KLCI falls more than 7pts in early trade

KUALA LUMPUR: Blue chips fell in early trade on Thursday, with the FBM KLCI down more than seven points, with Genting Bhd among the decliners in line with the cautious Asian markets.
At
9.31am, the KLCI was down 7.03 points to 1,639.08. Turnover was 128.29
million shares valued at RM51.44mil. There were 108 gainers, 153 losers
and 166 counters unchanged.
Bloomberg reported Asian stocks
retreated from their highest close since May as a report showing
Japan's exports fell for a third straight month added to concern that
global economic growth is slowing.
Maybank
Investment Research, in its technical outlook for the KLCI, said the
index, since moving past 1,611.50, had range-traded between 1,647.94
and 1,620.76.
"The index moved to a fresh all-time high of
1,655.49 (Sept 3, 2012). The index held 1,601.31 and rebounded in a big
way late last week. There is an index-gap between 1,628.57 and 1,633.49
that could eventually be filled.
"Its signals are mainly
positive and it could range trade between 1,601 and 1,655 for this
current phase. Clearer direction will emerge if the index breaks either
side of the 1,601.31 support or the 1,655.49 resistance levels," said
the research house.
At Bursa Malaysia, trading volume of the major decliners was thin. HLFG fell 28 sen to RM11.70 while Ambank shed five sen to RM6.32 with 100 shares done each.
PetGas lost seven sen to RM19.02, Genting Plantations 11 sen to RM9.21, Shell 10 sen to RM8.90 and Genting Bhd eight sen lower at RM8.94.
However, Nestle rose 20 sen to RM62.20, Maybank added nine sen to RM9.23 and PetDag eight sen to RM22.20.