Market Open KLCI extends loss, Maybank, Genting weigh

Business & Markets 2013
Written by Surin Murugiah of theedgemalaysia.com
Thursday, 09 May 2013 09:08
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KUALA LUMPUR (May 9): The FBM KLCI extended its loss in early trade
on Thursday as profit taking on key blue chips including Maybank,
Genting and Tenaga weighed on the local market.
At 9.05am, the FBM KLCI fell 1.72 points to 1,772.28.
Gainers led losers by 94 to 51, while 97 counters traded unchanged.
Volume was 106.25 million shares valued at RM41.26 million.
The top losers included Maybank, Pharmaniaga, UMW, Felda Global,
Genting, Boustead, Tenaga, AirAsia and UEM Land.
M & A Securities in a note Thursday said its fair value for the FBM KLCI
in 2013 was 1,838 points and the current index still had some way to
go to reach its recommended level.
“Therefore, we advise investors to ride the rally.
“We have also removed all discounts to the high Beta sectors – finance, CONSTRUCTION [] and property and upgrade to
Overweight on the Finance and Construction sectors while we are upgrading to Neutral for the Property sector,” it said.
Meanwhile, encouraging global data and Wall Street's extended record run underpinning Asian shares on Thursday, with
Japanese stocks leading the way to within striking distance of fresh five-year highs, according to Reuters.
Global equities and the euro rose overnight, buoyed by strong Chinese trade data and signs that Germany may escape a
sharp slowdown after the euro zone's largest economy said its industrial output unexpectedly rose in March, following a
similarly surprising rise in industrial orders, it said.