Market Close KLCI edges down as Petronas counters slide

by **Cals** Tue 26 Aug 2014, 23:38

Market Close KLCI edges down as Petronas counters slide

Business & Markets 2014

Written by Jeffrey Tan of theedgemalaysia.com

Tuesday, 26 August 2014 17:14

KUALA LUMPUR (Aug 26): The FBM KLCI slips 0.49 point or 0.03% to 1,861.82 points at market close today.

The decline came as Petroliam Nasional Bhd-linked counters – Petronas Dagangan Bhd (PetDag), Petronas Gas Bhd and Petronas Chemicals Group Bhd - slid.

Areca Capital CEO Danny Wong told theedgemalaysia.com that the market lacked "direction" today as evidenced by the choppy trades.

“We do not see any direction in the market today. The financial results season has not revealed many upside surprises,” Wong said over the telephone.

Earlier, Kenanga Investment Bank Bhd wrote in a note to clients that it expected the local bourse to retest its immediate support at 1,861 points before entering into consolidation phase in the near term.

“At this level, we would advise investors to look to buy into weakness on selective blue-chips,” Kenanga said.

Bursa Malaysia saw trades of some 3.3 billion shares valued at RM2.1 billion. Market gainers edged decliners by 435 versus 382, while 320 counters were unchanged.

The top gainer was Hong Leong Capital Bhd, while the leading decliner was Fraser & Neave Holdings Bhd. The most active counter was Sumatec Resources Bhd.

On the regional front, Japan’s Nikkei 225 closed 0.59% down, but South Korea’s Kospi rose 0.35%.

The Shanghai Composite ended 0.99% lower while Hong Kong’s Hang Seng fell 0.37%.