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 (June 8): The FBM fell 0.42% today as investors resorted to taking profit after a two-day rally and also due to the uncertainties on the external front.
The benchmark index closed 7.49 points lower at 1,778.32.
"This is a normal pullback, as investors monetise on their investment after a long rally since Wednesday," Maybank Investment Bank Bhd chartist Nik Ihsan Raja Abdullah told theedgemarkets.com.
Nik Ihsan said the market pullback is expected to continue into next week with no new catalyst in sight as the government embarks on various economic reforms and reviews current mega-infrastructure projects.
Across Bursa Malaysia today, the trading volume stood at 3.1 billion shares valued at RM2.42 billion, compared with 4.17 billion shares worth RM3.39 billion yesterday.
MY EG Services Bhd topped the active list with 170.98 million shares exchanging hands, equivalent to 4.74% of its share capital.
Gainers were led by Dutch Lady Milk Industries Bhd, British American Tobacco (Malaysia) Bhd and Malaysian Pacific Industries Bhd, while Nestle (M) Bhd was the top decliner, followed by Heineken Malaysia Bhd and Pharmaniaga Bhd.
The KLCI's fall was in tandem with Japan's Nikkei225 Index, which dropped 0.56%, while China's CSI300 Index retreated 1.34%. Hong Kong's Hang Seng Index slipped 1.76%, and South Korea's Kospi lost 0.77%.
Reuters reported that Asian shares retreated from a 2.5-month high today as investors turned away from emerging markets due to uncertainties over global trade relations, and expectations of more US rate hikes and a wind down of a massive monetary stimulus in Europe.
Source: The Edge
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