Market Close KLCI falls on profit taking, ringgit strengthens

by **Cals** Wed 22 Apr 2015, 20:42

Market Close
KLCI falls on profit taking, ringgit strengthens

KUALA LUMPUR (Apr 22): The FBM KLCI fell on profit taking following substantial gains yesterday as China's move to cut its bank reserve requirement supported market sentiment.
Today, the KLCI fell 8.03 points or 0.4% to 1,854.77 at the 5pm closing bell. The index fell on losses in stocks like[size=14]Hong Leong Financial Group Bhd ([You must be registered and logged in to see this image.] Financial Dashboard), British America Tobacco (M) Bhd (BAT) ([You must be registered and logged in to see this image.] Financial Dashboard), Genting Malaysia Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) and SapuraKencana Petroleum Bhd ([You must be registered and logged in to see this image.] Financial Dashboard).
“The index is down due to profit taking, especially in oil and gas counters,” Jupiter Securities Sdn Bhd’s chief market strategist Benny Lee told theedgemarkets.com.
According to Lee, the KLCI’s uptrend is still intact. He said the index was merely experiencing a “short correction”.
Yesterday, the KLCI rose 14.14 points or 0.8% to close at 1,862.80.
Today, Bursa Malaysia saw 2.74 billion shares worth RM2.12 billion traded. Market gainers trailed decliners by 293 versus 564 while 345 counters were unchanged.
The top gainer was APM Automotive Holdings Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) while the leading decliner was BAT. The most-active counter was Frontken Corp Bhd ([You must be registered and logged in to see this image.] Financial Dashboard).
In currency markets, the ringgit was stronger against the US dollar at 3.6112 and compared to the Singapore dollar, the ringgit appreciated to 2.6824.
The ringgit appreciated after Malaysia's Statistics Department said today the nation’s inflation, as measured by the consumer price index (CPI), increased 0.9% in March from a year earlier.
March's CPI's increase compared to the 0.1% rise seen in February. Reuters reported that emerging Asian currencies rose on Wednesday as the dollar retreated slightly, while Malaysia's ringgit extended gains after March inflation data cooled any lingering expectations of a rate cut there.
Across Asian share markets, Japan’s Nikkei 225 was up 1.13%. In China, the Shanghai Composite ended 2.5% higher, while Hong Kong’s Hang Seng rose 0.3%
Reuters reported that Chinese stocks climbed to fresh seven-year highs on Wednesday, with investors emboldened by a commentary in state media saying the bull market "has just begun", and that there was no bubble.
Asian equities were mostly firmer on Wednesday with stimulus-fueled Chinese shares taking the lead, while oil sagged after Saudi Arabia ended its military campaign in Yemen, easing tensions in the energy-rich Middle East.[/size]