FBM KLCI takes breather after four straight days of gains

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KUALA LUMPUR (Jan 9): The FBM KLCI closed 5.2 points or 0.3% lower due to profit taking after gaining for four consecutive trading days.

At 5pm today, the KLCI closed at 1,826.95 points. The index erased gains after rising to its intraday high at 1,840.35 points.

“It isn’t a massive sell down. I consider this to be light profit taking. I think the market will come back,” Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew told theedgemarkets.com.

Over the past week, the KLCI closed higher at 1,782.70 points on Jan 2 before climbing to 1,832.15 points yesterday (Jan 8).

Today, Bursa Malaysia saw 6.48 billion shares worth RM4.41 billion traded. Notable decliners included AMMB Holdings Bhd after the stock fell 20 sen to RM4.48 to become the ninth-largest decliner.

Leading gainer was Supermax Corp Bhd after the stock rose 23 sen to RM2.31. Supermax shares rose after Affin Hwang Investment Bank Bhd upgraded its call on Supermax shares to buy from hold.

Affin Hwang analyst Ng Chi Hoong wrote in a note today Affin Hwang also raised its Supermax target price to RM3.10 from RM2.10.