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Friday, April 13, 2018

Market Daily Report: Malaysian stocks slip on profit-taking






KUALA LUMPUR (April 13): Malaysian stocks closed lower today due to profit-taking after the surge early this week.

The benchmark FBM KLCI ended the day 5.15 points or 0.28% lower at 1,868.47 points, dragged down by Astro Malaysia Holdings Bhd, Petronas Gas Bhd and MISC Bhd. The index was trading in the range of 1,866.02 points and 1,871.13 points throughout the day.

Market breadth was positive with 513 gainers compared with 323 decliners. A total of 477 counters were unchanged. Trading volume decreased to 2.72 billion shares worth RM2.19 billion compared with 3.27 billion shares worth RM2.34 billion on Thursday.

Public Investment Bank Bhd head of research Ching Weng Jin told theedgemarkets.com that investors decided to take some profits ahead of the 14th General Election on May 9.
“There was no major sell-down today. It (KLCI) didn’t drop much," he said.

“Regional markets looked positive except for China. Even the US-Russia conflict was off the table (and) calm has returned for a while,” Ching added.

Across Asia, Japan’s Nikkei 225 closed up 0.55%, South Korea's Kospi rose 0.51% while Hong Kong's Hang Seng fell 0.07%.

Reuters reported that investors are still keeping an eye on the tensions in the Middle East even after suggestions from US President Donald Trump that a military strike on Syria may not be imminent.


Source: The Edge

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