than 16 points in early trade.
Investors have since last week begun taking profit ahead of next week's the holiday-shortened trading week, with the stock market closed for the Federal Territory Day on Feb 1 and the Chinese New Holidays.
At 10am, the benchmark index was down 8.16% to 1,518.27, weighed by losses at select blue chips and index-linked PLANTATION []-related stocks, as well the Petronas stable of companies. The index had earlier fallen to a low of 1,505.36.
Losers led gainers by 320 to 147, while 237 counters traded unchanged. Volume was 358.37 million shares valued at RM410.66 million.
Key regional markets were mixed this morning, following the benign overnight close at Wall Street.
Japan's Nikkei average fell on Wednesday for the first time in three days as energy shares dragged the market down after an Indian interest rate hike and a contraction in Britain's economy fuelled concerns about economic growth and the effect of rising commodity prices, according to Reuters.
Resource stocks took a hit after commodity markets felt pressure from concern that monetary tightening in India and China could continue as raw materials and food costs rise, it said.
Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients on Jan 26 said a persistent bout of weakness would exist ahead of the Chinese New Year (CNY) holidays.
'Despite the benign US markets last night, we may see the FBM KLCI in a weak technical posture today with persistent pre-CNY profit-taking,' he said.
On Bursa Malaysia, among the plantation-related stocks, KLK fell 42 sen to RM20.98, Batu Kawan down 34 sen to RM16.24, Sime Darby lost 10 sen to RM9.20, IOI Corp down three sen to RM5.74 and Boustead two sen to RM5.49.
Petronas Gas fell 14 sen to RM11.24, Petronas Dagangan six sen to RM12.02, Petronas Chemicals four sen to RM6, Axiata seven to RM4.67, Maybank six sen to RM8.73 and Tenaga lost five sen to RM6.40.
Other decliners included GAB, Hong Leong Bank, DiGi, Tradewinds, MISC and Dutch Lady.
Gainers in early trade included Sungei Bagan, Genting, Kretam, Kumpulan Europlus, Ekovest and AirAsia.
Compugates was the most actively traded counter with 24.5 million shares done. The stock added half a sen to 6.5 sen. Other actives included SAAG, Ho Wah Genting, Karambunai, Olympia and Ramunia.
Investors have since last week begun taking profit ahead of next week's the holiday-shortened trading week, with the stock market closed for the Federal Territory Day on Feb 1 and the Chinese New Holidays.
At 10am, the benchmark index was down 8.16% to 1,518.27, weighed by losses at select blue chips and index-linked PLANTATION []-related stocks, as well the Petronas stable of companies. The index had earlier fallen to a low of 1,505.36.
Losers led gainers by 320 to 147, while 237 counters traded unchanged. Volume was 358.37 million shares valued at RM410.66 million.
Key regional markets were mixed this morning, following the benign overnight close at Wall Street.
Japan's Nikkei average fell on Wednesday for the first time in three days as energy shares dragged the market down after an Indian interest rate hike and a contraction in Britain's economy fuelled concerns about economic growth and the effect of rising commodity prices, according to Reuters.
Resource stocks took a hit after commodity markets felt pressure from concern that monetary tightening in India and China could continue as raw materials and food costs rise, it said.
Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients on Jan 26 said a persistent bout of weakness would exist ahead of the Chinese New Year (CNY) holidays.
'Despite the benign US markets last night, we may see the FBM KLCI in a weak technical posture today with persistent pre-CNY profit-taking,' he said.
On Bursa Malaysia, among the plantation-related stocks, KLK fell 42 sen to RM20.98, Batu Kawan down 34 sen to RM16.24, Sime Darby lost 10 sen to RM9.20, IOI Corp down three sen to RM5.74 and Boustead two sen to RM5.49.
Petronas Gas fell 14 sen to RM11.24, Petronas Dagangan six sen to RM12.02, Petronas Chemicals four sen to RM6, Axiata seven to RM4.67, Maybank six sen to RM8.73 and Tenaga lost five sen to RM6.40.
Other decliners included GAB, Hong Leong Bank, DiGi, Tradewinds, MISC and Dutch Lady.
Gainers in early trade included Sungei Bagan, Genting, Kretam, Kumpulan Europlus, Ekovest and AirAsia.
Compugates was the most actively traded counter with 24.5 million shares done. The stock added half a sen to 6.5 sen. Other actives included SAAG, Ho Wah Genting, Karambunai, Olympia and Ramunia.
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