KUALA LUMPUR (Dec 4): The FBM KLCI slipped back into negative territory today as profit taking emerged after yesterday’s gains. Share prices were mostly lower across the local bourse as reflected by much higher number of losers at 525 versus 282 gainers today.
At 5pm, the benchmark index closed at 1,694.99 points, down 4.73 points or 0.28%, having a day range between 1,688.88 points and 1,698.51 points.
Hong Leong Investment Bank's head of retail research Loui Low told theedgemarkets.com that the strong stock market surge yesterday had prompted investors to take some profits off the table.
“For the week, we are expecting KLCI to trade sideways, after the market digested the US-China trade truce. If both countries’ leaders come out and say something more concrete, that would create some catalysts,” he said.
Reuters reported that Asian shares fell on Tuesday as relief over a pause in escalation of the trade war between the US and China gave way to doubt over the two countries’ ability to resolve differences.
Across the region, Japan’s Nikkei fell 2.39% today, Hong Kong Hang Seng Index gained 0.29%, while South Korean Kospi dropped 0.82%.
In the domestic market, total volume was 2.44 billion shares worth RM2.09 billion and there were 282 gainers versus 525 losers, with 361 counters remained unchanged.
Notable losers included Top Glove Corp Bhd, Tenaga Nasional Bhd and Padini Holdings Bhd, while gainers included Telekom Malaysia Bhd, Petronas Dagangan Bhd and UMW Holdings Bhd.
Tatt Giap Group Bhd’s preference rights were the most actively traded counter, with 490.3 million shares changing hands, followed by Bumi Armada Bhd whose share price was down 2.5 sen to 17 sen with 279.6 million shares traded.