FBM KLCI falls on profit-taking, in line with regional selling


KUALA LUMPUR: The FBM KLCI descended 10 points over the early session as investors opted to lock in gains after fresh signs the US central bank will be withholding interest rate cuts this year emerged.

As the market paused for the lunch break, the key index was down 9.99 points to 1,619.19 amid a vastly negative market breadth.

Investors sold down 860 stocks while only 309 recorded prices increases and 441 remained unchanged.

The share turnover was 3.38 billion crossing hands for RM2.43bil.

Regional markets fared no better with key indices charting red across the board.

Japan's Nikkei fell 1% to 38,695, China's composite index slipped 0.16% to 4,89 and Hong Kong's Hang Seng fell 1.27% to 18,629.

Singapore's Straits Times index dropped 0.47% to 3,306.

On Bursa Malaysia, leading laggards included YTL Power, down 44 sen to RM4.94, and YTL Corp, shedding 21 sen to RM3.67 as investors retreated from the counters following their results announcements after a period of intense buying in the lead-up.

MPI slumped RM1.46 to RM37.70, BAT dropped 60 sen to RM8.44 and Heineken was down 32 sen to RM24.58

Sime Darby Property, which also recently announced its quarterly result, rising nine sen to RM1.25.

Top actives included SNS up three sen to 66 sen, AHB rising 1.5 sen to 18.5 sen and JCY climbing 5.5 sen to 45.5 sen.

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