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 (July 12): The FBM KLCI today closed 9.81 points or 0.59% lower on profit taking in an overbought Malaysian stock market and as investors took cue from US equity gains. CIMB Group Holdings Bhd shares fell.
At 5pm, the KLCI closed down at 1,669.45 on profit taking after the KLCI rose to its intraday high at 1,682.04.
“The market is using Wall Street as a guideline as it has set new highs. So, investors are now in a profit-taking position,” Hong Leong Investment Bank Bhd head of retail research Loui Low told theedgemarkets.com today.
Earlier today, TA Securities Holdings Bhd wrote in a note: "While blue chips trade sideways on overbought momentum, resurgent trading interest in oil & gas related lower liners and small caps should encourage retail participation."
Across Bursa Malaysia, the exchange saw 2.94 billion shares worth RM2.28 billion traded. Among the KLCI's 30 component stocks, CIMB was the biggest percentage decliner followed by Dialog Group Bhd.
CIMB shares closed down 14 sen or 2.62% at RM5.20 with some 43 million units traded. Dialog fell nine sen or 2.59% to RM3.38 with about 14 million shares done.
CIMB shares fell amid earnings dilution concerns after news reports indicated that Khazanah Nasional Bhd is seeking US$500 million (about RM2.06 billion) selling zero-coupon bonds exchangeable into CIMB shares.
Bloomberg, quoting terms for the deal, reported that CIMB, Credit Suisse and JPMorgan are arranging the sale of the five-year bonds.
Source: The Edge

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