Bursa edges lower on profit-taking

BURSA Malaysia, which had gained nearly 3.8 per cent over the past three weeks, closed lower yesterday as profittaking continued, said dealers.

At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 3.49 points, or 0.22 per cent, lower at 1,603.25 compared with Tuesday’s close of 1,606.74.

The key index, however, opened 2.69 points higher at 1,609.43 and moved between 1,609.64 and 1,597.18 throughout the day.

On the broader market, losers edged gainers 490 to 333, while 405 counters were unchanged, 748 untraded and 16 others suspended.

Volume expanded to 2.70 billion shares worth RM1.72 billion from Tuesday’s 2.6 billion shares worth RM2.25 billion.

Phillip Capital Management senior vice-president (investment) Datuk Dr Nazri Khan Adam Khan said the movement of the benchmark index was deemed to be bullish for the medium term.

“The months of November and December are traditionally bullish for the FBM KLCI. We recommend that it is good to buy on weakness,” he said.

Among heavyweights, Maybank recovered five sen to RM8.71 but TNB fell eight sen to RM13.92, Public Bank eased six sen to RM19.80 and CIMB declined one sen to RM5.32.

As for oil and gas stocks, PetChem slid 10 sen to RM7.60, PetGas dipped 20 sen to RM16.42 and PetDag eased four sen to RM23.70 amid worries of declining demand.

Of the actives, Velesto added 2.5 sen to 38.5 sen, Sumatec was flat at half-a-sen and MSports fell one sen to half-a-sen.

PetGas led the top losers, followed by United Plantations, which erased 18 sen to RM25, and Top Glove, which dropped 13 sen to RM4.37.

Among top gainers, MAHB jumped 46 sen to RM8.50, F&N increased 24 sen to RM35.30 and Nestle rose 20 sen to RM146.60.

Main Market volume expanded to 1.93 billion shares valued at RM1.53 billion from Tuesday’s 1.73 billion shares worth RM2.00 billion.

Warrants turnover decreased to 258.98 million units worth R46.76 million from 327.55 million units valued at RM59.46 million previously.

Volume on the ACE Market fell to 509.96 million shares valued at RM134.74 million from 555.56 million shares worth RM188.00 million.

The FBM KLCI futures contract on Bursa Malaysia Derivatives closed mostly higher despite the easier underlying cash market.

At close, spot month November 2019 and March 2020 gained 0.5 of-a-point each to 1,605.00 and 1,603.5, respectively, while June 2020 improved 1.5 points to 1,604.0.

December 2019, meanwhile, declined 0.5 of a point to 1,606.50.

Turnover fell to 6,923 lots from 8,335 on Tuesday while open interest declined to 35,761 contracts from 36,690 previously.