FBM KLCI lower on profit taking after rising on US share gains

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KUALA LUMPUR (Sept 13): The FBM KLCI shed 3.79 points or 0.2% on profit taking after the index breached the 1,790-point level in intraday trade.  

At 5pm, the KLCI closed at 1,786.07 points after rising to its intraday high at 1,793.22 points. The KLCI had earlier risen after the US' S&P 500 closed at a record high overnight on Tuesday.

In Malaysia today, Maybank Investment Bank Bhd chartist Nik Ihsan Raja Abdullah told theedgemarkets.com that “the (KLCI's) lower performance is actually a healthy pullback for the market, as you can see that the trading volume remains strong at 2.7 billion shares.

"The broader market is still positive.”

Across Bursa Malaysia, the 2.7 bllion share-trade volume was worth RM1.85 billion. Decliners outnumbered gainers at 462 to 362 respectively.

DBE Gurney Resources Bhd was the most-active stock. DBE shares closed 0.5 sen  higher at 3.5 sen with some 193 million units traded.

Malaysian shares tracked overnight US share gains. Reuters reported that the Dow Jones Industrial Average rose 61.49 points or 0.28 percent to 22,118.86, the S&P 500 gained 8.37 points or 0.34 percent to 2,496.48 and the Nasdaq Composite added 22.02 points or 0.34 percent to 6,454.28.

It was reported that the S&P 500 hit a record closing high for the second day in a row on Tuesday, with financial stocks leading the charge, but gains were stunted by a decline in Apple Inc shares after it unveiled its latest iPhone.