Bursa Malaysia succumbs to profit-taking as geopolitical anxieties mount

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KUALA LUMPUR: Bursa Malaysia began on a detrimental notice on Monday as profit-taking stress amid rising anxieties over geopolitical tensions halted the latest rally.

At 9.05am, the FBM KLCI was down 1.81 factors to 1,601.24, exhibiting additional weak spot after a slight pullback final Friday amid rising volatility in world markets.

“With the detrimental sentiment that happened on Wall Street, we anticipate the native know-how counters to probably proceed underperforming the broader market.

“Investors could flip their heads to commodities-related or shopper shares over the close to time period as commodity costs stay elevated at this juncture,” stated Malacca Securities Research in a notice.

The analysis agency added that it expects the rally in power shares to proceed provided that Brent oil value continues to be elevated.

On the blue-chip index, most shares had been seen retreating together with Press Metal down 11 sen to R6.87 and Tenaga Nasional sliding 5 sen to RM9.11.

Maybank rose 5 sen greater to RM8.71 on the again of a constructive efficiency in its Indonesian arm.

Other banks nonetheless had been barely decrease together with Public Bank down one sen to M4.38 and CIMB sliding three sen to RM5.57.

Plantation counters had been combined with Sime Darby Plantation dropping three sen to RM4.87 and Kuala Lumpur Kepong rising 20 sen to RM26.66.

Meanwhile, laggards on the broader market included MAHB dropping 14 sen to RM6.42, MPI dropping 46 sen to RM35.50 and LPI Capital sliding 18 sen to RM14.28.

Top actives had been Ta Win unchanged at 18.5 sen, KNM up one sen to 19 sen and XDL falling 0.5 sen to 3.5 sen.



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