KL shares lower on subdued demand

KUALA LUMPUR (Dec 20, 2013): Shares on Bursa Malaysia continued their downtrend to close lower Friday, dampened by subdued demand from investors, dealers said.

The FBM KLCI finished the day at 1,838.03, down 8.15 points from yesterday's close, with losses mostly recorded in selected heavyweights and blue chips, they said.

JF Apex Securities Head of Research Lee Chung Cheng said the market was dragged by mild profit taking as investors locked in profits following the market's overbought situation due to window dressing.

"The market is currently in a selling mode. The key index breached new highs recently and this (profit taking) is a normal activity in the market," he told Bernama.

He also said some investors were already on the sidelines ahead of the weekend and Christmas celebration next week, and this reflected in the day's low volume transaction. Lee noted the FBM KLCI's immediate support stood at the 1,826-point level, with resistance at 1,880 points.

On the scoreboard, the Finance Index fell 50.36 points to 16,838.15, the Industrial Index eased 7.59 points to 3,146.3, and the Plantation Index lost 66.85 points to 8,833.61. The FBM Emas Index declined 43.71 points to 12,685.91, FBMT100 Index dropped 42.29 points to 12,424.03, FBM 70 gave up 85.24 points for 14,025.38 and the FBM Ace was down 14.12 points to 5,622.02.

Losers trounced gainers by 506 to 261, while 313 counters were unchanged, 476 untraded and 16 others suspended. Volume fell to 980.253 million shares worth RM1.366 billion from Thursday's 1.062 billion shares worth RM1.559 billion. – Bernama