Market Close KLCI extends losses on profit taking, plantation stocks fall

by **Cals** Thu 09 Apr 2015, 23:24

Market Close
KLCI extends losses on profit taking, plantation stocks fall

By Gho Chee Yuan / theedgemarkets.com | April 9, 2015 : 5:40 PM MYT

KUALA LUMPUR (Apr 9): The FBM KLCI pared losses to settle almost flat on profit taking and as plantation shares fell.

At 5pm, the KLCI fell 0.92 point or 0.05% to settle at 1,849.39. The index's decline came on losses in shares of major plantation firms like [size=14]PPB Group Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) and Kuala Lumpur Kepong Bhd ([You must be registered and logged in to see this image.] Financial Dashboard).

Yesterday, the KLCI fell 6.3 points or 0.33%. A day earlier, the index rose 13.57 points or 0.74%.

Today, plantation shares had fallen ahead of the Malaysian Palm Oil Board's (MPOB) report tomorrow. MPOB is expected to report that the country's palm oil inventory had risen in March this year.

Reuters reported that its survey of six planters, traders and analysts showed Malaysia's palm stocks likely rose to 1.75 milllion tonnes in March, their first rise in four months, as higher output in the world's No 2 producer offset export demand.

The KLCI had seen profit taking over the last few days. Technical analyst at TA Securities technical analyst Stephen Soo said the KLCI's correction happened four days ago.

Soo expects the trend to continue in the near term in the absence of catalyst that could stimulate the market.

"The trading volume in the exchange has been very low for the past four days," he said.

Across Bursa Malaysia, gainers outnumbered decliners by 479 to 374, while 314 counters were unchanged.

Some 1.8 billion shares worth RM1.79 billion changed hands.

Top decliners included PPB and KLK while top gainers include British American Tobacco (M) Bhd ([You must be registered and logged in to see this image.] Financial Dashboard), and Allianz Malaysia Bhd ([You must be registered and logged in to see this image.] Financial Dashboard).

The most active stocks included Netx Holdings Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) and Frontken Corp Bhd ([You must be registered and logged in to see this image.] Financial Dashboard).

In currency markets, the ringgit depreciated aganist US dollar today. At 4.56pm, the ringgit was traded at 3.6328 against the US dollar.

The ringgit was also weaker against Singapore dollar at 2.781.

Across the region, Japan Nikkei 225 climbed 0.74% while Hong Kong's Hang Seng Index rose 2.7%.

Reuters reported that Asian stocks rose on Thursday, extending the previous session's gains, while the dollar drew support from minutes of the Federal Reserve's last meeting showing the US central bank was still on course to hike interest rates this year.
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