KUALA LUMPUR: Bursa Malaysia prolonged yesterday’s profit-taking to open lower amid lack of catalysts on the native entrance.
At 9.011am, the FBM KLCI misplaced 4.31 factors to 1,593.64. Turnover stood at 376 million items valued at RM197.6mil.
Overnight, the Dow Jones Industrial Average rose 0.27%, to 34,955.89, the S&P 500 gained 0.71%, to 4,575.52 and the Nasdaq Composite added 1.31%, to 14,354.90.
Hong Leong Investment Bank stated after surging 35.1 factors in two weeks, the FBM KLCI slipped 5.4 factors to 1,598 on revenue taking.
“Barring a decisive breakdown below 30D MA near 1,587, we remain cautiously optimistic that the index may revisit 1,600-1,620 levels, albeit in a choppy move. A successful break out above
1,620 will lift the index to retest 14M high at 1,642.
“On the flip side, falling below 1,585 will drive KLCI lower again toward 1,565 (38.2% FR) and 1,545 (200D MA) levels,” it stated.
JF Apex Research stated the FBM KLCI may take a breather from final week’s good points and consolidate under the resistance of 1,620 factors.
Among the highest losers, Nestle tumbled RM1.20 to RM134.80, Petronas Dagangan misplaced 66 sen to RM20.70, Hong Leong Financial Group fell 40 sen to RM19.44 and Kuala Lumpur Kepong eased 26 sen to RM25.06.
Heineken added 20 sen to RM22.40, Complete Logistics rose 12 sen to RM3.57 and Bursa Malaysia climbed eight sen to RM6.90.
