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.
KUALA LUMPUR (Dec 19): The FBM KLCI closed 14.69 points or 0.8% lower as investors took profit amid fund managers' window dressing.
At 5pm, the KLCI settled at 1,736.95 points. The KLCI remained in negative territory for the entire day.
“There is some serious profit-taking going on today in the market, coupled with the window-dressing activities previously. It seems that the market will normalise after this sell-off to finish between the range of 1,700 points and 1,730 points by year-end,” TA Securities Holdings Bhd senior technical analyst Stephen Soo told theedgemarkets.com.
From a fundamental viewpoint, Reuters quoted MIDF Amanah Investment Bank Bhd research head Redza Rahman as saying: "There is concern that with the rate hike in the US, cheap funds might flow out of the country (Malaysia)."
Across Bursa Malaysia today, there were 530 decliners and 306 advancers. Trading volume, was 3.18 billion shares worth RM2.91 billion. Yesterday, trading volume was 2.4 billion shares worth RM2.17 billion.
Today's top decliner was Petron Malaysia Refining and Marketing Bhd. Leading gainers were glove makers Hartalega Holdings Bhd, Top Glove Corp Bhd and Kossan Rubber Industries Bhd.
Source: The Edge
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