Bursa gives up most gains after firm foreign fund buying

TheStar Fri, May 28, 2021 09:47am - 2 years View Original


KUALA LUMPUR: Bursa Malaysia came under profit taking early Friday after net foreign fund buying rose to RM100mil the previous day, spurred by strong corporate earnings especially by banks and telcos.

At 9.31am, the FBM KLCI was down 8.93 points or 0.56% to 1,584.97. Turnover was 1.52 billion shares valued at RM568.03mil. There were 321 gainers, 339 losers and 283 counters unchanged.

Asian stocks and US equity futures rose early Friday after solid US economic data and President Joe Biden’s federal spending plans spurred a rally on Wall Street in cyclical shares, Bloomberg reported.

Japan led gains, jumping more than 1%, with South Korea and Australia also up. Industrial and financial shares helped the S&P 500 to a modest increase, while small-caps outperformed and the tech-heavy Nasdaq 100 slipped. S&P 500 and

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