Market Close KLCI down on profit taking as investors focus on China, Hong Kong

by **Cals** Wed 08 Apr 2015, 20:29

Market Close
KLCI down on profit taking as investors focus on China, Hong Kong

By Supriya Surendran / theedgemarkets.com | April 8, 2015 : 5:31 PM MYT

KUALA LUMPUR (Apr 8): The FBM KLCI closed 6.2 points or 0.33% lower as investors took profit from the index's rise yesterday. Gains in China and Hong Kong share markets had also shifted attention away from Malaysian stocks.

The KLCI finished at 1,850.31 points at 5pm. Yesterday, the index rose 13.57 points or 0.74% to close at 1,856.51.

“Investor interest in the region was focused on China and Hong Kong especially after the Chinese central bank cut rates to keep their gross domestic product above the 7% target.

“Locally, the financial news flow remained muted in Malaysia," [size=14]Maybank Investment Bank regional chartist Lee Cheng Hooi told theedgemarkets.com.

Bursa Malaysia saw 1.82 billion shares valued at RM1.88 billion traded. There were 427 gainers against 372 decliners while 360 counters remained unchanged.

Top gainers included LTKM Bhd ([You must be registered and logged in to see this image.] Financial Dashboard), Nestle (M) Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) and Carlsberg Brewery Malaysia Bhd ([You must be registered and logged in to see this image.] Financial Dashboard). Major decliners included British American Tobacco (M) Bhd (BAT) ([You must be registered and logged in to see this image.] Financial Dashboard) and Lebtech Bhd ([You must be registered and logged in to see this image.] Financial Dashboard).

The most actively traded stock today was Netx Holdings Bhd ([You must be registered and logged in to see this image.] Financial Dashboard).

In currency markets, the ringgit strengthened against the US dollar at 3.6302. Compared to the Singapore dollar, the ringgit traded at 2.6761.

Across the region, Hong Kong’s Hang Seng was up 3.8% while the Shanghai Composite Index gained 0.9%.
Japan's Nikkei 225 rose 0.76% while South Korea’s Kospi climbed 0.6%.

According to Reuters, Japanese shares scaled 15-year peaks on Wednesday while Hong Kong's market leapt to seven-year highs amid speculation of more stimulus from China and Japan, as well as a delayed start to any tightening by the US Federal Reserve.
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