KUALA LUMPUR: Persistent profit-taking amid an overbought key index saw Bursa Malaysia close lower today, while bucking the uptrend on most regional peers.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) finished 2.57 points or 0.15 per cent lower at 1,687.48 compared with Wednesday’s close of 1,690.05.
The index opened 1.40 points easier at 1,688.65 and moved between 1,685.64 and 1,690.81 throughout the day
Hong Leong Investment Bank Bhd’s head of retail research Loui Low Ley Yee said the profit-taking was due to recent gains seen on the local bourse, but it was mild and healthy.
Market breadth, however, stayed positive with gainers beating losers 466 to 348, while 407 counters were unchanged, 619 untraded and 22 others suspended.
Low told Bernama that the overbought conditions appeared last week, but profit taking activities which emerged yesterday, would be temporary.
“So far, the market has a good chance to break the 1,700-psychological level.But, before that, we expect to see a sideways consolidation at between 1,683 and 1,690 in the next few days. Buying momentum is still seen in selected stocks led by energy and construction-linked counters,“ he said.
Regionally, the Singapore Straits Times Index bagged 0.13 per cent to 3,372.25, Japan’s Nikkei was 0.30 per cent higher at 21,702.45 and South Korea’s Kospi advanced 0.61 per cent to 2,108.73.
Among heavyweights, CIMB lost six sen to RM5.30, Tenaga eased 10 sen to RM14.14, Petronas Gas was 18 sen weaker at RM17.36, while IHH and Sime Darby Plantation each fell four sen to RM5.83 and RM4.83 respectively.
Of the actives, Sumatec and Bumi Armada were unchanged at 3.5 sen and 21.5 sen, KNM and Pegasus Heights added half-a-sen each to 30 sen and one sen respectively, while Iris was half-a-sen easier at 14.5 sen.
CIMB structured warrant, FBMKLCI-H8C, topped the losers list, easing 21 sen to four sen, while top gainer, Dutch Lady bagged 50 sen to RM64.00.
The FBM 70 jumped 70.88 points to 14,938.40 and the FBM Ace increased 39.42 points to 4,623.06, but the FBMT 100 Index eased 0.37 of-a-point to 11,776.85.
The FBM Emas Index improved 3.85 points to 11,938.93 and the FBM Emas Syariah Index was 8.28 points firmer at 12,334.29.
Sector-wise, the Financial Services Index contracted 28.31 points to 16,782.65, as the Plantation Index slid 9.06 points to 6,943.47, while the Industrial Products & Services Index edged up 0.16 of-a-point to 162.44.
Main Market volume narrowed to 1.90 billion shares worth RM1.58 billion from 2.30 billion shares worth RM1.67 billion on Wednesday.
Warrants turnover, however, improved to 429.07 million units valued at RM106.52 million from 346.48 million units valued at RM72.34 million.
Volume on the ACE Market leapt to 500.72 million shares worth RM127.19 million versus 361.58 million shares worth RM74.08 million.
Consumer products and services accounted for 282.53 million shares traded on the Main Market, industrial products and services (202.30 million), construction (168.98 million), technology (124.06 million), SPAC (nil), financial services (33.21 million), property (159.37 million), plantation (12.81 million), REITs (14.25 million), closed/fund (2,700), energy (772.87 million), healthcare (23.92 million), telecommunications and media (63.77 million), transportation and logistics (37.70 million) and utilities (11.02 million).
The physical price of gold as at 5pm stood at RM181.71 per gramme, down RM1.63 from RM183.34 at 5pm yesterday. — Bernama
