KUALA LUMPUR: Profit-taking set in on Wednesday, pulling the FBM KLCI lower after a five-session winning streak, bucking the broader regional uptrend, while the ringgit continued to strengthen.
The market bellwether fell 14.76 points, or 0.83%, to close at 1,756.49 on profit-taking following the recent rally. The index hit an intraday high of 1,769.90 and a low of 1,750.05.
In the broader market, decliners outpaced advancers, with 876 stocks ending lower while 383 closed higher, resulting in a market breadth of 0.44, indicating that selling pressure dominated the market. About 3.65 billion shares, valued at RM4.41bil, changed hands.
Dealers said investors locked in gains after the recent rally, weighing on the benchmark despite firmer regional markets.
They noted that buying interest was confined to selected stocks, reflecting a cautious near-term outlook.
Among the decliners on Bursa Malaysia, Nestlé fell RM2.10 to RM113.50, Malaysian Pacific Industries
shed 72 sen to RM32.50, while Fraser & Neave slipped 50 sen to RM35.50.
Bursa Malaysia had earlier suspended intraday short-selling (IDSS) on KJTS until 8.30 am tomorrow after the stock breached the price limit. KJTS slid 31 sen, or 27.43%, to 62 sen, with 11.21 million shares traded.
On the upside, Dutch Lady surged 78 sen to RM33.80, IHH Healthcare added 31 sen to RM9.02, Kuala Lumpur Kepong gained 26 sen to RM20.08, and Allianz rose 24 sen to RM23.24.
Newly listed ISF Group surged 45.45%, or 15 sen, to close at 48 sen. It was the most active counter on Bursa Malaysia, with 264.5 million shares traded.
Meanwhile, the ringgit extended its uptrend, rising 0.68% to 3.9247 against the US dollar.
Bernama reported that the local currency strengthened further to 3.9170 at lunch break, marking its strongest level since Apr 27, 2018, underpinned by renewed market confidence.
Stock market data showed foreign funds and local institutions remained net buyers on the local bourse on Wednesday, with purchases worth RM68mil and RM32mil respectively.
Local retailers were net sellers at RM100mil.
Around the region, MSCI’s Asia ex-Japan stock index rose 1.54%, with most regional bourses ending higher.
Japan’s Nikkei 225 climbed 0.05% to 53,358.71 while South Korea’s Kospi closed down 1.69% at 5,170.81.
Hong Kong’s Hang Seng ended 2.58% higher at 27,826.91.
China’s CSI300 index gained 0.26% to 4,717.99 while the Shanghai Composite eased 0.27% to 4,151.24.
