Market Close KLCI drops 0.43% on profit-taking

by **Cals** Mon 18 Aug 2014, 22:32

Market Close KLCI drops 0.43% on profit-taking

Business & Markets 2014

Written by Kamarul Anwar of theedgemalaysia.com

Monday, 18 August 2014 17:29

KUALA LUMPUR (Aug 18): The FBM KLCI shed 8.02 points or 0.43% to close at 1,863.34 points today. Analysts and remisiers said there were profit-taking activities after last week’s 0.76% week-on-week increase.

The benchmark languished in the red throughout the day, with trading ranging from 1,861.6 points to 1,868.01 points.

Only 10 of the 30 KLCI constituents closed higher, with the worst hit being PPB Group Bhd, British American Tobacco (M) Bhd (BAT), YTL Corp Bhd, Felda Global Ventures Holdings Bhd, CIMB Group Holdings Bhd and Genting Bhd.

JF Apex Securities Senior Analyst Lee Cherng Wee told theedgemalaysia.com that after last week’s rebound, the market was taking a breather while waiting for the next course of direction.

“However, with the news of Malaysia’s second quarter economy growing beyond expectations, there could be more interest from foreign buyers,” Lee said.

A total of 3.58 billion shares valued at RM2.47 billion were traded across Bursa Malaysia. Gainers outnumbered losers at 454 versus 437.

The most-actively traded entities were PDZ Holdings Bhd, Globaltec Formation Bhd and Sumatec Resources Bhd.

The biggest gainers were Nestle (M) Bhd and UMW Holdings Bhd. On the flip side, the biggest decliners included BAT and DKSH Holdings (M) Bhd.

On the regional front, Japan's Nikkei 225 inched up by 0.03%, Hong Kong's Hang Seng closed flat while the Shanghai Composite gained 0.57%.

However, South Korea’s Kospi ceded 0.49%.

Reuters reported that Asian stocks stalled and the dollar sagged against the safe-haven yen on Monday, as another bout of tensions in the Ukrainian conflict sapped investor confidence.

Spreadbetters are picking European shares, which already had a chance on Friday to absorb renewed tensions in the Ukraine, to fare better.