Friday, February 11, 2011

FBM KLCI falls below crucial 1,500 level in early trade, banks weigh

KUALA LUMPUR: The FBM KLCI fell below the psychological important 1,500 level in early trade on Friday, Feb 11 on extended selling pressure on banking stocks after the overnight tumble which dragged the index down more than 2%.

At 9.20am, the KLCI was down 7.77 points to 1,496.22. Turnover was 150.52 million shares valued at RM162.41 million. Loses hammered gainers 296 to 76 while 150 stocks were unchanged.

RHB Cap and Public Bank fell 18 sen each to RM8.09 and RM12.88 while Affin gave up 12 sen to RM3.48.

Petronas Dagangan fell 24 sen to RM12.02, making it the top loser in the early trade. PLANTATION [] stocks Batu Kawan lost 18 sen to RM16.60, PPB and KL Kepong 10 sen each to RM16.58 and RM21.98.

OSK research said in itstechnical outlook for the KLCI, said the index, which was now trading at below the uptrend line, was looking weak in the near-term.

'Should the 1,505 level be violated too, it will write off the possibility of building a sideways trend. If that happens, we will shift our near-term view to neutral. Immediate support lies at the 1,500 psychological mark while immediate resistance is seen at the 1,505 -level, followed by the 1,524-1,536 area,' it said.

No comments:

Post a Comment