Market Close KLCI slips into the red on profit taking

by **Cals** Fri 04 Mar 2016, 03:40

Market Close

[size=28]KLCI slips into the red on profit taking

By Tan Siew Mung / theedgemarkets.com | March 3, 2016 : 5:25 PM MYT

KUALA LUMPUR (March 3): Malaysia's FBM KLCI index slipped into the red shortly before the closing bell today, down 0.17% or 2.83 points to 1,688.2 points, as investors took profit on banking and telecommunications blue chip stocks.

Etiqa Insurance & Takaful head of research Chris Eng told theedgemarkets.com that profit taking may continue tomorrow following two days of solid gains.

He added that the benchmark index, however, still has potential to trend higher next week and break the 1,700-point level.

A total of 1.87 billion shares were traded on Bursa Malaysia today, valued at RM2.25 billion. Losers overtook gainers at 415 against 411, while 345 shares were unchanged.

British American Tobacco (M) Bhd was the top gainer, rising 48 sen to close at RM57.28, while Aeon Credit Service (M) Bhd was the top loser, falling 48 sen to settle at RM11.42. AirAsia X Bhd was the most actively traded stock. It saw 113.64 million shares changed hands.

Among the 30 constituent companies, banking stocks such as Maxis Bhd, CIMB Group Holdings Bhd and AMMB Holdings Bhd were among the top three losers.

Eng said the KLCI was in line with improved global sentiment earlier and expects the positive momentum to continue until next week, when the European Central Bank (ECB) is scheduled to hold its policy meeting.

According to all 18 euro money market traders polled by Reuters, the ECB may cut its deposit rate by another 10 basis points next week.

Reuters reported that Asian shares were bound for a third straight session of gains today as upbeat data on US jobs and a rally in a range of commodities whetted risk appetites globally.

Japanese stocks rose to 3½-week highs as risk appetite improved following the release of upbeat data on US jobs and a rally in oil and other commodities, which burnished sentiment globally. The Nikkei share average climbed 1.3% to 16,960.16 for its highest close since Feb 8.

Other markets were mixed. South Korea's Kospi advanced 0.55%, while Australia's All Ordinaries Index rose 1.16%. However, Hong Kong's Hang Seng posted a marginal loss of 0.09%.

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