KUALA LUMPUR: Profit-taking set in as the market reopened following the Independence Day holiday, as investors cashed in the recent uptrend in equities prices.
At 9.50am, the FBM KLCI was down 6.63 points to 1,594.75, losing its grip on the 1,600 psychological level as global equities were also seen taking a breather from the recent rally.
US equities had hit fresh record highs on news that the US Federal Reserve will not be raising interest rates in the immediate future, before stepping back in Tuesday trading.
In its pre-market open note, Public Investment Bank Research said it expects the FBM KLCI to continue to trend higher towards the subsequent resistance level of 1,620 in the near term.
“Support levels for the index are at 1600, 1580 and 1551, while the resistance levels are at 1620, 1652 and 1664,” it said.
On the blue-chip index, the advance in bank counters stalled with Maybank slipping one sen to RM8.39, Public Bank dropping eight sne to RM4.10 and CIMB sliding one sen to RM4.90. Hong Leong Bank, which announced its earnings on Monday, jumped 44 sen to RM19.62.
Telcos were also seen fading with Axiata dropping six sne to RM4.08, Maxis losing 11 sne ot RM4.58 and Digi shedding five sen to RM4.35.
In the logistics sector, MISC dropped nine sen to RM7.11.
Of actives, Bintai Kinden was up 4.5 sen to 52.5 sen, Avillion fell one sen to 13.5 sen and PA Resources gained 3.5 sen to 44.5 sen.