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 ...
KUALA
LUMPUR (Dec 18): The FBM KLCI declined 1.43 points or 0.1% as investors
took profit after the KLCI's substantial rise last week pushed the
index into overbought territory.
At 5pm today, the KLCI closed at 1,751.64 points. On Friday (Dec 15), the KLCI fell 13.35 points to 1,748.5 points. On Thursday, the KLCI rose 21.34 points to close at 1,759 points on banking stock gains amid fund managers' year-end window dressing.
Today, TA Securities Holdings Bhd wrote in a note: "Last week's rally spike on the FBM KLCI to a two-month high lifted daily momentum indicators into deeply overbought territory, suggesting profit taking is needed to consolidate short-term gains and neutralise excessive overbought momentum."
Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew told theedgemarkets.com that although foreign funds are coming back into the Malaysian stock market, they may not buy local shares every day.
"There are times they take profit and I don’t think there was big concerted window dressing so far,” he said.
Across Bursa Malaysia, trading volume was 2.4 billion shares worth RM2.17 billion. There were 350 gainers versus 451 decliners, Malaysian shares bucked Asian equities' rise. Japan’s Nikkei 225 gained 1.55% while Hong Kong's Hang Seng rose by 0.7%.
Reuters reported that Asian shares edged up on Monday, with sentiment boosted by expectations US lawmakers will pass a long-awaited tax Bill this week, while Chinese stocks were soggy on concerns about liquidity and tighter regulations in the world’s second largest economy.
Source: The Edge
At 5pm today, the KLCI closed at 1,751.64 points. On Friday (Dec 15), the KLCI fell 13.35 points to 1,748.5 points. On Thursday, the KLCI rose 21.34 points to close at 1,759 points on banking stock gains amid fund managers' year-end window dressing.
Today, TA Securities Holdings Bhd wrote in a note: "Last week's rally spike on the FBM KLCI to a two-month high lifted daily momentum indicators into deeply overbought territory, suggesting profit taking is needed to consolidate short-term gains and neutralise excessive overbought momentum."
Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew told theedgemarkets.com that although foreign funds are coming back into the Malaysian stock market, they may not buy local shares every day.
"There are times they take profit and I don’t think there was big concerted window dressing so far,” he said.
Across Bursa Malaysia, trading volume was 2.4 billion shares worth RM2.17 billion. There were 350 gainers versus 451 decliners, Malaysian shares bucked Asian equities' rise. Japan’s Nikkei 225 gained 1.55% while Hong Kong's Hang Seng rose by 0.7%.
Reuters reported that Asian shares edged up on Monday, with sentiment boosted by expectations US lawmakers will pass a long-awaited tax Bill this week, while Chinese stocks were soggy on concerns about liquidity and tighter regulations in the world’s second largest economy.
Source: The Edge
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