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KUALA LUMPUR: Profit taking on banking counters weighed on the FBM KLCI.
At lunch break, the 30-stock index closed down 1.12 points, or 0.08% to 1,473.56. The index opened 0.29 of a point lower at 1,474.39.
The broader market sagged, with decliners overtaking advancers 432 to 340 while 349 counters were unchanged. Traded volumes stood at 1.88 billion valued at RM923.05mil.
Much of the losses were due to the selling pressure on banking counters, IHH Healthcare and Tenaga Nasional.
AmBank, CIMB and Public Bank fell nine sen each to RM4.15, RM5.65 and RM4.35 respectively.
Maybank lost eight sen to RM8.70, RHB Bank declined seven sen to RM5.67 and Hong Leong Bank eased six sen to RM20.50.
IHH lost four sen to RM6.11 and Tenaga fell three sen to RM9.14.
On the broader market, Westports and Transocean lost nine sen each to RM3.71 and RM1.95 respectively.
ATA IMS
lost 2.5 sen to 22 sen after it received fresh notices of termination of contract from Dyson Manufacturing Sdn Bhd and Dyson Operations Pte Ltd.
TA Securities expects the key index chart supports at 1,460 and 1,450 to adequately cushion initial downside, with better supports from 1,420 and 1,400.
“On the upside, immediate resistance remains at the 1,500 psychological level, with 1,512, and the August high near 1,528 as stronger resistance levels, followed by 1,550 and 1,570 as tougher upside hurdles,” it said.
“As for stock picks, we anticipate key telcos, banking, construction, utility and rubber glove heavyweights such as Axiata, DiGi.com, Public Bank, Gamuda, Sime Darby,Tenaga, Supermax and Top Glove to continue attracting bargain hunters looking to profit from longer-term upside potential ahead,” TA Securities said.
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