Investors take profit after two days of rallies

  • Markets
  • Thursday, 26 Mar 2020

KUALA LUMPUR: Bursa Malaysia slipped in early Thursday trade as investors took profit after two days of rallies while Asian markets got off on a cautious footing.

At 9.11am, the FBM KLCI was down 12.84 points or 0.97% to 1,311.66. Turnover was 220.51 million shares valued at RM125.24mil. Decliners beat advancers nearly two to one or 228 losers to 122 gainers and 199 counters unchanged.

Asian stock markets made a cautious start after two days of rallies, as investors await the passage and details of a US$2 trillion stimulus package in the US to combat the economic fallout from the coronavirus, Reuters reported.

Australia's S&P/ASX 200 index rose 1.5% in early trade - its third positive start in as many sessions, but also its most muted. Japan's Nikkei fell 2.2%.

Hong Kong futures were 1% higher and China A50 futures were up 0.2%. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3%.

At Bursa, local funds were the main drivers behind the rally on Wednesday with net buying at RM124.7mil but retail investors were net sellers at RM43.2mil and foreign funds at RM81.5mil.

Carlsberg fell RM1.20 to RM22.12, Heineken lost 34 sen to RM21.36 and Nestle 30 sen to RM135.20.

HLFG and insurer Allianz lost 68 sen each to RM12.76 and RM12.02 while Petronas Dagangan lost 48 sen to RM19.52 and Vitrox 36 sen to RM6.70.

KL Kepong gave up 62 sen to RM20.04 and PPB Group 38 sen to RM16.52.

However, Hartalega gained 21 sen to RM6.90, MPI 15 sen to RM8.98, TimeCOm nine sen to RM9.09 and G3 seven sen to RM1.75.

AIRASIA shed 1.5 sen to 72.5 sen with 9.88 million shares traded.

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