Thursday 28 Mar 2024
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KUALA LUMPUR (Oct 26): The FBM KLCI fell 0.2% or 4.14 points as investors took profit following gains ahead of the Budget 2016 announcement last Friday.

Last Friday, the KLCI rose 5.84 points or 0.3% to close at 1,710.93. Today, the index extended gains to an intraday high of 1,715.95 before erasing gains to settle at 1,706.79 at 5pm.

"Because most things in Budget 2016 were within expectation, no big surprise from it, so investors might be taking profit now," Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng told theedgemarkets.com today.

Wong said the main counters that weighed down the KLCI were Petronas Gas Bhd and Petronas Chemicals Group Bhd. Petronas Gas was the second-largest decliner across Bursa Malaysia.

Bursa Malaysia saw 466 decliners against 402 gainers. There were 1.91 billion shares worth some RM1.8 billion traded.

The largest gainers included Oriental Food Industries Holdings Bhd and BLD Plantation Bhd. The most-actively traded counter was RGB International Bhd, which saw some 72 million shares traded.

Certain Asian share markets gained. Japan's Nikkei 225 rose 0.65% while South Korea's Kospi advanced 0.38%. Hong Kong's Hang Seng, however, fell 0.15%.

Reuters reported that Asian stocks on Monday were close to wiping out all their losses since China's shock currency devaluation in August, as global equities rallied after China's central bank cut rates and US tech giants provided upbeat earnings guidance.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

 

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