Thursday, November 01, 2007

Profit Taking

KLCI ends down 0.3% at 1409.16 on profit-taking after benchmark rose to fresh record high of 1423.81 in early trade. Market breadth ended negative with decliners outpacing gainers 534 to 322 but select plantation stocks bucked trend on continued bullish outlook toward CPO prices. KLCI tipped in 1400-1416 range tomorrow but with downside bias as pre-weekend profit taking likely to narrow gains. Investors were cheered by the Fed's decision to cut interest rates by 25 basis points but opted to lock-in profits as the benchmark headed into uncharted territory yet again. This short-term trading stance is likely to persist tomorrow.


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