KUALA LUMPUR (Feb 9): The FBM KLCI fell 0.1% or 1.76 points on profit taking as Asian investors reacted to weaker China economic data.

At 12.30pm, the KLCI settled at 1,811.49 points. The KLCI had earlier traded at an intraday high of 1,818.31.

“It has a bit of a yo-yo this morning. The KLCI reached 1,818.31 points in early trade and dipped down to a low of 1,805.26 points. The suspicion is that some investors started to take profit early in the day after global oil price increased overnight.
 
“For those investors who are looking to buy, they will now be hunting for opportunities,” he told theedgemarkets.com.

In currency markets, the ringgit weakened to 3.5605 versus the US dollar. Compared to the Singapore dollar, the ringgit strengthenened to 2.6324.

Across Asian bourses, Hong Kong's Hang Seng fell 0.46% while South Korea's Kospi was 0.32% lower.

Reuters reported that Asian shares wobbled today after the release of Chinese trade data overshadowed optimistic US jobs reports, raising concerns about China’s slowdown. The Australian dollar was sent sliding as a result.

Data published on Sunday showed China's trade performance slumped in January, with exports falling 3.3 percent from year-ago levels while imports tumbled 19.9 percent, far worse than analysts had expected. The data highlighted deepening weakness in the Chinese economy.

Today, Bursa Malaysia saw decliners outnumbered gainers by 358 to 304, while 292 counters traded unchanged. Volume was 1.05 billion shares valued at some RM816 million.

Top gainers included United Plantations Bhd, Nestle (M) Bhd, and LPI Capital Bhd. Top decliners included Tasek Corp Bhd Petronas Gas Bhd and Tasek Corp Bhd

Asia Bioenergy Tech Bhd, TMC Life Sciences Bhd and Barakah Offshore Petroleum Bhd were the most-actively traded stocks on the exchange.

TMC Life Sciences Bhd surged 10 sen or 16% to settle at 74 sen with some 30 million shares done. The firm said it was acquiring a medical hub project in Johor for RM400 million from Singapore billionaire Peter Lim and DYAM Tunku Ismail Idris Sultan Ibrahim.

Peter Lim is the major shareholder of TMC.

Barakah rose 10 sen or 10% to settle at RM1.07 on news that it was awarded a support services contract by Petronas Carigali Sdn Bhd.

The value of the contract was, however, not disclosed.