FBM KLCI slips below 1,600 as banks weigh

KUALA LUMPUR: The FBM KLCI slid just below the 1,600 psychological support as it entered midday amid profit-taking activity following the recent rally.

At 12.30pm, the key index was down 7.24 points to 1,599.08 as financial counters led the decline.

Maybank was down four sen to RM8.27, Public Bank fell two sen to RM4.25, CIMB slid seven sen to RM5.34 and Hong Leong Bank was unchanged at RM18.70.

Aluminium producer Press Metal also weighed on the market, giving up 11 sen to RM5.91.

Petronas Chemicals however remained on an upward trajectory adding seven sen to RM8.87 while plantation play Sime Darby Plantation climbed seven sen to RM4.36, IOI rose five sen to RM4.05 and Kuala Lumpur Kepong gained four sen to RM22.94.

Supermax remained heavily traded on negative news that it had been slapped with an import ban by the US Customs and Border Protection on allegations of forced labour. The glove maker was down 23 sen to RM2.02 with 59.77 million shares traded, topping Bursa's actives list.

Other top traded counters were Serba Dinamik rising 0.5 sen to 38.5 sen and CSH gaining one sen to 13.5 sen.

While Bursa Malaysia's uptrend took a breather, other markets in Asia also subsided on fresh worries over China's property sector after an asset sale by China Evergrande collapsed.

Japan's Nikkei was down 1.4% and South Korea's Kospi was flat. China's composite index added 0.5% while Hong Kong's Hang Seng was down 0.3%.

In Australia, the ASX200 was up 0.1%.
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Bursa Malaysia , FBM KLCI , equities


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