KLCI down 9.95 points on profit taking as window dressing slows

KLCI down 9.95 points on profit taking as window dressing slows
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KUALA LUMPUR (Dec 24): The FBM KLCI closed 9.95 points or 0.62% lower today on profit taking and as fund managers' window dressing activities slowed ahead of the Christmas holiday tomorrow.

At 5pm today, the KLCI closed down at 1,604.23 after fluctuating between 1,602.10 and 1,613.87 as world markets took cue from factors including the US-China trade war.

In Malaysia, Hong Leong Investment Bank Bhd analyst Loui Low Ley Yee told theedgemarkets.com that window-dressing activities have been less aggressive so far this week compared to the pace seen earlier this month.

"Investors are expected to continue taking profit this week, but overall market is still quite supportive. There are still buying activities as we saw that the market (KLCI) dropped as much as 12 points earlier today, but pared some losses in (the) later (part) of the day," he said.

"December is still a positive month for KLCI. For the remaining period of the month, it is likely to be range-bound, while staying above the 1,600 level," Low said.

Across Bursa Malaysia today, 1.57 billion shares were traded for RM1.03 billion. Notable decliners included KLCI component stocks PPB Group Bhd, Public Bank Bhd and Tenaga Nasional Bhd.

Top gainers included KLCI stocks Petronas Gas Bhd and Hong Leong Financial Group Bhd.

Tomorrow (Dec 25), Bursa and its subsidiaries will be closed in conjunction with the Christmas holiday. "Bursa and its subsidiaries will resume operations on Thursday, Dec 26, 2019," the bourse operator and regulator said in a statement on its website.

Globally today, Reuters reported that Asian shares edged lower and US stock futures darted in and out of losses on Tuesday, as the holiday lull offset optimism that a US-China trade deal will boost exports and corporate earnings.

It was reported that MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.14%.