Tuesday, January 3, 2012

KLCI extends losses, Maybank leads losers among banks

KUALA LUMPUR (Jan 3): Banks were the major losers on Tuesday as profit taking almost erased the gains from last Friday's window-dressing activities by local funds. However, the overall market sentiment was mixed.

At 3.25pm, the FBM KLCI was down 16.05 points to 1,514.68. Turnover was 1.10 billion shares valued at RM884.54 million. There were 361 gainers, 340 losers and 284 stocks unchanged.

Maybank fell the most among banking stocks, down 24 sen to RM8.34 with 3.15 million shares done, Public Bank gave up 22 sen to RM13.16 and CIMB'' 21 sen to RM7.23 while RHB Cap shed 19 sen to RM7.29.

OSK Equities Research said for December, as expected, the market rallied with a particularly strong run at the last minute to bring it within 3.0 points of its 1,533 2011 year-end target

'As we have said in our 2012 market outlook strategy piece, above 1,500, we will call a SELL and so we call a SELL now on the market. Our 2012 KLCI fair value of 1,466 remains intact (mid-year target),' it said.

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