Market Close KLCI slips 0.5% as plantation, Petronas counters fall

by **Cals** Tue 26 Aug 2014, 09:38

Market Close KLCI slips 0.5% as plantation, Petronas counters fall

Business & Markets 2014

Written by Jeffrey Tan of theedgemalaysia.com

Monday, 25 August 2014 17:15

KUALA LUMPUR (Aug 25): The FBM KLCI slid 8.68 points or 0.5%. to 1,862.31 points as plantation shares fell on lower crude palm oil (CPO) prices.

The KLCI's decline came on losses in stocks like Sime Darby Bhd and Kuala Lumpur Kepong Bhd. Meanwhile, Petroliam Nasional Bhd-linked stocks Petronas Dagangan Bhd (PetDag), Petronas Gas Bhd and Petronas Chemicals Group Bhd also dragged the KLCI lower.

A Kenanga Investment Bank Bhd analyst told theedgemalaysia.com that the KLCI’s decline today was due to profit-taking.

“The market lacks fresh domestic catalysts. So far, the financial results season has been uninspiring,” he told theedgemalaysia.com over the telephone.

Meanwhile, JF Apex Securities said in a note today, it expected the KLCI to hover below 1,880 points with a negative bias.

“Immediate support is seen at 1,860 points followed by 1,840 points,” it said.

The local bourse today traded on some 3.009 billion shares, valued at RM1.9 billion. Market decliners thumped gainers by 637 versus 276, while 261 counters were unchanged.

The top gainer was Fraser & Neave Holdings Bhd while the leading decliner was PetDag. The most active counter was Sumatec Resources Bhd.

On the regional front, Japan’s Nikkei 225 closed 0.48% higher while South Korea’s Kospi rose 0.20%.

In China, the Shanghai Composite ended 0.51% lower, although Hong Kong’s Hang Seng closed 0.22% higher.