FBM KLCI fails to extend rally

KUALA LUMPUR: The previous rally was short-lived as the FBM KLC returned to profit-taking mode on Friday, with expectations that it will close the day firmly in consolidation mode.

At 12.30pm, the index was down 3.52 points to 1,524.1.

However, Malacca Securities Research noted that the market undertone was improving as the focus shifted back towards the economic recovery progress.

It also advised continued caution as there are few domestic leads over the near-term outlook, which could further curtail any extended potential upsides.

This came as Malaysia's daily new Covid-19 infections rose to its second highest on record yesterday at 13,034 cases, further disappointing hopes that the pandemic situation was easing.

Financial counters led the decline with CIMB dropping six sen to RM4.49, Hong Leong Bank sliding 10 sen to RM18.36 and Maybank dipping one sen to RM8.03.

Telcos also subsided with Digi falling seven sen to RM4.18 and Axiata slipping two sne to RM3.85.

Meanwhile, Dynafront made its debut on the LEAP Market, rising to an intra-morning high of 25 sen o 19% above its reference price.

It ended the morning session two sen higher at 23 sen.

Among actives, Kanger was down 0,5 sen to seven sen, Glotec rose 9.5 sen to 77.5 sen and KYM surged 21.5 sen to 70 sen.

In Asian markets, the volatility caused by changing sentiment over the pace of the economic recovery and resurgence of Covid infections saw investors retreating to the sidelines.

Japan's markets were closed for a national holiday, coinciding with the opening of the Tokyo Olympic Games.

South Korea's Kospi was 0.1% higher while China's main market fell 0.65% and Hong Kong's Hang Seng dropped 1%.

Australia's ASX200 was little changed after spending most of the day's trading slightly higher.
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Bursa Malaysia , FBM KLCI , equities


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