FBM KLCI extends consolidation as investors take profit

KUALA LUMPUR: The FBM KLCI remained remained soft headed into midday as investors cashed in on the financial heavyweights after recent gains.

At 12.30pm, the key index was down 5.85 points to 1,585.77, affirming the start of a consolidation phase.

Following a rally in emerging markets, foreign investors could also be returning their attention to US markets at the start of its corporate earnings season, which is expected to yield optimistic result.

Among banks, CIMB was down 11 sen to RM5.22 followed by Maybank falling three sen to RM8.17, Public Bank dropping two sen to RM4.21 and Hong Leong Bank sliding 12 sen to RM18.78.

Press Metal was another leading laggard, shaving 11 sen to RM580.

In telcos, Maxis lost 10 sen to RM4.70 while Axiata rose three sen to RM3.99 and Digi was up one sen to RM4.36.

Among top actives, Serba Dinamik dropped two sen to 35 sen, VC was up one sen to nine sen and NWP was unchanged at 29.5 sen.

In regional markets, jitters over China's property market ebbed as Evergrande made payment on US$83.5mil in bond interest that it missed in September.

China's main index was up 0.1% while Hong Kong's Hang Seng added 0.4%. Japan's Nikkei gained 0.5% while South Korea's Kospi climbe 0.2%.
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Bursa Malaysia , FBM KLCI , equities


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