Profit taking resumes on Bursa

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KUALA LUMPUR (Aug 27): Profit-taking activities have resumed for most index-linked counters on Bursa Malaysia, but its key index has managed to remain firm, analysts said.


At 12.30pm, the benchmark FBM KLCI had risen 0.3% or 4.79 points to 1,590.53 from yesterday’s close at 1,585.74.

The index opened 2.84 points weaker at 1,582.90 and moved between 1,577.31 and 1,594.52 throughout the morning trading session.

On the broader market, losers surpassed gainers 563 to 342, while 431 counters were unchanged, 923 untraded and 65 others suspended.

Turnover stood at 2.23 billion shares worth RM1.53 billion.

At 11am today, Prime Minister Datuk Seri Ismail Sabri Yaakob announced the list of his “results-oriented Cabinet” line-up, comprising 31 ministers, including four senior ministers.

Tengku Datuk Seri Zafrul Tengku Abdul Aziz has been reappointed as the finance minister, while Datuk Seri Mohamed Azmin Ali has also resumed his post as the minister of international trade and industry.

In a research note today, Rakuten Trade Sdn Bhd head of research Kenny Yee Shen Pin said although today’s trading would see some intermittent profit taking, the local bourse is expected to maintain its bullish momentum over the medium term.


“For today, we anticipate the index to charge ahead and possibly test the 1,600 mark following the announcement of the new Cabinet line-up today.

“Still, we believe profit taking would emerge, thus we expect the index to trend within the 1,585-1,595 range today,” he said.

Of the heavyweights, Malayan Banking Bhd (Maybank) shed one sen to RM8.44 and Public Bank Bhd was flat at RM4.16, while Petronas Chemicals Group Bhd (PetChem) rose nine sen to RM8.29, Tenaga Nasional Bhd (TNB) was up four sen to RM10.34 and IHH Healthcare Bhd advanced 49 sen to RM6.33.

Among the actives, Avillion Bhd gained 1.5 sen to 14 sen, KNM Group Bhd added one sen to 25 sen and Scope Industries Bhd dropped three sen to 31 sen.

On the index board, the FBM Emas Index strengthened 19.21 points to 11,558.65, the FBMT 100 Index was 24.10 points firmer at 11,273.18 and the FBM Emas Shariah Index was 40.85 points higher at 12,675.93.

The FBM 70 decreased 6.57 points to 14,959.22, while the FBM ACE slipped 62.32 points to 7,200.02.

Sector-wise, the Plantation Index increased 1.12 points to 6,769.49, while the Financial Services Index eased 30.22 points to 15,498.39, and the Industrial Products and Services Index declined 0.29 of a point to 196.78.-BERNAMA