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Market Daily Report: Profit-taking Ends Bursa Malaysia's Five-day Winning Streak

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.  
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Ringgit and plantation stocks on focus

The focus today will be on both the Ringgit against a much stronger US dollar and the plantation sector. The Malaysian Palm Oil Board will announce this week Oct inventory, output and export numbers, thus the spot light on the plantation sector.

Last Monday, the KLCI eked out a 0.41-point gain to settle at 1,686.11. Yesterday, the Malaysian stock market was closed for the Deepavali holiday.

However, overnight US dollar gains could put the ringgit in the spotlight today. The ringgit was last traded weaker at 4.3825 versus the US dollar.

The Ringgit on spot light against a stronger US dollar

Reuters reported that the prospect of a US rate hike sent the dollar to a seven-month high. A strong dollar eats into the overseas sales at US companies.

In overnight US share trades, the Dow Jones Industrial Average rose 0.16% to  17,758.21 points. Nasdaq Composite fell 0.24% to 5,083.24.

With the plantation shares like Sime Darby Bhd, Kuala Lumpur Kepong Bhd, IOI Corp Bhd and PPB Group Bhd account for substantial weightage in the 30-stock FBM KLCI, it will be interesting to see how the data will impact the index as a whole. 

CIMB Investment Bank Bhd said in a note Malaysia's Oct palm oil inventory could have climbed to a record 2.72 million tonnes from the preceding month as exports dropped at a faster pace than production.
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