KUALA LUMPUR:'' The FBM KLCI remained in negative territory at the mid-day break on Friday, Jan 28 in line with the general decline at key regional markets as Asian stocks fell by half a percent on Friday, succumbing to a broad bout of profit-taking, as concern about rising inflation outweighed robust earnings.
The Nikkei average fell by nearly 1%, weighed down by financial stocks, as investors worried about higher borrowing costs after Standard & Poor's cut Japan's credit rating by a notch for the first time since 2002, according to Reuters.
A combination of worries of frothy valuations and a steady drip of positive data out of Europe and the United States have encouraged investors to take profits in some Asian markets, particularly in those that are seen as slow in tackling inflation, said Reuters.
The FBM KLCI fell 0.47% or 7.12 points to 1,519.84 at the mid-day break, weighed by banking, select blue chip and index-linked PLANTATION [] stocks.
Gainers trailed losers by 207 to 442 while 259 counters traded unchanged. Volume was 685.4 million shares valued at RM848.21 million.
T he ringgit weakened 0.15% to 3.0570 versus the greenback; crude palm oil xxx, crude oil slipped 36 cents per barrel to US$85.28 and gold fell US$1.70 per troy ounce to US$1,312.22.
At the regional markets, Japan's Nikkei 225 fell 0.96% to 10,377.94, South Korea's Kospi lost 0.59% to 2,102.51, Hong Kong's Hang Seng Index slipped 0.53% to 23,654.32, the Shanghai Composite Index and Singapore's Straits Times Index each were down 0.19% to 2,743.83 and 3,213.76 respectively, while Taiwan's Taiex edged up 0.39% to 9,137.56.
Maybank Investment Bank Bhd head of retail research Lee Cheng Hooi in a note to clients on Jan 28 said there was some buying support just above 1,500 at 1,505.36.
'This rebound phase may still attract foreign selling. We see firmer support at 1,500 and 1,498, which are better buy entry levels.
'As such, a persistent bout of weakness may exist for the index ahead of the weekend and 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 some pre-CNY profit-taking,' he said.
On ''Bursa Malaysia, Batu Kawan was the top loser this morning and fell 42 sen to RM16.36; PPB lost 12 sen to RM16.98, Sime Darby seven sen to RM9.17 and IOI Corporation two sen to RM5.75.
Among banking stocks, Hong Leong Bank fell 14 sen to RM9.28, AMMB eight sen to RM6.62 and Maybank RM8.65.
Other decliners included Dutch Lady that fell 24 sen to RM16.64, Genting 20 sen to RM10.70, Tenaga 11 sen to RM6.27, APM automotive 17 sen to RM5.30, Petronas Gas 16 sen to RM11.22, and BAT and LPI 12 sen each to RM47/98 and RM13.06.
Gainers included DFZ Capital, Aeon, QSR Brands, Far East Corp, Hap Seng, Mah Sing and F&N.
Ho Wah Genting was the most actively traded counter with 49.3 million shares done. The stock added half a sen to 65 sen. Other actives included Karambunai, Tanco, MUI Industries, Kencana and Talam.
The Nikkei average fell by nearly 1%, weighed down by financial stocks, as investors worried about higher borrowing costs after Standard & Poor's cut Japan's credit rating by a notch for the first time since 2002, according to Reuters.
A combination of worries of frothy valuations and a steady drip of positive data out of Europe and the United States have encouraged investors to take profits in some Asian markets, particularly in those that are seen as slow in tackling inflation, said Reuters.
The FBM KLCI fell 0.47% or 7.12 points to 1,519.84 at the mid-day break, weighed by banking, select blue chip and index-linked PLANTATION [] stocks.
Gainers trailed losers by 207 to 442 while 259 counters traded unchanged. Volume was 685.4 million shares valued at RM848.21 million.
T he ringgit weakened 0.15% to 3.0570 versus the greenback; crude palm oil xxx, crude oil slipped 36 cents per barrel to US$85.28 and gold fell US$1.70 per troy ounce to US$1,312.22.
At the regional markets, Japan's Nikkei 225 fell 0.96% to 10,377.94, South Korea's Kospi lost 0.59% to 2,102.51, Hong Kong's Hang Seng Index slipped 0.53% to 23,654.32, the Shanghai Composite Index and Singapore's Straits Times Index each were down 0.19% to 2,743.83 and 3,213.76 respectively, while Taiwan's Taiex edged up 0.39% to 9,137.56.
Maybank Investment Bank Bhd head of retail research Lee Cheng Hooi in a note to clients on Jan 28 said there was some buying support just above 1,500 at 1,505.36.
'This rebound phase may still attract foreign selling. We see firmer support at 1,500 and 1,498, which are better buy entry levels.
'As such, a persistent bout of weakness may exist for the index ahead of the weekend and 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 some pre-CNY profit-taking,' he said.
On ''Bursa Malaysia, Batu Kawan was the top loser this morning and fell 42 sen to RM16.36; PPB lost 12 sen to RM16.98, Sime Darby seven sen to RM9.17 and IOI Corporation two sen to RM5.75.
Among banking stocks, Hong Leong Bank fell 14 sen to RM9.28, AMMB eight sen to RM6.62 and Maybank RM8.65.
Other decliners included Dutch Lady that fell 24 sen to RM16.64, Genting 20 sen to RM10.70, Tenaga 11 sen to RM6.27, APM automotive 17 sen to RM5.30, Petronas Gas 16 sen to RM11.22, and BAT and LPI 12 sen each to RM47/98 and RM13.06.
Gainers included DFZ Capital, Aeon, QSR Brands, Far East Corp, Hap Seng, Mah Sing and F&N.
Ho Wah Genting was the most actively traded counter with 49.3 million shares done. The stock added half a sen to 65 sen. Other actives included Karambunai, Tanco, MUI Industries, Kencana and Talam.
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