MARKET DEVELOPMENT
KLCI Slides, Sees Support at 1,800
KLCI Slides, Sees Support at 1,800
14/03/2014 (The Star) - Key Asian markets and Malaysia’s blue chips fell in volatile trade early Friday after the overnight tumble on Wall Street, with the FBM KLCI falling more than 12 points.
At 9.10am, the KLCI was down 12.08 points to 1,806.78. Turnover was 115.01 million shares valued at RM75.42mil. Declining stocks beat advancers 236 to 58 while 159 counters were unchanged.
BIMB Securities Research expects local market to remain volatile with the slight downside bias due to heavy selling around the world and continuous outflowing of foreign institutions investors.
“Expect to see immediate support at 1,815/20 while resistance at 1,825/30,” it said.
Plantations were among the losers, with KL Kepong down 42 sen to RM23.52 and PPB Group lost 20 sen to RM16 but United Plantations rose 60 sen to RM25.40.
However, RHB Research maintains its Overweight outlook on plantations and it expects better quarters ahead on the back of rising crude palm oil (CPO) prices and lower production costs.
Public Bank fell 14 sen to RM18.0 and RHB Cap 13 sen to RM7.85 while AmBank shed nine sen to RM7.02 and CIMB eight sen lower at RM7.01.
Tenaga gave up 10 sen to RM11.84 and Petronas Gas eight sen to RM22.92.
However, Takaful rose 38 sen to RM10.82 while IJM Land gained five sen to RM2.76 and Time dotCom four sen higher at RM3.79.
At 9.10am, the KLCI was down 12.08 points to 1,806.78. Turnover was 115.01 million shares valued at RM75.42mil. Declining stocks beat advancers 236 to 58 while 159 counters were unchanged.
BIMB Securities Research expects local market to remain volatile with the slight downside bias due to heavy selling around the world and continuous outflowing of foreign institutions investors.
“Expect to see immediate support at 1,815/20 while resistance at 1,825/30,” it said.
Plantations were among the losers, with KL Kepong down 42 sen to RM23.52 and PPB Group lost 20 sen to RM16 but United Plantations rose 60 sen to RM25.40.
However, RHB Research maintains its Overweight outlook on plantations and it expects better quarters ahead on the back of rising crude palm oil (CPO) prices and lower production costs.
Public Bank fell 14 sen to RM18.0 and RHB Cap 13 sen to RM7.85 while AmBank shed nine sen to RM7.02 and CIMB eight sen lower at RM7.01.
Tenaga gave up 10 sen to RM11.84 and Petronas Gas eight sen to RM22.92.
However, Takaful rose 38 sen to RM10.82 while IJM Land gained five sen to RM2.76 and Time dotCom four sen higher at RM3.79.