FBM KLCI slips in early trade on profit taking

  • Markets
  • Friday, 02 Dec 2022

KUALA LUMPUR: The FBM KLCI succumbed to some profit taking in early trade Friday, following the mixed overnight close at Wall Street.

The 30-stock index fell 7.12 points, or 0.48% to 1,484.60 at 9.13am. It opened 2.15 points weaker at 1,489.36.

Overnight, the Dow Jones Industrial Average dropped 194.76 points, or 0.56%, to close at 34,395.01. The S&P 500 closed down 0.09% to 4,076.57, while the Nasdaq Composite gained 0.13% to end at 11,482.45.

As the market has turned cautious in the US stock markets, Malacca Securities expects Bursa exchange to reciprocate and trading momentum may decline throughout the session.

“Nevertheless, we opine that the downside risk could be limited with the uplifting of Covid-19 restrictions in the selected regions in China,” it said.

TA Securities said while the local market should stay propped up by improving sentiment on global markets and optimism over China's eventual economic reopening, further gains should see profit-taking checking upside ahead of the weekend.

“Immediate index resistance stays at 1,512, with next resistance seen from the August high near 1,528, then 1,550 and 1,570.

“Immediate supports are at 1,460 and 1,450, with better supports from 1,420 and 1,400,” it said.

Among the losers, Malaysian Pacific Industries fell 96 sen to RM30.47, Panasonic Manufacturing eased 40 sen to RM2.50, Hextar Technologies lost 20 sen to RM13.22 and Tenaga declined 15 sen to RM9.35.

Nestle added 40 sen to RM137.90, PETRONAS Dagangan rose 40 sen to RM23.40, PPB gained 20 sen to RM17.30 and Sam Engineering climbed 11 sen to RM5.30.

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FBM KLCI , KLCI , Bursa Malaysia


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