Cautious start to new trading month of May as MAHB weighs

KUALA LUMPUR: The new trading month of May started on a cautious note with the FBM KLCI weighed down by MAHB, Digi and Maxis but there was some nibbling seen in banks and Tenaga Nasional.

At 9.22am on Thursday, the KLCI was down 1.18 points or 0.07% to 1,641.11. Turnover was 363.82 million shares valued at RM214.56mil. There were 139 gainers, 236 losers and 237 counters unchanged.

Kenanga Research said short-term consolidation could be the case for this week trading, given momentum indicators still displaying some weaknesses as seen in the flat-lining of MACD and RSI.

“A decisive take-down of the 1,660 (R1) is vital for the local index to trend upwards towards 1,700 (R2). Reluctance to go beyond R1, would see the index retrace towards 1,615 (S1) and 1,600 (S2),” it said.

MAHB fell 19 sen to RM7.44, Digi eight sen to RM4.52 and Maxis six sen lower at RM5.30 in thin trade.

United Plantations was the top loser, down 70 sen to RM26, Petron 11 sen to RM6.70 and Globetronics down 10 sen to RM1.80. Cement producers Tasek fell 12 sen to RM6 and Lafarge seven sen lower at RM3.23 on profit taking.

However, Petronas Gas rose 30 sen to RM17.90, HL Bank and Public Bank eight sen each to RM20.06 and RM22.58 while Tenaga gained six sen to RM13.34.

Can-One added 10 sen to RM3.31 and Takaful eight sen higher at RM6.15.

MUI added 1.5 sen to 20 sen in active trade on its plan for asset disposals.

Source : TheStar