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KUALA LUMPUR (Dec 26): The FBM KLCI was flat at the closing bell on the first trading day after the Christmas break as investors had been away for the year-end holiday.
The benchmark index — which opened on a softer note at 1,758.51 points — slipped to its intraday low of 1753.25 points before it closed at 1,759.99, 0.25 points lower against last Friday’s closing.
Trading volume, however, was higher today at 2.07 billion shares with a total transaction value of RM1.6 billion, compared with 1.64 billion shares worth RM1.55 billion logged last Friday.
Market breadth was negative with 489 decliners, 387 advancers, and 374 counters which traded unchanged on Bursa.
Across the board, top gainers included Hengyuan Refining Co Bhd, which hit a record high of RM15.40, PPB Group Bhd and Panasonic Manufacturing Malaysia Bhd; while top losers were led by consumer stocks Nestle (M) Bhd, Dutch Lady Milk Industries Bhd and Ajinomoto (M) Bhd.
With the festive season and only several trading days left to wrap up the year, Areca Capital’s chief executive officer Danny Wong told theedgemarkets.com that the market is expected to move sideways given the lack of fresh catalysts at the moment.
The market is also adopting a wait-and-see stance on the landmark US tax overhaul plan recently signed into law last week, he said.
“The market could get interesting starting next month, as we enter another round of corporate results season, and certain sectors — like the media sector — are set to benefit from election spending,” Wong added.
He also explained that more awards on infrastructure projects are expected to be given out to companies in the first quarter of next year.
Elsewhere in the region, Japan’s Nikkei too slipped 0.20% in thin trading amid a paucity of catalysts, Reuters reported, while South Korea’s Kospi closed down 0.54%.
Source: The Edge
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