KLCI slips as regional markets succumb to profit-taking

TheEdge Thu, Feb 18, 2021 12:53pm - 1 year View Original

KUALA LUMPUR (Feb 18): The main index at Bursa Malaysia slipped at the midday break Thursday as regional markets succumbed to profit-taking.

At 12.30pm, the FBM KLCI dipped 3.52 points to 1,591.77. The index had earlier risen to a high of 1,599.31.

Sentiment turned tepid with 531 losers and 325 gainers, while 677 counters traded unchanged. Trading volume was 8.47 billion shares valued at RM3.67 billion.

The losers included Nestle (M) Bhd, Malaysian Pacific Industries Bhd, KESM Industries Bhd, Tasco Bhd, Carlsberg Brewery Malaysia Bhd, Amtel Holdings Bhd, Grand Hoover Bhd, Solarvest Holdings Bhd and UPA Corp Bhd.

The actively traded stocks included Dagang NeXChange Bhd, Velesto Energy Bhd, Alam Maritim Resources Bhd, Sapura Energy Bhd, DGB Asia Bhd, Dataprep Holdings Bhd and KNM Group Bhd.

The gainers included Mr DIY Group (M) Bhd, Kuala Lumpur Kepong Bhd, Toyo Ventures Holdings Bhd, Dataprep, Asdion Bhd, Hong Leong Financial Group Bhd and Yinson Holdings Bhd.

Reuters said Chinese shares rose on Thursday during the first trading session after the week-long Lunar New Year holiday amid renewed optimism for an acceleration in global growth, but other Asian markets were hit by profit-taking.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.15% but was still close to an all-time high. Shares in China rose 0.77%. Australian stocks erased gains to trade 0.05% lower, while Japan's Nikkei was unchanged, it said.

Hong Leong IB Research said there could be a resumption of a tug-of-war between the bulls and bears as the 4Q20 earnings season begins following KLCI’s failure to cross above the key 1,618 hurdle since staging a technical rebound from 1,561 on Jan 29.

“Nevertheless, downside risk could be limited near 1,545-1,561 zones in the wake of the optimism over the Fed’s dovish outlook, huge US stimulus package, falling Covid-19 infections globally and the start of Malaysia Covid-19 vaccination programme on Feb 26,” it said.

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