KUALA LUMPUR: After the retail investor driven rebound on Bursa Malaysia on Thursday, blue chips made a slight retreat with some mild profit taking of Genting, Genting Malaysia and Public Bank in early Friday trade.
At 9.20am, the FBM KLCI was down 1.16 points or 0.07% to 1,610.95. Turnover was 1.58 billion shares valued at RM528.33. There were 346 gainers, 300 losers and 379 counters unchanged.
Bloomberg reported Asian equities kicked off Friday in a cautious fashion as investors assessed valuations following the rapid rise in global stocks this month and the enduring pandemic in parts of Europe and the US. Oil retreated amid rising tensions with Opec+ members.
Australian and South Korean shares opened with declines, while Japan edged up, while the MSCI Asia Pacific Index remained on course for a 12% November surge. S&P 500 contracts dipped and Treasuries advanced.
At Bursa on Thursday, local retail investors were net buyers at RM28.9mil while local institutions were net sellers at RM11.6mil and foreign funds at RM17.3mil
Meanwhile, Rakuten Trade said the KLCI was hovering close to its one year high following the support for Budget 2021.
“We believe the KLCI will remain above the 1,610 level with the 1,620 as the next resistance level, ” it said.
As for the ringgit, Rakuten Trade believes the local unit will continue to strengthen against the US$. It is currently at 4.06 against the greenback, which is almost at a 52-week high from 4.17 only a month ago.
"If the ringgit continues to strengthen, it will be good news for most importers namely the automotive segment," it said.
Public Bank fell 12 sen to RM18.60, Genting nine sen to RM4.16 and GentingM eight sen to RM2.52.
Nestle rose 30 sen to RM140 and Carlsberg 18 sen to RM20.30.
IQ Group skidded 19 sen to RM1.11 with 301,100 shares done while car distributor Cycle and Carriage Bintang was down 10 sen to RM1.48.
Khind was the top gainer after its impressive set of earnings as it jumped 61 sen to RM3.45.
MPI added 52 sen to RM26 and KESM 44 sen to RM11.20.
A turnaround in Hengyuan’s financial results saw it climbing 21 sen to RM3.68. Its 3QFY20 net profit tripled to RM154.9mil from RM48.7mil in 2Q on higher average prices of oil products.