KUALA LUMPUR: The FBM KLCI fell on Thursday, April 14, just after a day it had rebounded following losing nearly 36 points over three trading days as local funds cleared their positions after the strong recovery on Wednesday.
The FBM KLCI fell 9.79 points to 1,525.80 at the close, in effect wiping out its entire gains from a day earlier.
Losers thumped gainers by 651 to 174, while 251 counters traded unchanged. Volume was 965.84 million shares valued at RM1.53 billion.
MIDF Research head Zulkifli Hamzah said foreign investors were net buyers today, the first time this week.
'Therefore the decline in the market was attributable to an 'overselling' by local funds, which are quick to clear the position after the strong rebound yesterday.
'The trading pattern in the market shows that local investors are averse to having an unduly large exposure ahead of the Sarawak election,' he said.
Zulkifli said as at the close today, the KLCI was down 1.3% for the month, but that the index had closed in the positive gain territory in April in the last 6 consecutive years.
'On that score, there is a good probability that the market may rebound in the second half of the month because fundamentally, nothing has changed in recent weeks,' he said.
At the regional markets, Japan's Nikkei 225 rose 0.13% to 9,653.92, Taiwan's Taiex edged up 0.26% to 8,802.73, South Korea's Kospi gained 0.90% to 2,141.06 while Hong Kong's Hang Seng Index fell 0.50% to 24,014.00, Singapore's Straits Times Index lost 0.41% to 3,158.92 and the Shanghai Composite Index shed 0.25% to 3,042.64.
Among the major losers on Bursa Malaysia, Hong Leong Bank fell 18 sen to RM10.40, CIMB down eight sen to RM8.20, DiGi lost 16 sen to RM29.50, MISC 15 sen to RM7.61, Gamuda 13 sen to RM3.73, while Litrak, Petronas Chemicals, Tenaga and Proton fell 11 sen each to RM3.65, RM7.25, RM6.06 and RM3.25 respectively.
MAA was the most actively traded counter with 19 million shares done. The stock fell seven sen to RM1.37.
Other actives included Axiata, Lion Corp, E&O, AirAsia, Melewar, CIMB and HWGB.
Allianz rose 21 sen to RM5.20 following an upbeat report by CIMB Equities Research that said the company offers the only exposure to a well-managed Malaysian composite insurer that is controlled by an established international insurance group.
KPJ closed four sen higher at RM4.15 after MIDF Research upgraded the stock to a Trading Buy with a higher target price of RM4.60 from RM3.51 previously based on EPS12.
Continuous expansion locally with one or two new hospitals''each year as well as potential venture into countries such as Vietnam, Cambodia and Myanmar will support KPJ's future growth and enhance its brand name regionally, MIDF Research said.
Other gainers included Aeon, United PLANTATION []s, Ibraco, UMS and APM Automotive.
The FBM KLCI fell 9.79 points to 1,525.80 at the close, in effect wiping out its entire gains from a day earlier.
Losers thumped gainers by 651 to 174, while 251 counters traded unchanged. Volume was 965.84 million shares valued at RM1.53 billion.
MIDF Research head Zulkifli Hamzah said foreign investors were net buyers today, the first time this week.
'Therefore the decline in the market was attributable to an 'overselling' by local funds, which are quick to clear the position after the strong rebound yesterday.
'The trading pattern in the market shows that local investors are averse to having an unduly large exposure ahead of the Sarawak election,' he said.
Zulkifli said as at the close today, the KLCI was down 1.3% for the month, but that the index had closed in the positive gain territory in April in the last 6 consecutive years.
'On that score, there is a good probability that the market may rebound in the second half of the month because fundamentally, nothing has changed in recent weeks,' he said.
At the regional markets, Japan's Nikkei 225 rose 0.13% to 9,653.92, Taiwan's Taiex edged up 0.26% to 8,802.73, South Korea's Kospi gained 0.90% to 2,141.06 while Hong Kong's Hang Seng Index fell 0.50% to 24,014.00, Singapore's Straits Times Index lost 0.41% to 3,158.92 and the Shanghai Composite Index shed 0.25% to 3,042.64.
Among the major losers on Bursa Malaysia, Hong Leong Bank fell 18 sen to RM10.40, CIMB down eight sen to RM8.20, DiGi lost 16 sen to RM29.50, MISC 15 sen to RM7.61, Gamuda 13 sen to RM3.73, while Litrak, Petronas Chemicals, Tenaga and Proton fell 11 sen each to RM3.65, RM7.25, RM6.06 and RM3.25 respectively.
MAA was the most actively traded counter with 19 million shares done. The stock fell seven sen to RM1.37.
Other actives included Axiata, Lion Corp, E&O, AirAsia, Melewar, CIMB and HWGB.
Allianz rose 21 sen to RM5.20 following an upbeat report by CIMB Equities Research that said the company offers the only exposure to a well-managed Malaysian composite insurer that is controlled by an established international insurance group.
KPJ closed four sen higher at RM4.15 after MIDF Research upgraded the stock to a Trading Buy with a higher target price of RM4.60 from RM3.51 previously based on EPS12.
Continuous expansion locally with one or two new hospitals''each year as well as potential venture into countries such as Vietnam, Cambodia and Myanmar will support KPJ's future growth and enhance its brand name regionally, MIDF Research said.
Other gainers included Aeon, United PLANTATION []s, Ibraco, UMS and APM Automotive.
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