Investors quick to cash in on Bursa advance

KUALA LUMPUR: Mimicking the trading pattern of previous days, the FBM KLCI lost ground after the initial advance was met with swift profit-taking.

At 12.30pm, the key index was down 3.67 points to 1,581.23.

The decline was led by glove makers, which had come under pressure following a rally last week.

Top Glove shaved 12 sen to RM6.59 for a third straight day of losses, Hartalega lost 10 sen to RM13.26 and Supermax fell 11 sen to RM6.68.

Pantation plays aso came under pressure. Sime Darby Plantations dropped seven sen to RM4.90, IOI dropped give sen to RM4.24 and Kuala Lumpur Kepong slid 46 sen to RM23.34.

However, it was a good day for energy counters as rising crude oil prices lifted the earnings outlook.

Hengyuan Refining Corp rose three sen to RM5.57, Hibiscus Petroleum added two sen to 60 sen, Dialog rose five sen to RM3.10 and Dayang gained two sen to RM1.17.

Of actives, Nestle was down 80 sen to RM13720, BAT shed 10 sen to RM13.04 and Carlsberg slid six sen to RM22.14.

Meanwhile, Asian markets were bullish on the back of Wall Street's extended rebound and progress in vaccine distribution.

Japan's Nikkei rose 1.4% while South Korea's Kospi added 0.25%.

China's composite index and Hong Kong's Hang Seng added 0.5% apiece. Australia's ASX200 jumped 1.1%.
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3

Bursa Malaysia , FBM KLCI , equities


Next In Business News

Tropicana sells 1.85 million Top Glove shares at a loss
CPO futures likely to trend higher next week
Asian LNG spot prices rise as China replenishes inventories
US stops short of branding Vietnam, Switzerland, Taiwan currency manipulators
Oil price down but secures weekly gain on recovery hopes
GLOBAL MARKETS-World stocks at new peaks on strong China, US data
Food for thought
Food inflation will continue to rise if efficiency is not addressed
Short position - AmBanks' placement, virtual AGMs, glove stocks
The question of MoUs materialising

Stories You'll Enjoy