FBM KLCI down as Bursa Malaysia small caps dent sentiment

FBM KLCI down as Bursa Malaysia small caps dent sentiment
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KUALA LUMPUR (Jan 18): The FBM KLCI closed 7.03 points or 0.4% lower as profit-taking across Bursa Malaysia small-cap stocks dented broader market sentiment.

At 5pm, the KLCI closed at 1,821.60 points. The FBM Small Cap Index fell 184.98 points or 1.05% to 17,343.92 points.

"While the local benchmark (KLCI) steadied on buying support in selected heavyweights on Wednesday, profit taking amid heavy settlements from recent active trade on small caps weighed down the broader market. The present profit-taking consolidation process should persist till the recent heavy trade settlements have been absorbed and daily turnover stabilises at more sustainable levels," TA Securities Holdings Bhd wrote in a note today.

Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com that although the KLCI opened higher when trading started today, quick profit-taking sent the KLCI lower.

Leong said "profit-taking activities are not just across the KLCI, but also across the broader market."

Across Bursa Malaysia, 4.6 billion shares worth RM3.29 billion were traded. Major decliners included Hengyuan Refining Co Bhd and Petron Malaysia Refining & Marketing Bhd.

Top decliner Hengyuan fell RM1.80 to close at its intraday low of RM12. The stock saw some 12 million shares traded.