FBM KLCI backs away from 1,600

KUALA LUMPUR: The FBM KLCI was seen backing away from the 1,600 psychological level in early trade in light of caution after the recent strong rally.

At 9.15am, the FBM KLCI fell 5.93 points to 1,594.45 on profit-taking activity after clocking in seven consecutive sessions of gains.

However, Malacca Securities Research expects the uptrend to remain intact given the inflow of foreign funds.

"The FBM KLCI closed above the 1,600 psychological level amid persistent buying from foreign funds over the past week and sentiment remained positive on the back of the discussion of international borders reopening going forward," it said.

It added that recovery theme sectors such as construction, building material and financial services will remain under the limelight in the near term in the run up to Budget 2022.

On Bursa Malaysia, there was mild profit-taking as investors cashed in on the recent gains.

Plantation stocks shaved off some of their recent gains after having rallied over the past week on the back of record-high crude palm oil prices.

Sime Darby Plantation dropped 10 sen to RM4.35, IOI Corp fell three sen to RM4.06 and Kuala Lumpur Kepong slid eight sen to RM22.70.

Oil and gas major Petronas Chemicals however maintained its uptrend, rising 10 sen to RM8.85.

Financial counters were mixed as Maybank dropped one sen to RM8.28, Public Bank rose one sen to RM4.20, CIMB lost nine sen to RM5.11 and Hong Leong Bank slid 12 sen to MR18.70.

Meanwhile, rubber glove counters saw some upward movement. Hartalega rose for a third straight day, adding 16 sen to RM6.23 while Top Glove gained two sen to RM2.81.

On Bursa's top actives list, Kanger was up 0.5 sen to 6.5 sen, Emico gained 5.5 sen to 43 sen and Tango was flat at 25 sen.

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Bursa Malaysia , FBM KLCI , equities


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