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Market Daily Report: Profit-Taking In Index Heavyweights Pulls Bursa Malaysia Lower

KUALA LUMPUR, Oct 16 (Bernama) -- Bursa Malaysia closed lower on Friday as buying interest shifted from index heavyweights to smaller-cap technology and telecommunications stocks as well as real estate investment trusts (REITs).  At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 15.94 points, or 0.98 per cent, to 1,607.76 from Thursday’s close of 1,623.70. The benchmark index, which opened 1.13 points higher at 1,624.83, moved between 1,602.98 and 1,626.34 throughout the session. On the broader market, gainers outnumbered decliners 597 to 470, while 518 counters were unchanged, 1,258 untraded and 33 suspended. Turnover rose 3.13 billion units worth RM3.27 billion from 3.06 billion units worth RM3.03 billion on Thursday.
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Market Daily Report: FBM KLCI up 0.47% after Hong Leong Bank, MISC spike




KUALA LUMPUR (Oct 16): The FBM KLCI gained 8.1 points or 0.47% to close at its intraday high after a sudden surge in the final trading hour. At a glance, the KLCI surged as prices of index-linked stocks Hong Leong Bank Bhd and MISC Bhd spiked.

At 5pm, the KLCI closed at 1,736.84 points. Hong Leong Bank shares rose 44 sen to RM20.94 while MISC added 13 sen to RM5.68.
Both Hong Leong Bank and MISC ended among Bursa Malaysia top gainers.

“The interest has shifted to specific stocks, including some blue chips in the banking and transportation logistics sectors, signalling that it is now time to look at individual companies rather than a sectoral approach,” Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew told theedgemarkets.com.

Consumer stocks Carlsberg Brewery Malaysia Bhd, Dutch Lady Milk Industries Bhd and Heineken Malaysia Bhd ended among Bursa top decliners as investors’ attention appeared to have shifted away from consumer stocks to selected blue chips.

Pong said investors sold consumer stocks like Carlsberg, Dutch Lady and Heineken "as the valuation of these defensive counters have risen and investors see no further upside for the consumer sector."



Source: The Edge
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