KLCI dips on mild profit taking; regional markets firm

TheEdge Mon, Dec 07, 2020 10:22am - 4 months ago


KUALA LUMPUR (Dec 7): The main index of Bursa Malaysia dipped in the mid-morning on mild profit taking against a backdrop of firm regional markets.

At 10am, the FBM KLCI had shed 1.62 points to 1,620.23.

Gainers led losers by 551 to 466, while 439 counters traded unchanged. Trading volume was 4.62 billion shares valued at RM1.77 billion.

The top losers included Malaysian Pacific Industries Bhd, PPB Group Bhd, United Malacca Bhd, TIME dotCom Bhd, Lii Hen Industries Bhd, Pharmaniaga Bhd, AEON Credit Service (M) Bhd and Latitude Tree Holdings Bhd.

The actively traded stocks included Yong Tai Bhd, Kanger International Bhd, Sapura Energy Bhd, Hiap Teck Venture Bhd, Nexgram Holdings Bhd, Metronic Global Bhd and AT Systematization Bhd.

The gainers included British American Tobacco (Malaysia) Bhd, Dutch Lady Milk Industries Bhd, Hengyuan Refining Company Bhd, Petron Malaysia Refining & Marketing Bhd, Greatech Technology Bhd, Yinson Holdings Bhd and UWC Bhd.

Reuters said a gauge of Asian shares hit a record peak today on hopes of a much-needed US stimulus package before year end just as coronavirus vaccines are rolled out, while oil prices hovered near their highest since March.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2% to 643.1 points, on track for its fifth straight session of gains, it was reported.

Inter-Pacific Research Sdn Bhd said the start of the week looked set to be volatile with the index heavyweights to be pressured following Fitch Ratings' downgrade of the country’s sovereign rating to BBB+, from A-, citing a weaker fiscal position.

In its daily bulletin today, the research house said some knee-jerk reaction to the rating cut is expected as foreign selling could worsen.

It said in addition, there is still some measure of domestic political uncertainties that could keep investor optimism in check for now and that could also prolong the key index’s near-term weakness.

“As such, we think the KLCI is likely to see its downside bias prolonging with the 1,620 support [level] unlikely to hold.

“Below 1,620, the other support [levels are] at 1,615 and 1,605 points respectively.

“The hurdles, meanwhile, are at 1,628 — the recent high — and 1,636 respectively,” it said.






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