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.

BAT was the top loser, sliding RM1.64 to RM57.36 with 3,300 shares done. KL Kepong fell 58 sen to RM21 and Petronas Gas down 32 sen to RM18.26 and Petronas Dagangan 16 sen to RM22.60.

Among the banks, Hong Leong Bank fell 44 sen to RM14.16 and HLFG 42 sen to RM13.38 while Public Bank foreign shares lost 14 sen to RM15.52 and AmBank nine sen lower to RM6.28.

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