KLCI snaps 7-day winning streak on profit-taking

KUALA LUMPUR: The FBM KLCI succumbed to profit taking activities on Friday, as investors cash in profits from the recent rally.

At 5pm, the benchmark index closed down 1.97 points, or 0.12% at 1,603.05. For the week, the index added 24.16 points.

The broader market sagged, with decliners now overtaking advancers 510 to 477 while 427 counters were unchanged.

Trading volume was moderate at about 3.86 billion shares worth some RM2.98bil.

Local institutions sold a net RM146mil worth of equities on Thursday and foreigners acquired RM132mil, while retail investors bought RM14mil.

Among the 30 FBM KLCI constituents, Petronas Gas fell 18 sen to RM17, Hong Leong Financial Group eased 12 sen to RM19.38, Inari lost 10 sen to RM3.20 and Petronas Chemicals declined nine sen to RM9.21.

Kuala Lumpur Kepong rose 66 sen to RM26.46, PPB gained 34 sen to RM17.58 and IOI Corp advanced 28 sen to RM4.61.

On the broader market, MPI tumbled RM2.16 to RM35.96, Carlsberg shed 78 sen to RM21.52, Sam lost 50 sen to RM22.50 and PMB Technology jumped RM1.56 to RM19.50.

On the external front, MSCI’s Asia ex-Japan stock index was weaker by 0.43%.

Japan’s Nikkei 225 closed down 0.41% at 27,122.07 while South Korea’s Kospi adde 0.02% to 2,744.52.

Hong Kong’s Hang Seng index was down 465.06 points, or 1.88% at 24,327.71.

China’s CSI300 index rose 0.48% to 4,651.24 and the Shanghai Composite index was up 0.66% at 3,490.76.