FBM KLCI down 12.91pts on profit taking ahead of GE14

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KUALA LUMPUR (May 7): The FBM KLCI slipped 12.91 points or 0.7% while Bursa Malaysia's small-cap index fell by a larger quantum as investors took profit amid uncertainties ahead of the nation's 14th General Election (GE14). Polling day is on Wednesday (May 9, 2018).

Today, the KLCI settled at 1,828.92 at 12:30pm after falling to its lowest so far at 1,821.79. Bursa Malaysia's small-cap index dropped 195.44 points or 1.34% to settled at 14,380.22.

"Investors seem to be taking profits on blue-chip counters," a Maybank Investment Bank Bhd dealer told theedgemarkets.com over telephone.

Sentiment on the local bourse will stay lacklustre ahead of GE14, said the dealer, adding the KLCI is likely to trade sideways as investors remain on the sidelines.

TA Securities Holdings Bhd wrote in a note today "investors are likely to refrain from making big bets ahead of outcome from Malaysia's GE14 and the ongoing trade war between US and China".

Across Bursa Malaysia, volume traded was 1.09 billion shares valued at RM729.65 million.

Top gainers included Allianz Malaysia Bhd, Hartalega Holdings Bhd and Opcom Holdings Bhd while leading decliners included Nestle (M) Bhd, Hong Leong Bank Bhd and Petronas Dagangan Bhd.