KUALA LUMPUR: After a strong opening, the local benchmark index retraced to lower levels and ended the morning session a half percent higher at 1,747.09 points.
Wall Street equities had continued to trend lower overnight as the positive news of tax reform had already been priced in.
News of structural reform and curbs to financial risk served to buoy Chinese and Hong Kong markets amid a softer opening in the wider Asian region.
Back home, Bursa Malaysia saw turnover of 1.31 billion shares with a value of RM818.4mil. Market breadth was negative with 416 decliners to 318 advancers and 360 counters unchanged.
Among the KLCI blue chips, banking stocks continued to receive investor interest as profit-taking ensued after the previous session's gains.
Public Bank dropped 12 sen to RM20.60, CIMB slipped one sen to RM6.47, Maybank shaved two sen to RM9.48, RHB dipped two sen to RM4.93 and Ambank fell one sen to RM4.33. Hong Leong Bank was unchanged at RM16.73 while Hong Leong Financial Group was untraded.
IHH Healthcare, however, was the leading laggard on the index, shaving eight sen to RM5.79.
Among heavyweights that rose, Genting moved forward 10 sen to RM8.99 and Genting Malaysia gained six sen to RM5.57.
In the plantations sector, IOI gained two sen to RM4.43 while KL Kepong added two sen to RM24.54. Sime Darby Plantations dropped two sen to RM5.40.
Among gainers on Bursa Malaysia, Allianz pushed up 20 sen to Rm13.10, Globetronics rose 12 sen to RM6.60 and Vitrox added 10 sen to RM6.50.
Glove manufacturers some saw profit-taking after their stellar rise in previous sessions. Hartalega
fell 30 sen to RM11.10 while Kossan slipped 13 sen to RM8.33. Top Glove, however, held steady at RM8.05.
In oil markets, prices slipped back as US oil production continues to rise. Brent crude looked set to end four days of consecutive price gains, slipping back 16 cents to US$64.60 a barrel. Meanwhile, US light crude dropped eight cents to US$58.07 a barrel.
The ringgit continued to hold steady against the greenback, little changed at 4.0780. It fell slightly against the Singapore dollar at 3.0322 and rose 0.21% against the pound stelring at 5.449.
Limited time offer:
Just RM5 per month.
