Thursday 28 Mar 2024
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KUALA LUMPUR (May 3): The FBM KLCI erased its gains from earlier in the day to end 0.34% lower, as investors turned to profit-taking following the recent climb in the local market.

At 5pm, the benchmark index was down 5.96 points to close at 1,772.51 points, after staying in positive territory for the first half of the day.

Inter-Pacific Securities Bhd research head Pong Teng Siew noted, however, that the profit-taking activity today was not severe, and that the market was still seeing good conditions.

"There was modest profit-taking in the market today. The decline was not severe and the index managed to hang on to its gains made yesterday.

"Sentiments continued to improve, based on the better liquidity seen in the market and improving outlook in the banking sector," he said.

Going forward, Pong said the performance of the KLCI will hinge on the coming corporate earnings season for the first quarter ended March 31.

"Expectations have been built for the first quarter results and we will have to see how they turn out," he added.

The bourse saw some 3.9 billion shares worth RM3.04 billion traded today. Decliners beat gainers at 535 versus 391, while 392 counters were unchanged.

The decliners were led by Petronas Dagangan Bhd, while the gainers were led by Dutch Lady Milk Industries Bhd. The most active stock was Key Alliance Group Bhd.

Regionally, Japan's Nikkei 225 rose 0.7%, while Hong Kong's Hang Seng gained 0.33% and South Korea's Kospi climbed 0.65%.

Reuters reported that Asian stocks were largely mixed on Wednesday, as they moderated after earlier strong gains on positive global earnings and manufacturing data, while expectations that the US Federal Reserve will signal a June rate increase later in the session lifted the US dollar.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.1% on Wednesday, after touching a near two-year high earlier in the day, it said.

 

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