Market Close KLCI extends losses ahead of US employment data

by **Cals** Sun 09 Nov 2014, 23:32

Market Close
KLCI extends losses ahead of US employment data

KUALA LUMPUR (Nov 6): The FBM KLCI extended losses on profit-taking ahead of the US employment data later today.
At the 5pm closing bell, the KLCI fell 7.79 points or 0.4% to 1,824.19 points, its fifth consecutive day of decline since Monday. Yesterday, the KLCI fell 7.31 points or 0.4%.
Today, the KLCI's losses came on stocks like Petronas Chemicals Group Bhd ([You must be registered and logged in to see this image.] Financial Dashboard),SapuraKencana Petroleum Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) and Genting Bhd ([You must be registered and logged in to see this image.] Financial Dashboard).
JF Apex Securities analyst Lee Cherng Wee told TheEdge Markets.com that investors took profit following the the KLCI recent rise above 1,800 points.

“Overall, we think investors are adopting a cautious stance,” Lee said over the telephone.
He said the KLCI had declined after failing to breach the critical 1,850-point resistance level.
Looking ahead, Lee expressed a bearish bias on market sentiment.
Across Bursa Malaysia, 2.5 billion shares worth RM1.9 billion were traded. Gainers edged decliners by 409 versus 392 while 320 counters were unchanged.
The top gainer was British American Tobacco (M) Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) while the leading decliner wasUnited Plantations Bhd ([You must be registered and logged in to see this image.] Financial Dashboard). The most active counter was Dagang NeXchange Bhd ([You must be registered and logged in to see this image.]Financial Dashboard).
Asian shares edged down on Friday ahead of US employment data later in the session, while the euro wallowed around two-year lows after European Central Bank President Mario Draghi vowed to take more easing steps to spark growth in the euro zone, according to Reuters.
Investors were likely to remain cautious ahead of the key U.S. nonfarm payrolls report. Solid gains in employment are projected, and could increase speculation the Federal Reserve could raise U.S. interest rates in the middle of next year.
In Asia, Japan's Nikkei 225 closed 0.52% higher while South Korea’s Kospi rose 0.18%.
In China, the Shanghai Composite ended 0.32% lower while Hong Kong’s Hang Seng fell 0.42%.