FBM KLCI stays range-bound as investors digest economic plan

KUALA LUMPUR: The domestic market was range-bound in early trading following a late-hour advance yesterday on the back of optimism over the 12th Malaysian Plan.

However, the FBM KLCI was seen returning to the red on Tuesday morning. At 9.30am, the key index was down 1.78 points to 1,531.27.

Despite the slight profit-taking, Malacca Securities Research expects more upsides stemming from the 12MP.

"The 12MP may bode well for telecommunication infrastructure companies, construction as well as technoloy sectors," it said.

It also noted the rise in crude oil price, which should continue to bolster oil and gas counters. On the FBM KLCI, buying interest in Petronas Chemicals continued on the back of the firmer commodity price, rising 24 sen to RM8.50.

Following yesterday's rally, some investors cashed in on the telco sector.

Axiata dropped three sen to RM4, Maxis slid three sen to RM4.65 and Digi fell eight sen to RM4.42.

Fnancial heavyweights, which also helped to propel the FBM KLCI into positive territory yesterday, also lost its footing. Maybank slipped one sen to RM8.09, Public Bank dropped three sen to RM4.05, Hong Leong Bank dipped two sen to RM18.72 and CIMB was unchanged at RM4.70.

Among actives on the market, Fintec was flat at two sen, Scope dropped one sen to 37 sen and AT Sytemization was unchanged at six sen.
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Bursa Malaysia , FBM KLCI , equities


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