KLCI lower on profit taking after index tops 1,700pts

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KUALA LUMPUR (Feb 16): The FBM KLCI fell 2.2 points or 0.1% on profit taking after the index topped 1,700 points recently, on U.S. President Donald Trump's "phenomenal" tax plan comment. Trump's comment led to expectation he will soon unveil expansionary fiscal policies for the U.S. economy.

At 5pm, the KLCI settled at 1,707.59 points. Last Monday, the KLCI closed higher at 1,710.24 points, before profit taking brought the index to current levels. 

Malacca Securities Sdn Bhd senior research executive Kenneth Leong told theedgemarkets.com that the KLCI was affected by profit taking on selected heavyweight counters.

Leong said the research firm was "still bullish on the KLCI", as the index stayed above 1,700 points. “Moving forward, the upcoming corporate earnings reporting will be closely watched,” he said.

Today, Bursa Malaysia saw 2.39 billion shares, worth RM2.35 billion, traded. There were 501 decliners and 367 gainers.