Mild profit-taking on FBM KLCI

KUALA LUMPUR: The FBM KLCI stayed mostly firm on Friday following yesterday's rally and as Wall Street equities retreated on news that US President Joe Biden was planning a large capital gains tax hike on the country's wealthy.

At 9.03am, the key index was down 0.16 points to 1,607.57.

All three major US indices fell 0.9% each in a bout of panic selling even as observers call for calm as the proposed plan is expected to be watered down as it goes through the stages of obtaining approval from congress.

On Bursa Malaysia, there was some mild profit-taking on the back of yesterday's rebound.

IHH Healthcare dropped five sen to RM5.45, CIMB slid three sne to RM4.21, Petronas Gas shed two sen to RM16 and MISC was down one sen to RM6.80.

Glove stocks remained buoyant with Top Glove rising seven sen to RM5.69 on news that it had downsized its proposed Hong Kong IPO to RM4.22bil from RM7.7bil, which should reduce the earnings dilution.

Hartalega was up two sent o RM10.56 while Supermax climbed 14 sen to RM5.91.

Mah Sing was the most actively traded stock with 104.72 million shares exchaning hands.

The counter rose 11 sen to RM1.05 on the back of news that it had secured orders for its new glove facility, which was ready to start production next month.

Investors also heavily traded Focus up two sen to 13.5 sen and Key Asic up 0.5 sen to 20 sen.
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Bursa Malaysia , FBM KLCI , equities


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