Published: Wednesday May 8, 2013 MYT 1:32:00 PM

KLCI slips on mild profit taking

By Joseph Chin

KUALA LUMPUR: After the hefty 82 points or 4.8% gains over the past two days, the FBM KLCI slipped at midday on Wednesday on some mild profit taking of key stocks like Maybank and Genting Malaysia.

At 12.30pm, the FBM KLCI fell 1.73 points or 0.1% to 1,775. Turnover was 974.50mil shares valued at RM1.43bil. There were 316 gainers, 374 losers and 263 counters unchanged.

JF Apex Research said it had expected to see some profit taking on government-linked companies and index-linked stocks after the two-day rally.

The KLCI surged to an all-time intra-day high of 1,826 on Monday on a relief rally after Barisan Nasional secured the mandate to rule the country after Sunday's 13th General Elections.

Maybank fell 12 sen to RM10.16 with 11.66 million shares and erased 1.86 points from the KLCI. HLFG lost eight sen to RM15.90 and CIMB five sen to RM8.60. Insurer TuneIns lost 12 sen to RM1.72.

However, Public Bank rose 16 sen to RM16.80, AMMB seven sen to RM7.11 and HL Bank six sen to RM14.58.

Genting Malaysia fell 11 sen to RM3.78 amd erased 1.17 points from the KLCI. But Genting Bhd rose four sen to RM10.88.

Crude palm oil for third-month futures rose RM29 to RM2,289 on rising demand from China. Batu Kawan fell 20 sen to RM18.30, Genting Plantations 11 sen to RM8.65 and PPB Group 10 sen to RM12.90.

However, IOI Corp rose five sen to RM5.15 while KL Kepong and Sime Darby added two sen each to RM21.66 and RM9.42.

Gamuda, which had risen sharply over the past two days, slipped 14 sen to RM4.55. Property-based SP Setia lost 12 sen to RM3.75.

MAS rights shares, MAS-OR fell 1.5 sen to 8.5 sen with 129.97 million units done. MAS lost 0.5 sen to 37 sen.

Petronas Gas rose 40 sen to RM20.52 and Petronas Dagangan 20 sen to RM24.60.

The ringgit firmed up against the US dollar to 2.9755 from the previous close of 2.9797.

Among the key regional markets:

Japan's Nikkei 225 rose 0.87% to 14,303.51;

Hong Kong's Hang Seng Index rose 0.62% to 23,191.09;

Shanghai's Composite Index rose 0.27% to 2,241.54;

Taiwan's Taiex rose 1.07% to 8,250.61

South Korea's Kospi rose 0.08% to 1,955.87;

Singapore's Straits Times Index rose 0.86% to 3,412.23.

US light crude oil rose 14 cents to US$95.76 but Brent fell six cents to US$104.34.

Spot gold rose US$2.16 to US$1,454.85.

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