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 (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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