KLCI down with KLK, Hong Leong Bank

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KUALA LUMPUR (June 19): The FBM KLCI dipped 2.41 points or 0.1% on profit taking in index-linked shares including Kuala Lumpur Kepong Bhd (KLK) and Hong Leong Bank Bhd following these stocks' recent gains.

At 5pm today, the KLCI ended at 1,788.90 points. KLK fell 40 sen to RM24.90 to become Bursa Malaysia's top decliner while Hong Leong Bank declined 14 sen to RM15.48.

Bursa Malaysia saw 660 decliners versus 223 advancers. A total of 1.93 billion shares worth RM1.89 billion were traded.

“It is surprising when the KLCI dropped but regional markets were up. Although the drop in the KLCI is not that much, there are many counters which are down today," Etiqa Insurance & Takaful head of research Chris Eng told theedgemarkets.com.
 
Eng said there was selling in KLK, Hong Leong Bank and CIMB Group Holdings Bhd shares "probably due to profit taking by foreign investors."

Across Asian share markets, Japan’s Nikkei 225 was up 0.62% while Hong Kong's Hang Seng increased 1.16%.

Reuters reported that Japanese stocks hit two-week highs on Monday, as the dollar's steady performance against the yen fuelled buying of futures, while Nomura Real Estate dived after saying Japan Post was no longer considering buying a stake in the property company.