Market Open KLCI dips in early trade on profit taking

Business & Markets 2013
Written by Surin Murugiah of theedgemalaysia.com
Thursday, 25 April 2013 09:12
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KUALA LUMPUR (April 25): The FBM KLCI dipped in early trade on
Thursday on signs of profit taking after having reached lofty levels
ahead of polling day on May 5.
At 9.10am, the FBM KLCI lost 5.50 points to 1,701.85, weighed by
losses including at BAT, Genting, Petronas Dagangan and RHB Capital.
Gainers edged losers by 73 to 65, while 76 counters traded unchanged.
Volume was 23.97 million shares valued at RM37.01 million.
The top losers in early trade included BAT, Petronas Dagangan,
Genting, MISC, IOI Corp, United PLANTATION []s, Nestle, Sunway,
MMHE and RHB Capital.
BIMB Securities Research in a note Thursday said that it suspected
ample liquidity continues to support the index and may not last as
expectations on Europe may be gaining traction.
“As such, foreign funds would eventually opt out from this region after a
fantastic performance year-to-date by markets especially those within
the SEA region.
“For today, buying momentum may push the FBM KLCI higher with
1,710 as the immediate resistance. We continue to advise investors to
sell into strength,” it said.
Meanwhile, Asian shares edged higher on Thursday, supported by views
that the recent run of weak global economic data will encourage major
central banks to keep or deepen their monetary stimulus to bolster
growth, according to Reuters.
Global equities rose on Wednesday on strong corporate earnings and speculation the European Central Bank will cut interest
rates next week, it said.