Sunday 14 Jul 2024
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KUALA LUMPUR (Jan 2): The FBM KLCI kicked off 2015 in a subdued fashion and fell in early trade on mild profit taking amidst lack of fresh catalysts at the local market.

At 9am, the FBM KLCI fell 4.10 points to 1,757.15.

The top losers included Malaysian Paficic Industries Bhd, Ibraco Bhd, UMW Holdings Bhd, Felda Global Ventures Holdings Bhd, IHH Healthcare Bhd,Tenaga Nasional Bhd and Westports Holdings Bhd.

Stock markets in Asia were quiet with China, Japan, Thailand and the Philippines all on holiday. Australia's main index eased 0.2 percent in early trading, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was flat, having ended 2014 almost exactly where it began - a pattern it has repeated for three years straight, it said.

Hong Leong IB Research in a market preview Friday said that overall, the market is likely to remain choppy (induced by thin volume,the FBMKLCI is likely to extend its profit taking consolidation on the first trading day in 2015 as sentiment will be affected by concern over macroeconomic headwinds, the health of the Malaysian economy and corporate earnings and in anticipation of more profit taking from Dow (due to weakening technical outlook).

“Key supports are 1737-1750 while resistance is near 1770-1784 levels,” it said.

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