KLCI declines along with regional peers as investors take profit

KLCI declines along with regional peers as investors take profit
-A +A

KUALA LUMPUR (Feb 20): The FBM KLCI fell by a marginal 1.33 points or 0.07% to close at 1,855.99 today as investors took profit after yesterday’s gains.

The benchmark index’s softer finish was in line with the lower trend in other Asian markets. Japan’s Nikkei closed 1.01% lower, Hong Kong’s Hang Seng Index 0.78% lower, and South Korea’s KOSPI 1.13% lower.

Malacca Securities Sdn Bhd head of research Victor Wan said the profit taking was "very much expected" after most Asian stocks traded positively yesterday.

“We have recovered quite a substantial bit after the recent selldown earlier in February,” Wan told the theedgemarkets.com.

“The market’s performance in the near term has got to depend on the corporate earnings announcements this month,” he said. “Last week we saw an encouraging set of economic data, and now we have to see if these data will be reflected in the corporate earnings as well.

Bursa Malaysia saw a total of 2.28 billion shares, worth RM2.1 billion, traded today.

There were 409 gainers versus 556 losers, while 346 counters remained unchanged.

The gainers were led by Nestle (M) Bhd while Hengyuan Refining Co Bhd was the biggest loser.

Sino Hua-An International Bhd was the most actively-traded counter, with 98.79 million shares done.