KLCI retreats after three-day rise as investors take profit

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KUALA LUMPUR (Dec 15): The FBM KLCI came down by as much as 0.76% or 13.35 points today as investors took profit after three days of gains.

At market close, the benchmark index pared some losses to close at 1,753.07, down 5.93 points or 0.34% from yesterday.

"After rising by almost 40 points since Monday's close, we saw profit-taking activities across the board today," said Malacca Securities Sdn Bhd senior research analyst Kenneth Leong.

"This is in tandem with key regional indices, which were affected by uncertainties over US tax overhaul implementation," Leong told theedgemarkets.com.

He expects the KLCI to move between 1,740 and 1,760 points in the near term.

Asian shares erased earlier modest gains with sentiment dented by Wall Street's weakness on concerns about the progress of US tax reform, though regional stocks remain on track for a weekly rise, Reuters reported.

Japan's Nikkei fell 0.62% and Hong Kong's Hang Seng Index dropped 1.09%, while South Korea's Kospi rose 0.51%.

On the local front, total trading volume was 2.34 billion shares worth RM3.51 billion. Losers led gainers by 475 to 414, while 386 counters remained unchanged.

Notable losers included Genting Bhd, Hap Seng Consolidated Bhd and Hong Leong Bank Bhd, while top gainers included Hengyuan Refining Company Bhd and Hartalega Holdings Bhd.

PUC Bhd was the most actively traded counter, with 126.31 million shares done.