KLCI dips on profit-taking on the heels of recent rally

  • Markets
  • Friday, 08 Nov 2019

KUALA LUMPUR: Investors cashed in on the recent rally as they awaited further confirmation over whether the US and China will sign a deal to roll back some of the existing tariffs at the centre of a trade dispute.

At 12.30pm, the FBM KLCI was down 1.68 points to 1,607.65. Trading volume was 1.71 billion shares valued at RM928.94mil. There were 355 declining counters over 319 gainers and 432 unchanged.

In intra-morning trade the index had fallen as much as 3.73 points before retracing some losses to end the early session only slightly changed.

KLCI-linked stocks seeing profit-taking included Nestle, which shaved 50 sen to RM146.40, erasing gains seen over the previous two sessions.

Hong Leong Financial Group fell 20 sen to RM17.28 to erase most of the previous day's advance, while KL Kepong dropped 18 sen to partially offset some recent headway.

On the broader market, United Planatations slid 88 sen to RM25 while Allianz slipped 14 sen to RM13.84 and AMBM dipped 14 sen to RM2.76.

Some counters that put in a positive performance on Friday included SAB up 15 sen to RM3.80, VSTECS rising 14 sen to RM1.20 and UWC climbing 13 sen to RM2.67.

Making its debut on the ACE Market of Bursa Malaysia was Spring Art, a furniture maker that stood unchanged from its offer price at 25 a share.

The stock saw active trading interest to the tune of 87 million shares exchanging hands, and rose as much as one sen to 26 sen earlier in the day.

Oil markets slipped over the concerns that the US would not agree to the suspension of trade tariffs. US crude slid 24 cents to US$56.90 a barrel and Brent crude dropped 15 cents to US$62.14 a barrel.

On the forex market, the ringgit was down 0.25% to 4.1320 against the greenback. It slipped 0.25% against the pound sterling to 5.2952 and 0.1% against the Singapore dollar to 3.0407.
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