TA Securities Research, in its outlook, said economic recovery plays and window-dressing should cushion downside as profit-taking check recent strong gainers ahead of the weekend break. KUALA LUMPUR: Blue chips fell in early Friday trade with profit taking seen in plantations, Public Bank and MISC ahead of the weekend. At 9.17am, the FBM KLCI was down 5.23 points or 0.31% to 1,669.12. Turnover was 790.12 million shares valued at RM285.89mil. There were 266 gainers, 319 losers and 408 counters unchanged. Asian stocks were mixed in early trading as U.S. lawmakers continued to wrangle over a federal-spending deal in Washington, Bloomberg reported. The dollar held losses. Shares were little changed in Japan and South Korea, and slipped in Australia. S&P 500 futures were flat after the index climbed for a third day to a record high. At Bursa on Thursday, foreign funds were net buyers at RM9.7mil and local retail investors RM13.6mil while local funds were net sellers at RM23.2mil. TA Securities Research, in its outlook, said economic recovery plays and window-dressing should cushion downside as profit-taking check recent strong gainers ahead of the weekend break. “Immediate uptrend supports cushioning downside for the index are from the rising 10-day, 30-day and 50-day moving averages at 1,655,1, 610 and1,566 respectively. “Immediate resistance will be the recent high of 1,695, with next hurdle from 1,715, representing the 123.6% Fibonacci Projection (FP) target of the 1,207 to 1,618 upswing, ” it said. KL Kepong fell the most, down 48 sen to RM24.32 and Sime Plantations six sen to RM5.10. Public Bank shed 10 sen to RM21.40 and MISC seven sen to RM6.60 but Hong Leong Bank gained 18 sen to RM18.88. Supermax, which will be included in the KLCI 30-stock list next week, lost 11 sen to RM6.79. Carlsberg lost 24 sen to RM23.58, Heineken 18 sen to RM22.76 but BAT added 30 sen to RM14.40. Refiners Hengyuan and Petron fell 10 sen each to RM6.07 and RM5.30 but Petronas Gas rebounded 36 sen to RM17.76 with just 200 shares done and Petronas Dagangan gained 10 sen to RM20.04. Unisem added 13 sen to RM6.13 and Vitrox 12 sen to RM14.40.
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