Wednesday, January 5, 2011

#Flash* Market takes a breather, KLCI down 8 pts

KUALA LUMPUR: The market took a breather in early trade on Wednesday, Jan 5 as investors used the excuse of the mixed overnight close on Wall Street to take profit after the FBM KLCI hit record highs the previous day.

At 9.27am, the FBM KLCI was down 8.48 points to 1,5431.41. Turnover was 289 million shares valued at RM223.87 million. Decliners led advancers 240 to 184 while 214 stocks were unchanged.

DiGi and PetDag fell 20 sen each to RM25 and RM11.80 but in thin trade. Genting PLANTATION []s and GENTING BHD [] lost 10 sen each to RM8.93 and RM11.18.

Maybank, PPB and PetGas shed 10 sen each to RM8.67, RM17.50 and RM11.24 respectively.

Hwang DBS Vickers Research (HDBSVR) said a cumulative gain of 33 points or 2.2% in just two days suggests that the bulls may take a breather on Wednesday.

It said the benchmark FBM KLCI ' standing at a fresh all-time high currently ' could then back off from the immediate resistance threshold of 1,550 ahead, 'although we reckon any market pullback is expected to be relatively shallow and brief'.

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