FBM KLCI down on profit taking ahead of weekend

FBM KLCI down on profit taking ahead of weekend
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KUALA LUMPUR (Sept 28): The FBM KLCI closed down 5.49 points or 0.31% on profit taking and after fund managers realigned their portfolios following the US interest rate hike.

At Bursa Malaysia, the KLCI settled at 1,793.15 points at 5pm after falling to its intraday low at 1,791.10 points.

Malacca Securities Sdn Bhd head of research Victor Wan told theedgemarkets.com that the negative market performance today could be attributed to profit taking by retail investors ahead of the weekend and fund managers’ portfolio realignment after the US Federal Reserve raised interest rates.

In Malaysia, Wan said "investors might be taking a wait-and-see approach amid uncertainties in the global market.”

Malaysian shares bucked Asian stock markets’ uptrend today. Japan’s Nikkei 225 gained 1.36% while Hong Kong's Hang Seng was up 0.26%

Reuters reported that Japan's Nikkei raced to a 27-year high on Friday on the back of a lower yen and improved prospects for corporate earnings, while optimism over the US economy's short-term outlook supported broad risk appetite and the dollar. It was reported that shares elsewhere in Asia also rose, with MSCI's broadest index of Asia-Pacific shares outside Japan adding 0.1 percent.

Across Bursa Malaysia, trading volume was 2.11 billion shares worth RM2.58 billion. The biggest decliners included KLCI-linked stocks Petronas Dagangan Bhd, Hong Leong Financial Group Bhd and Axiata Group Bhd.

Sapura Energy Bhd was the most-actively traded counter with some 162 million shares changing hands. Sapura Energy fell 1.5 sen to close at 41 sen.