Profit Taking Drags Malaysian Stock Market Lower At Mid Morning

KUALA LUMPUR, Jan 2 (Bernama) – The Malaysian stock market (Bursa Malaysia) was lower at mid morning on Tuesday, with the composite index falling by 1.116 per cent, as profit taking emerged and gnawed away at recent gains away, dealers said. At 11.07 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,776.76, down 20.05 points from last Friday's close of 1,776.76. The FBM KLCI ended 2017 on a year high, rallying on the stabilisation of crude oil prices, a firmer ringgit, positive economic data and higher foreign fund inflows. “The recent high attracted investors to book some profit,” a dealer said. Losses in Sime Darby dragged the key index lower by 6.071 points. The stock fell 50 sen to RM5.50 with 2.28 million shares changing hands. Despite a strong 2017 performance, the local market retreated as investors also awaited fresh clues to drive interest, the dealer said. The overall market breadth was unfavorable with losers outpacing gainers 421 to 305, while 300 counters were unchanged, 784 untraded and 19 others suspended. Turnover stood at 1.17 billion shares worth RM554.67 million. Among heavyweights, Maybank eased 20 sen to RM9.60, while Tenaga fell six sen to RM15.20, Public Bank lost eight sen to RM20.70 and CIMB declined three sen to RM6.51. Petronas Chemicals, however, rose 10 sen to RM7.71. Of the actives, Sino Hua-An gained three sen to 42 sen, Hubline added one sen to RM13 sen, but Sapura trimmed three sen to 68 sen. The FBM Emas Index gave up 163.41 points to 12,779.16, the FBMT 100 Index eased 171.17 points to 12,443.03, the FBM Emas Shariah Index declined 180.08 points to 13,122.84 and the FBM 70 dipped 320.71 points to 15,764.83. However, the FBM Ace rose 41.22 points to 6,644.77. Sector-wise, the Finance Index contracted 116.98 points to 16,744.4, the Industrial Index lost 13.22 points to 3,267.48 and the Plantation Index fell 24.43 points to 7,867.31. Trading in MB World Group's share was halted effective 9 am and resumed an hour later. At mid-morning, the stock remained unchanged at RM2.00. -- BERNAMA