Mild profit taking of blue chips after strong run-up on Bursa


KUALA LUMPUR: Stocks on Bursa Malaysia traded mixed early Friday on mild profit taking after the strong run-up the previous day, underpinned by foreign and local funds buying.

At 9.20am, the FBM KLCI was down 5.79 points or 0.36% to 1,622.47. Turnover was 1.74 billion shares valued at RM796.97mil. There were 344 gainers, 363 losers and 442 counters unchanged.

Asian stocks began in a mixed fashion as investors weighed the recent strength in global equities against signs of possible further lockdowns in the US, a move that could threaten the economic recovery, Bloomberg reported.

Japanese and Australian shares opened little changed, while South Korean shares outperformed. S&P 500 contracts fluctuated after the gauge spent most of the session at a record high before a report that identified supply chain problems behind a previously disclosed slowdown in Pfizer Inc.’s production plans for its Covid-19 vaccine.

Meanwhile, on the outlook for the KLCI, Rakuten Trade expected the index to experience some profit taking following a strong run up on Thursday.

“As such the benchmark index is seen to trend below the 1,620 today giving the local bourse some time to digest the solid uptrend this week where the KLCI had gained by some 60 points.

“If this occurs, we advise investors to accumulate on weakness, ” it said.

At Bursa on Thursday, foreign funds turned net buyers at RM41.3mil with local institutions also following suit with their net buying at RM46.1mil but local retail investors decided to locked in profit and were net sellers at RM87.4mil.

In early Friday trade, Nestle fell the most, down 80 sen to RM136.70 but with just 600 shares done. BAT climbed 16 sen to RM12.82 and Carlsberg 14 sen to RM20.78.

Petronas Gas lost 40 sen to RM17.02, PPB Group and Magni-Tech 20 sen each to RM18.90 and RM2.41 and Euro 19 sen to RM2.34.

Aeon Credit fell 18 sen to RM11.10, Public Bank 12 sen to RM18.48 and RHB Bank 10 sen to RM5.55. Telekom was down by 10 sen to RM5.27.

Refiners Hengyuan and Petron were on the top gainers list with Hengyuan up 32 sen to RM4.99 and Petron 14 sen to RM4.40.

MPI added 12 sen to RM25.84 and KESM 10 sen to RM12.10 but Vitrox shed 10 sen to RM14.90.

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