KLCI takes pause on slight profit-taking

  • Markets
  • Wednesday, 02 Dec 2020

KUALA LUMPUR: Following the swift recovery of the FBM KLCI in the previous session, investors seemed content to hover near the 1,600 psychological level while engaging in some slight profit-taking activity.

After falling nearly 10 points in early trade, the market recovered to end just 3.79 points lower at 1,598.47 at midday.

Meanwhle, the lower liners continued to see upward momentum, leading to positive market breadth on the market yet again with 560 gainers to 471 decliners.

"We reckon some stability will ensure with further upsides on the cards as investors continue to focus on the economy recovery progress," said Malacca Securities Research in its morning outlook.

An extended fall in oil prices led Petronas counters lower as Opec and its allies postponed a meeting on oil production to January.

Brent crude oil future fell 41 cents to US$47.01 a barrel while WTI crude dropped 46 cents to US$44.09.

Petronas Dagangan was among the top losers with a 32 sen slide to RM20.36 while Petronas Gas fell 28 sen to RM17.52.

Other counters in the red included plantation players KL Kepong down 22 sen to RM23.34 and PPB sliding 26 sen to RM18.34.

Hengyuan, which had had been on a stellar rally in recent days, took a breather to slide 11 sen to RM4.28.

Semiconductor plays meanwhile rose, including MPI up 50 sen to RM25.60, KESM gaining 40 sen to RM12.02, Unisem rising 19 sen to RM5.82 and VS Industry climbing 17 sen to RM2.60.

On the actives list, AT Systemization was down 0.5 sen to 20.5 sen, Bioalpha Holdings rose one sen to 36.5 sen and Lambo was flat at 3.5 sen.

In Asia, Japan's Nikkei rose 0.1% while South Korea's Kospi gained 1.25%.

China's composite index added 0.1% while Hong Kong's Hang Seng dipped 0.1%. Australia's ASX 200 was unchanged.
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Bursa Malaysia , FBM KLCI , equities


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