Banks weigh on KLCI
Malaysia's FBM KLCI retreated as much as 7.6 points to 1,766.39 in mid morning trade on Thursday as more investors were seen locking in the hefty gains recorded on Monday and Tuesday.
At 10.28am, the KLCI was down 5.95 points to 1,768.05. Turnover was 689.88 million shares valued at RM487.41mil. The broader market was firmer, with 293 gainers, 174 losers and 210 counters unchanged.
Maybank Investment Bank Research said the KLCI's resistance level of 1,774 and 1,826 would cap market gains, whilst obvious support areas were at 1,718 and 1,769.
"The KLCI's recent swings were: 1,699.68 (high), 1,597.00 (low), 1,664.39 (high) and 1,613.94 (low). We prefer to take a 'Trading' stance on the index as a gap-up move between 1,718.44 (previous all-time high) and 1,743.14 (Monday's low) has emerged," said the research house.
CIMB fell 19 sen to RM8.38, Public bank foreign 16 sen to RM16.60 while Public Bank and Maybank fell 14 sen each to RM16.62 and RM10.02.
Among plantations, United Plantations slid 78 sen to RM27.10 and Batu Kawan lost six sen to RM18.60.
Nestle lost 56 sen to RM63.84, Petronas Dagangan 20 sen to RM24.40 and Aeon 12 sen lower at RM15.50.