Published: Wednesday February 6, 2013 MYT 9:36:00 AM
KLCI falls 10.5 points in early trade, Petronas stocks, banks down
KUALA LUMPUR: Malaysia's blue chips fell in early trade on Wednesday as investors took profit ahead of the extended weekend, as the FBM KLCI was dragged down by losses in Petronas-related stocks and banks.
At 9.16am, the KLCI was down 10.59 points to 1,622.76. Turnover was 94.06 million shares valued at RM61.86mil. Declining stocks beat advancers 103 to 60 while 118 counters were unchanged.
Maybank KE Research said in its technical outlook that a spell of persistent price weakness will now emerge due to the weaker broader market. The KLCI made a key all-time high of 1,699.68 on Jan 4, 2013.
It added the KLCI's resistance level of 1,633 and 1,657 would cap market gains, whilst weaker support areas are located at 1,613 and 1,630.
"Despite the US markets' firmer tone last night, we expect the local index to be weaker on heavy foreign liquidation activities," it said.