Midday Market KLCI slips to below 1,800 level as mild profit taking limits gains

Midday Market KLCI slips to below 1,800 level as mild profit taking limits gains
Business & Markets 2013
Written by Surin Murugiah of theedgemalaysia.com
Monday, 22 July 2013 12:39

KUALA LUMPUR (July 22): The FBM KLCI slipped to below the crucial 1,800-point level at the midday break as some mild profit taking limited the market’s gains.

At 12.30pm, the FBM KLCI was up a mere 1.80 points to 1,799.54. The index had earlier risen to a high of 1,803.03.

Losers overtook gainers by 341 to 314, while 300 counters traded unchanged. Volume was 709.95 million shares valued at RM679.48 million.

Among the top gainers in the morning session were Perak Corp, Aeon Credit, Crescendo, Hunza Prop, Minho and Hartalega.

The actives included CLIQ, Daya Materials, APFT, TH Heavy Engineering, Harvest Court, Inari, Flonic, Majuperak, MAS and China Stationery.

The decliners in the morning session included Nestle, BAT, Kossan, Dutch Lady, Lafarge Malaysia, Bernas, Panasonic, Fima Corp and GAB.

Maybank IB head of research and chief chartist in a note Monday said the obvious support areas for the FBM KLCI were in the 1,723 to 1,797-zone.

“The key resistance levels of 1,800 and 1,826 will see some profit-taking activities.

“The index may attempt a test of the 1,800 and 1,826 very soon, as US markets are making fresh all-time highs,” said Lee.

Meanwhile, Japanese stocks struggled to extend gains on Monday as an initial rally sparked by Prime Minister Shinzo Abe's big election win over the weekend fizzled with profit taking emerging after the yen bounced off lows, according to Reuters.

Most other Asian share markets showed slight advances, although Hong Kong's Hang Seng was a touch lower, it said.