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Market Daily Report: Profit-taking Ends Bursa Malaysia's Five-day Winning Streak

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.  
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Market Daily Report: KLCI falls as Thursday's buying seen overdone



KUALA LUMPUR (Nov 1): The FBM KLCI closed 4.64 points or 0.29% lower at 1,593.34 today on profit taking after yesterday's substantial rise on buying which analysts deemed overdone due to the absence of fresh catalysts.

Today, Rakuten Trade Sdn Bhd head of research Kenny Yee said the decline in the KLCI was “expected”, given that “buying was overdone” yesterday.

Yee told theedgemarkets.com today there were no new catalysts to support yesterday’s buying of KLCI-linked shares.

Yesterday, the KLCI closed up 17.98 points or 1.14% at 1,597.98 as Malaysian stocks tracked Asian share gains after the US cut interest rates on Wednesday.

Across Bursa Malaysia today, 2.79 billion shares worth RM1.64 billion were traded. Top decliners included Public Bank Bhd, Pharmaniaga Bhd and Gamuda Bhd.

Yee was also mindful of the ringgit's strength today amid an inflow of foreign funds into Malaysian assets ahead of Bank Negara Malaysia's (BNM) interest rate decision on Tuesday (Nov 5).

Yee said today should BNM maintain the overnight policy rate on Tuesday following the US rate cut, the market may see a further inflow of foreign funds into Malaysian assets.

“We are seeing more foreign funds flowing in as we see ringgit strengthening over the last two days,” said Yee. At the time of writing, the ringgit appreciated to 4.1648 against the US dollar.


Source: The Edge
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