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Wednesday, April 18, 2018

Market Daily Report: FBM KLCI down as GE14 sentiment curbs Bursa trading volume





KUALA LUMPUR (April 18): The FBM KLCI fell 1.17 points or 0.1% on profit taking after the index climbed yesterday to close at its highest in about four years. At 5pm today, the KLCI settled at 1,879.32 after rising to its intraday high at 1,884.84.

Yesterday, the KLCI rose 1.73 points to close at 1,880.49. Today, TA Securities Holdings Bhd wrote in a note: "Even as the index may attempt to climb higher due to sustained buying support on key heavyweights, lower liners and small caps should stall on profit-taking pending local catalysts. A convincing push above 1,880 on positive market breadth is needed to aim for the record high of 1,896.23 from July 2014, which will act as a significant hurdle."

Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew told theedgemarkets.com today that volume across Bursa Malaysia remained thin as investors were still cautious ahead of Malaysia's 14th general election (GE14). Polling day falls on May 9.

Today, 2.34 billion shares were traded across Bursa Malaysia for RM1.97 billion. Pong said: “The market is trying to position itself for a rally, but most investors are still holding back.”

Leading gainers included Far East Holdings Bhd and Hong Leong Bank Bhd while top decliners included KESM Industries Bhd and Petron Malaysia Bhd.

The most-actively traded stock was Sapura Energy Bhd with some 224 million shares transacted. Sapura Energy fell four sen to 73 sen.



Source: The Edge

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