FBM KLCI falls 6.48 points to end at intraday low

KUALA LUMPUR: Bursa Malaysia closed in the red on Wednesday as profit taking activities kicked in.

At 5pm, the FBM KLCI fell 6.48 points or 0.41% to 1,581.48, its intraday low. The index opened 1.55 points higher at 1,589.51 this morning.

The broader market displayed its weakness as decliners thumped advancers by wide margin, with 640 losers to 367 gainers. Volume stood at 5.99 billion units, valued at RM3.19bil.

In today’s session, 18 of the KLCI-component stocks closed lower while eight counters chalked up gains.

Hap Seng fell 14 sen to RM8.01, Sime Darby Plantation fell 13 sen to RM4.25, Petronas Dagangan eased 12 sen to RM18.72 and Press Metal gave up 11 sen to RM5.10.

Top Glove rose six sen to RM4.84, Supermax added five sen to RM3.87, CIMB climbed five sen to RM4.65 and Dialog gained two sen to RM2.92.

Top Glove’s net profit rose 485.3% to RM2.04bil in the third quarter ended May 31, 2021 compared to RM347.9mil in the same quarter a year ago.

On the broader market, F&N fell 46 sen to RM26.30, Greatech shed 41 sen to RM5.39 and ViTrox lost 34 sen to RM15.04.

It was reported earlier that Greatech’s client Lordstown Motors Corp had disclosed that it might not be able to commence full commercial production.

The Wall Street Journal reported the electric-truck startup Lordstown Motors disclosed that it doesn’t have sufficient cash to start full commercial production and has doubts about whether it can continue as a going concern through the end of the year.

Elsewhere in the region, Asian shares closed mostly lower with Japan’s Nikkei 225 fell 0.35%, South Korea’s Kospi fell 0.97%, China’s CSI300 rose 0.083% and Hang Seng Index in Hong Kong lost 0.13%.

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