KUALA LUMPUR, Jan 28 (Bernama) -- Bursa Malaysia snapped its five-day winning streak to close lower on Wednesday, as investors took profit following a cumulative gain of 4.25 per cent over the past five sessions, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 14.76 points or 0.83 per cent to 1,756.49 from Tuesday’s close of 1,771.25. The market bellwether opened 1.46 points lower at 1,769.79, marking the day’s high, and hit a low of 1,750.05 during the mid-afternoon session. Market breadth was negative with losers trouncing gainers 876 to 384, while 525 counters were unchanged, 964 untraded and 94 suspended. Turnover improved to 3.65 billion units worth RM4.41 billion from Tuesday's 3.58 billion units worth RM4.46 billion.
After the index's advance in the last few days, we see the FBM KLCI fell 1.33 points or 0.1% as investors locked in gains.
The FBM KLCI index lost 1.33 points or 0.08% on Thursday. The Finance Index increased 0.05% to 14138.02 points, the Properties Index up 0.06% to 1193.05 points and the Plantation Index down 0.09% to 7513.83 points. The market traded within a range of 14.12 points between an intra-day high of 1688.79 and a low of 1674.67 during the session.
Malaysian shares rose in recent days on news 1Malaysia Development Bhd (1MDB) was selling its power assets to China General Nuclear Power Corp, instead of Tenaga Nasional Bhd ( Valuation: 1.20, Fundamental: 1.30).
Investors could have perceived such updates as good news for Tenaga, amid concerns Tenaga might overpay for state-owned 1MDB's power assets to bailout the company.
However, as the news passed, the market sensed a lack of catalysts exciting the share market.
Exports based companies are closely watched as as these firms are seen as beneficiaries of a weaker ringgit against the US dollar.
At 5pm, the ringgit weakened to 4.2218 against the US dollar.
Bursa Malaysia ended the day with 2.33 billion shares, valued at RM1.97 billion transacted.
Top gainers included Ajinomoto (M) Bhd and Chee Wah Corp Bhd.
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| Ajinomoto (M) Bhd lead the top gainer for the day |
Top losers were Nestle (M) Bhd and Malaysian Pacific Industries Bhd.
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| Nestle (M) Bhd lost RM1.48 as of closing |
The top active counter was Borneo Oil Bhd.
Across the region, Japan’s Nikkei 225 was up 0.49%, while South Korea’s Kospi rose 1.06%
Reuters reported Asian shares advanced on Thursday, while the euro remained under pressure on growing bets the European Central Bank will roll out more stimulus soon, even as the U.S. Federal Reserve looks set to raise interest rates.
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