Thursday 28 Mar 2024
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KUALA LUMPUR (Aug 29): The FBM KLCI closed 9.57 points or 0.51% lower as investors dabbled in profit-taking activity, while renewed worries on Ukraine's political crisis affected investor risk appetite.

The KLCI settled at 1,866.11 points at 5pm.

Lee Cheng Hooi, regional chartist for Maybank Investment Bank Bhd said the KLCI was down due to profit-taking activities ahead of the long weekend.

“The KLCI opened at its high today and has been trending down ever since. Profit-taking ahead of the long Merdeka weekend would be a correct assessment of what happened today,” Lee told theedgemalaysia.com.

On Malaysia's August corporate earnings reporting season, which ends today, Lee said results had been quite “uninspiring” and “disappointing”.

“We will probably see further selling activities next week after fund managers digest analysts’ stock downgrades,” he said.

Bursa Malaysia saw a total of 3.23 billion shares valued at RM2.85 billion traded. There were 660 decliners against 251 gainers.

The top decliner was British American Tobacco (M) Bhd while top gainers included Uzma Bhd and
Dutch Lady Milk Industries Bhd.

Sumatec Resources Bhd was the most-actively traded stock with 310.7 million shares changing hands.

Across Asia, Japan’s Nikkei closed 0.23% lower, while Hong Kong’s Hang Seng rose 0.41%.

Asian shares slumped on Friday, pulling back from a more than six-year high touched this week, after flaring Ukraine tensions spoiled investor risk appetite, reported Reuters.

Wall Street sagged on Thursday as Ukraine's president said Russian troops had entered his country in support of pro-Moscow rebels who captured a key coastal town, escalating the five-month-old separatist conflict.

 

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