KUALA LUMPUR (Nov 11): The FBM KLCI closed 1.58 points or 0.1% lower today on profit taking and as investors weighed fresh violence in the Hong Kong protest and watched the progress of US-China trade talks.
At Bursa Malaysia, the KLCI closed at 1,608.15, after paring losses sharply in the final trading hour from its intraday low at 1,601.99. The KLCI, which opened higher, had earlier risen to its intraday high at 1,611.43.
Rakuten Trade Sdn Bhd vice president of research Vincent Lau told theedgemarkets.com that profit taking in the KLCI followed buying of KLCI-linked stocks over the last few days.
"The negative performance of the KLCI today was in line with regional markets, due to uncertainty," Lau said.
Globally, Reuters reported Asian shares sank on Monday, the safe haven yen rose and gold jumped following a fresh escalation of violence in Hong Kong, while uncertainty still remained over whether the US and China could end their damaging trade war.
It was reported US President Donald Trump told reporters on Saturday that talks with China had moved more slowly than he would have liked, but added Beijing wanted a deal more than he did. That was a more upbeat tone than just a few days earlier, when he had stressed the White House would not agree to a full rollback of existing tariffs, remarks that hit stock prices and the dollar, according to Reuters.
Today, Bursa saw 2.37 billion shares worth RM1.64 billion traded across the exchange. Top decliners included Kuala Lumpur Kepong Bhd, PPB Group Bhd and Malaysia Airports Holdings Bhd (MAHB).
Among the 30 KLCI stocks, MAHB was the largest-percentage decliner, after the stock closed down 14 sen or 1.65% at RM8.35.