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KLCI Slides as Profit-Taking Hits Blue Chips, Ringgit Holds Firm

Malaysia’s benchmark index retreated as  profit-taking in key heavyweights  weighed on sentiment, while overall market activity remained active. Summary FBM KLCI fell 0.83% to 1,684.93 , dragged by losses in banking and selected large-cap names, despite steady trading participation. Market Performance FBM KLCI :  1,684.93 (-0.83%) FBM Mid 70:  -0.00% (flat) FBM Small Cap:  -0.23% FBM ACE:  +0.20% Broad market was mixed , with weakness concentrated in large caps. Market Breadth & Trading Activity Total volume:  3.54 billion shares Total value:  RM4.19 billion Gainers:  456 Losers:  678 Unchanged:  550 Market breadth turned negative , reflecting cautious sentiment. Top Movers – KLCI Gainers Axiata (6888.MY)   +1.54% Petronas Gas (6033.MY)   +1.18% Sunway (5211.MY)   +1.15% Losers Hong Leong Bank (5819.MY)   -3.29% Maybank (1155.MY)   -3.02% CIMB (1023.MY)   -2.47% Banking sector weakness was the main ...
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Market Daily Report: KLCI up in the final trading minutes on late buying on Axiata and Public Bank shares



KUALA LUMPUR (Dec 16): The FBM KLCI gained 0.8 point in the final trading minutes to close at 1,637.79 points on late buying of Axiata Group Bhd and Public Bank Bhd shares.
At 5pm, Axiata rose 18 sen to RM4.68 while Public Bank added 14 sen to RM19.80. KLCI-linked Axiata and Public Bank were Bursa Malaysia's fourth and seventh-largest gainers respectively.

The KLCI, which ended at its intraday high, had earlier fallen to its intraday low at 1,632.46 points. The KLCI had fallen as the ringgit weakened to a fresh one-year level against the US dollar today at 4.4785.

The ringgit fell after the US Federal Reserve (Fed) raised interest rates last Wednesday and indicated further hikes in 2017.

Reuters reported that the Fed raised interest rates by 25 basis points to between 0.5% and 0.75% on Wednesday as widely expected. The real mover came from the Fed signalling three hikes in 2017, up from around two flagged at its September policy meeting.

In Malaysia today, Public Investment Bank Bhd research head Ching Weng Jin told theedgemarkets.com the weak ringgit had been prevalent since Donald Trump's surprise win in the US presidential election.

Ching said the ringgit's depreciation continued to weigh on the KLCI.
"The KLCI has been down since the announcement of the US election results, which had led to the strengthening of the US dollar against the ringgit. This has been a long-running issue for the local market," he said.


Source: The Edge
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