KLCI bucks regional trend, retreats on mild profit-taking activity

TheEdge Tue, Dec 29, 2020 12:55pm - 2 months ago


KUALA LUMPUR (Dec 29): The main index at Bursa Malaysia bucked the regional trend and retreated at midday break today on some mild profit-taking activity.

At 12.30pm, the FBM KLCI was down 6.16 points to 1,637.74. The index had earlier risen to a high of 1,645.76.

Losers led gainers by 383 to 326, while 803 counters traded unchanged. Trading volume was 5.13 billion shares valued at RM2.28 billion.

The losers included Hartalega Holdings Bhd, Fraser & Neave Holdings Bhd, Supermax Corp Bhd, Greatech Technology Bhd, DKSH Holdings (M) Bhd, Batu Kawan Bhd, Top Glove Corp Bhd, JF Technology Bhd and Sarawak Consolidated Industries Bhd.

The actively traded stocks included Mestron Holdings Bhd, Iris Corp Bhd, AT Systematization Bhd, Puncak Niaga Holdings Bhd, Kanger International Bhd, Melewar Industries Bhd, Hiap Teck Venture Bhd and Sarawak Cable Bhd.

The gainers included Nestle (M) Bhd, CN Asia Corp Bhd, Carlsberg Brewery Malaysia Bhd, KESM Industries Bhd, Aeon Credit Service (M) Bhd and Petronas Gas Bhd.

Bloomberg said most Asian stocks rose with US and European futures Tuesday after the House backed higher stimulus checks following President Donald Trump’s signing of the virus relief bill.

The US dollar slipped with Treasuries, it said.

Inter-Pacific Research Sdn Bhd said Malaysian equities were mostly rangebound yesterday after giving up most of their intraday gains on quick profit-taking activities.

In its daily bulletin today, the research house said that for the most part, however, the market’s condition was indifferent due to the lack of direction and relatively light participation, even as it was an improvement over the previous session.

Nevertheless, it said market breadth was positive as retail players took the opportunity to trade on some of the laggards in the calmer market condition.

Inter-Pacific Research said it sees the mild bargain-hunting activities continuing over the near term, buoyed by the positive overnight performances of key global equity indices that rode on the US President’s signing of an economic stimulus package.

“This could allow the key index to build on the gains attained yesterday as we also think that rotational buying could pick up following the recent market consolidation.

“However, with market participation still on the thinner side, we also think that the gains may be modest with end-of-day profit-taking actions possibly limiting the upsides.

“As such, the 1,650 level continues to be the immediate hurdle, followed by the 1,660 level. The supports, on the other hand, are at 1,640 and 1,631 respectively.

“Conditions on the broader market are also looking positive with retail players continuing to nibble on selected lower liners that could provide more near-term impetus for these stocks to gain ground. As it is, retail players are positioning their portfolio for further upsides at the start of the new year, riding on hopes for an improved corporate earnings recovery in 2021,” it said.






Related Stocks

AEON 1.280
AEONCR 11.920
AT 0.125
BKAWAN 17.620
BURSA 9.110
CARLSBG 23.280
CNASIA 1.460
DKSH 3.080
F&N 30.340
GREATEC 5.820
HARTA 9.840
HIAPTEK 0.420
IRIS 0.340
JFTECH 1.320
KANGER 0.105
KAWAN 1.980
KESM 14.160
MELEWAR 0.510
MESTRON 0.265
NESTLE 135.700
PETGAS 16.360
PUNCAK 0.435
SCABLE 0.440
SCIB 1.740
SUPERMX 4.630
TOPGLOV 5.000

Comments

Login to comment.