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 (Aug 17): Malaysian stocks closed higher today with the FBM KLCI up 6.2 points or 0.35% at 1,783.47 points, but underperforming its regional peers as investors here remained in profit-taking mode.
"The big event to watch out for next week will be the prime minister's official visit to China," TA Securities senior technical analyst Stephen Soo told theedgemarkets.com.
He opined that the market is likely to continue trading sideways as investors await signals from the visit, amid global economic concerns.
"The momentum going forward may be softer, with the benchmark index likely to test the downside support level of 1,750 points," he said, adding that the upcoming mid-week Hari Raya Haji holiday may also result in lower participation and that the index faces a substantial resistance level of 1,805 points.
Market breadth was positive today with 410 gainers outpacing 370 decliners. A total of 2 billion shares were crossed for RM2.04 billion.
QES Group Bhd, Inari Amerton Bhd and Euro Holdings Bhd were the most active stocks. Gainers were led by British American Tobacco (Malaysia) Bhd, IQ Group Holdings Bhd and Malaysian Pacific Industries Bhd, while the top losers were Nestle (Malaysia) Bhd, Ajinomoto (Malaysia) Bhd and Lysaght Galvanized Steel Bhd.
Regionally, Asian stocks rebounded from hitting fresh one-year lows yesterday after investors appeared buoyed by news that the US and China had resumed lower level talks on trade tensions.
The Turkish lira also continued to recover after plunging to a record low earlier this week, Reuters highlighted.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.46%, while Japan's Nikkei ended the week up 0.35% and Hang Seng index also finished up 0.42%.
Source: The Edge
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