KLCI pares gains as regional markets ease on profit taking

TheEdge Fri, Jan 22, 2021 12:58pm - 5 months ago

KUALA LUMPUR (Jan 22): The main index at Bursa Malaysia pared some of its gains at the midday break Friday as regional markets eased from record highs on profit taking.

Meanwhile, Malaysia’s inflation, as measured by the consumer price index (CPI), declined 1.4% in December 2020 from a year earlier, bringing the full-year reading to a 1.2% drop. The full-year 2020 deflation is Malaysia’s first since 1969 when the CPI fell 0.41%.

At 12.30pm, the FBM KLCI was up 7.90 points to 1,602.70. The index had earlier risen to a high of 1,605.70.

Losers overtook gainers by 354 to 310, while 770 counters traded unchanged. Trading volume was 3.60 billion shares valued at RM2.40 billion.

The gainers included ViTrox Corp Bhd, Unisem (M) Bhd, UWC Bhd, Supermax Corp Bhd, Nestle (M) Bhd, Hartalega Holdings Bhd, Pentamaster Corp Bhd and Top Glove Corp Bhd.

The actively traded stocks included Dagang NeXchange Bhd, Vsolar Group Bhd, Lambo Group Bhd, Dynaciate Group Bhd, Anzo Holdings Bhd, KTG Bhd, HPP Holdings Bhd and Rubberex Corp Bhd.

The decliners included Hap Seng Consolidated Bhd, Pintaras Jaya Bhd, Hong Leong Financial Group Bhd, Malaysia Airports Holdings Bhd and SKP Resources Bhd.

Reuters said Asian shares eased from record highs on Friday as investors took some money off the table after a recent rally that was driven by hopes a massive US economic stimulus plan by incoming President Joe Biden will help temper the Covid-19 impact.

Hong Leong IB Research said after violating the key multiple SMAs and 1,600 psychological supports, the KLCI is expected to engage in further consolidations (supports 1,563-1,573; resistances: 1,600-1,618-1,634) as investors continue to weigh on the downside risks to economic and corporate earnings growth from MCO 2.0 coupled with the start of the upcoming 4Q20 results season.

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