Re: Sept 24th Tues - BC Daily Trading Floor

by **Cals** Tue 24 Sep 2013, 17:52

Market Close KLCI extends decline on profit taking
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Tuesday, 24 September 2013 17:08

KUALA LUMPUR (Sept 24): The FBM KLCI extended its decline to fall 3.88 points or 0.22%. Fund managers said investors had locked in gains from the index's rise last week.

At 5pm today, the KLCI settled at 1,792.48 points. This came on losses in stocks like MALAYAN BANKING BHD [] and CIMB Group Holdings Bhd.

"The KLCI had fallen on profit taking," the fund manager told theedgemalaysia.com over telephone today.

Last Friday, the KLCI settled at 1,801.83 points for a week-on-week gain of 31.03 points or 1.75%. The rise came after the US Federal Reserve said it will continue with its current quantum of bond purchases to support the world's largest economy.

The Federal Reserve said it has decided to wait for more evidence on sustainable progress in the US economy before reducing its asset purchases.

Yesterday, Malaysia’s KLCI fell 5.47 points or 0.3% to 1,796.36.

Today, Bursa Malaysia saw 1.92 billion shares worth RM1.86 billion changed hands. There were 372 gainers versus 388 decliners.

The top gainer was British American Tobacco Malaysia Bhd while BINTULU PORT HOLDINGS BHD [] led decliners. The most-active entity was THE MEDIA SHOPPE BHD [].

Across Asia, Japan's Nikkei reduced losses for a 0.07% decline. Hong Kong's Hang Seng fell 0.82% while Singapore's Straits Times erased gains to end 0.06% lower.

Reuters reported that Asian share markets were mostly under water on Tuesday while currencies dithered in tight ranges as a dearth of major economic news left investors to fret on the outlook for monetary policy in the United States and Europe.

Taking its cue from a softer Wall Street, MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.6 percent. China shares surrendered most of the previous day's gains, dragged down by banking and property counters after official media reignited fears of a nation-wide property tax and of greater competition in the future cutting bank profits.

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