Mild profit-taking on Bursa Malaysia on absence of US leads

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KUALA LUMPUR: The FBM KLCI may stay muted ahead of the weekend as US markets were closed overnight for the Independence Day holiday.


After having claimed the 1,600 psychological level earlier this week, Apex Securities Research expects the key index to stabilise as volatility subsides due to the closure in US markets.

In said the rally in the lower liners may also take a pause as investors digest recent gains with a mild consolidation taking shape.

“Economic wise, investors will be monitoring the Eurozone’s retail sales as well as US unemployment rate data to gauge the health of the economies,” said the research firm in its outlook.

By sector, Apex continues to expect the healthcare sector, especially gloves, to build on the previous session gains following reports of an outbreak of measles in Asia, Africa, Europe, the Middle East and the US.

Meanwhile, it said the construction sector is turning slightly toppish and is attracting quick profit-taking.

At the opening bell, the FBM KLCI was down 0.99 points to 1,615.76, led lower by profit-taking in Maybank.


The country’s largest bank by assets fell six sen to RM10.04.

Telekom Malaysia fell four sen to RM6.80, YTL Power dropped four sen to RM5.28 and YTL Corp slipped two sen to RM3.79.

On the broader market, Toyo Ventures dove 8.5 sen to 97.5 sen, Panasonic slid eight sen to RM20.10 and D&O shed five sen to RM3.64.

Of actives, Orgabio was up 4.5 sen to 47.5 sen, SNS Network rose three sen to 91.5 sen and HHRG slid 0.5 sen to 16 sen.


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