Profit-taking in heavyweight stocks
SHARES on Bursa Malaysia bucked the regional trend to end broadly lower on profit-taking in heavyweight stocks yesterday, dealers said.
The FBM KLCI closed at 1,619.12 points, 7.81 points lower.
Overall, market breadth was negative as losers outweighed gainers 526 to 276 with 315 counters unchanged, 591 untraded and 49 suspended.
A dealer said persistent selling in heavyweight stocks weighed down the composite index.
“This was amid uncertainties in the oil prices and volatile ringgit performance against global currencies which had dented investors’ sentiment.
“All eyes were focused on the outcome of the Organisation of Petroleum Exporting Countries’ meeting today, which would decide if members are agreeable to a collective cut of supply,” he said.
Other Asian stock markets, however, were mostly higher yesterday, taking the cue from a positive Wall Street, he said.
Of the heavyweights, Maybank weakened 12 sen to RM7.77, TNB shed 4 sen to RM14.04 and Sime Darby declined 19 sen to RM7.96. Petronas Chemicals added 3 sen to RM6.83. Public Bank was flat at RM19.58. – Bernama