Market turns to profit-taking after four days of gains
KUALA LUMPUR: There was some profit-taking in early Tuesday trade on the back of the recent rally, although analysts say the market undertone remained positive.
At 9.05am, the FBM KLCI was down 1.73 point to 1,500.34.
Following the breach of the 1,500-point level in the previous session, Malacca Securities Research said the technical indicators remained positive with the MACD histogram extending a positive bar and the RSI trading above 50 points.
"Next resistance is pegged at 1,530, while the support is set along 1,410-1,460," it said in ite technical outlook.
Over the breadth of the market, there was broad-based profit-taking of 175 decliners versus 118 gainers.,
Trading volume was 162.91 million shares valued at RM50.46mil.
Commodities plays, which rallied in the previous session, were taken a peg lower. PETRONAS Chemicals fell five sen to RM8.90, Press Metal dropped four sen to RM4.86 and energy major Tenaga Nasional fell 10 sen to RM8.40.
Actively traded Hibiscus Petroleum, seen as a proxy for crude oil prices, was seen slipping two sen to 86.5 sen.
Investors also cashed in on the recent technology rally, leading to a 12 sen decline in MPI to RM31.98, seven sen fall in Pentamaster to RM3.92 and five sen slide in Vitrox to RM7.52.
Of actives, CSH was unchanged at 7.5 sen, Borneo Oil flat at 2.5 sen and PUB also unmoved at 4.5 sen.