KUALA LUMPUR (Jan 12): The FBM KLCI dipped in early trade on Monday amidst some mild profit taking activities and softer opening at most regional markets.
At 9am, the FBM KLCI shed 2.34 points to 1,730.10.
The top losers included Petronas Gas Bhd, Hong Leong Bank Bhd, UMW Holdings Bhd, Malaysia Building Society Bhd, Tan Chong Motor Holdings Bhd, Petronas Chemicals Group Bhd, DRB-Hicom Bhd, SapuraKencana Petroleum Bhd, Westports Holdings Bhd and Karex Bhd.
At the global markets, the U.S. dollar took an early dip on Monday as Asian investors caught up with a benign payrolls report and the subsequent slide in Treasury yields, though turnover was light with Tokyo on holiday, according to Reuters.
Share markets were opening lower following a soft finish on Wall Street though sentiment was supported by speculation the Federal Reserve would be patient in tightening policy given the weakness of wages apparent in the jobs numbers, it said.
BIMB Securities Research in a market preview Monday said that in Asia, Hong Kong stocks rose for a third consecutive session on Friday, seemingly shrugging off Chinese data showing a continuous fall in producer prices; while other key indexes also ended mostly positive.
Locally, it said the FBM KLCI gained 4.38 points or 0.25% to 1,732.44 with bargain hunting on O&G and plantation counters.
“Trading participation saw net buying from foreign institutions while local institutions and retail were net sellers.
“We expect some profit taking activities following 2 days of rally with immediate support at 1,725/20,” it said.