Thursday, January 8, 2009

KL Composite Going For Corrections. Down 17.10

MALAYSIAN shares closed 1.8 per cent lower today as the bourse was hit by profit-taking in plantation, finance and blue chips, dealers said. The Kuala Lumpur Composite Index lost 17.10 points to close at 901.52, with declining stocks outnumbering advancers 388 to 99.

Losers thumped gainers by 390 to 97 while 171 counters were unchanged, 616 untraded and 49 others suspended. Turnover dropped to 390.95 million units worth RM632.27 million from yesterday’s close of 743.52 million shares valued at RM1.12 billion.

Dealers tipped the KLCI to rebound tomorrow on mild bargain-hunting and trade within the 900-920 range, but said pre-weekend selling may limit any gains. “Declines on Wall Street overnight and the sharp pullback in crude oil weighed on market sentiment,” one dealer said.

“Retail and short-term investors locked in profits from the recent rally but the KLCI has managed to hold on to some gains from the December 31 close at 876.75,” he added. Among the decliners, IOI Corp ended down 6.6 per cent at RM3.98, Sime Darby lost 6.0 per cent at RM5.45 and Gamuda slipped 5.0 per cent to RM1.91.

Among the actives, KNM eased 1.5 sen to 48.5 sen and WCT shed one sen to RM1.13. Among the heavyweights, Tenaga declined 10 sen to RM6.35 and Maybank decreased five sen to RM5.55. Bumiputra-Commerce and MISC lost 15 sen each to RM6.85 and RM8.65, respectively. - AFP, Bernama

Article from Business

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