KLCI slips as profit taking seen in heavyweights

  • Markets
  • Tuesday, 24 Dec 2019

KUALA LUMPUR: The FBM KLCI started on the backfoot despite Wall Street being spurred higher overnight on China's latest tariff reductions.

China's finance ministry said yesterday it will lower tariffs on products ranging from frozen pork and avocados to certain semiconductors next year as Beijing looks to boost imports amid a slowing economy and a trade war with the US.

Asian markets were left uninspired on Tuesday as investors took to profit taking ahead of the Christmas holiday.

Early opening markets in Japan and South Korea were both marginally lower while Australia's equities advanced slightly.

On the local market, the early minutes of trading saw profit-taking activity in heavyweight counters that had made recent advances.

Petronas Gas snapped a two-day rally to retreat 28 sen to RM17.42, Similarly Tenaga dropped 12 sen to RM13.42 after two days of gains while Public Bank fell 18 sen to RM19.86 to snap a five-day winning streak.

Sime Darby Plantation meanwhile erased the previous day's advance to fall seven sen to RM5.32.

At 9.07am, the index was down 6.6 points to 1,607.58. Trading volume was 95.61 million shares valued at RM42.52mil. There were 105 decliners, 90 gainers and 185 counters unchanged.

Top actives were MCT up 2.5 sen to 34 sen, Tiger unchanged at 10.5 sen and Istone up 0.5 sen to 25 sen.
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