KUALA LUMPUR: Blue chips fell again for the sixth day on Wednesday, Jan 26, on profit taking on PLANTATION []s and banks though the volume traded was thin.
The KLCI fell 9.23 points to 1,517.20 at 9.42am, off the low of 1,505. Turnover was 289 milion shares valued at RM303 million. There were 126 gainers, 309 losers and 213 stocks unchanged.
KL Kepong fell 64 sen to RM20.76 with 409,200 shares done, Batu Kawan 38 sen to RM16.20, Tradewinds Plantations 13 sen to RM2,95 and PPB 12 sen to RM16.98.
DiGi lost 48 sen with 13,800 shares done while Guinness Anchor shed 25 sen to RM9.20 and HL Bank 21 sen to RM9.20.
Analysts said the local'' market, especially key blue chips with high foreign holdings, may have seen oversold conditions and they expect the market to regain its strength as there is still a lot of liquidity in the system.
They said for Malaysia, there is buying opportunity for oversold counters and plantations still offer upside based on the firmer crude palm oil prices.
They said the recent profit taking by foreign funds is due to risk aversion about monetary tightening and inflation risks.
'As for the US market, at some point in time it will stagnate but for Malaysia, everything is line for us, such as a stronger currency while the awarding of the marginal oil fields would create a sense of leadership among the oil and gas players,' said the head of a foreign research house. However, he was more cautious in the second half due to tightening liquidity measures.
The KLCI fell 9.23 points to 1,517.20 at 9.42am, off the low of 1,505. Turnover was 289 milion shares valued at RM303 million. There were 126 gainers, 309 losers and 213 stocks unchanged.
KL Kepong fell 64 sen to RM20.76 with 409,200 shares done, Batu Kawan 38 sen to RM16.20, Tradewinds Plantations 13 sen to RM2,95 and PPB 12 sen to RM16.98.
DiGi lost 48 sen with 13,800 shares done while Guinness Anchor shed 25 sen to RM9.20 and HL Bank 21 sen to RM9.20.
Analysts said the local'' market, especially key blue chips with high foreign holdings, may have seen oversold conditions and they expect the market to regain its strength as there is still a lot of liquidity in the system.
They said for Malaysia, there is buying opportunity for oversold counters and plantations still offer upside based on the firmer crude palm oil prices.
They said the recent profit taking by foreign funds is due to risk aversion about monetary tightening and inflation risks.
'As for the US market, at some point in time it will stagnate but for Malaysia, everything is line for us, such as a stronger currency while the awarding of the marginal oil fields would create a sense of leadership among the oil and gas players,' said the head of a foreign research house. However, he was more cautious in the second half due to tightening liquidity measures.
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