FBM KLCI retreats at midday in cautious market

KUALA LUMPUR: The FBM KLCI ended lower at midday, bucking the trend as other regional indices edged up.

The benchmark index fell 1.15 points or 0.8% to 1,445.24.

Investors largely stayed on the sidelines before the announcement of Cabinet reshuffle. The new Cabinet line-up saw changes in several portfolios, where two former ministries were split into four new ministries.

Losers outpaced gainers 397 to 348 while 413 counters were unchanged. Turnover stood at 1.84 billion shares worth RM1.16bil.

The top loser on Bursa Malaysia was Nestle, which fell 60 sen to RM118.10. ViTrox lost 18 sen to RM7.12, Harn Len slid 14.5 sen to 64.5 sen and Genting Plantations eased 12 sen to RM5.50.

Meanwhile, the top gainer was Rapid, which gained 76 sen to RM27.96. F&N added 30 sen to RM27.80, Malaysian Pacific Industries rose 22 sen to RM27.22 and Heineken climbed 16 sen to RM22.46.

In a note, Apex Securities said politics-related stocks may experience volatility today following news of cabinet reshuffle taking place.

It expects the FBM KLCI to trade flat today as investors may stay on the sidelines ahead of US key economic data and the Fed interest rate decision.

“Profit-taking activities may emerge from the property sector after the surge yesterday. Also, energy-related stocks may continue to build onto their previous session gains following the rebound in in crude oil prices,” Apex said.

In regional markets, Japan's Nikkei 225 was up 0.19% at 32,854.69 and South Korea's Kospi rose 0.46% to 2,537.02.

China's composite index gained 0.06% to 2,993.36 and Hong Kong's Hang Seng advanced 0.85% to 16,353.87.

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Bursa Malaysia , FBM KLCI , KLCI


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