Market Close KLCI volatile, ends flat

Market Close KLCI volatile, ends flat
Business & Markets 2013
Written by Kamarul Anwar of theedgemalaysia.com
Monday, 15 April 2013 17:51


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KUALA LUMPUR (April 15): The FBM KLCI vacillated between gains and losses before ending flat amid weaker global economic data.

At 5pm,the benchmark fell 0.76 points or 0.04% to close at 1,697.77 points. The day’s trade had seen an intraday low and high of 1,696.95 points and 1,702.88 points respectively.

Across the bourse, 881.61 million shares worth RM1.44 billion were traded. There were 519 losers versus 199 gainers.

A JF Apex senior analyst told theedgemalaysia.com today’s muted close could be influenced by US stock markets and profit-takers.

“Any surge (in the index), will see profit-taking activities subsequently. Everything is still sideways at this point,” said the analyst, adding that the market could still be flat in the coming days.

Interpacific Securities head of research Pong Teng Siew concurred that profit-taking activities were still persisting, evidenced by the sub-indices closing in the reds as well.

“There was evidence of profit-taking among small-cap, mid-cap and non-composite index large-cap stocks. However, the benchmark index was offset by PLANTATION [] counters, specifically Sime Darby and IOI,” Pong said.

Today’s top gainers included COCOALAND HOLDINGS BHD [] and Hong Leong Capital Bhd. Top decliners included DUTCH LADY MILK INDUSTRIES BHD [], PETRONAS DAGANGAN BHD [] and Lafarge Malaysian Cement Bhd.

Globally, commodities led a sharp, broad decline in risk assets on Monday as weaker-than-expected Chinese data added to concerns stoked by U.S. numbers about the global economic outlook, prompting investors to book some gains from recent market rallies, according to Reuters.

China's recovery unexpectedly stumbled in the first three months of 2013, as it reported the annual economic growth rate eased to 7.7% from 7.9% in the final quarter of last year. Economists had forecast 8% growth.