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KUALA LUMPUR: After the rebound driven by retail investors in Bursa Malaysia on Thursday, blue chips made a slight pullback with slight profit-taking from Genting, Genting Malaysia and Public Bank in early trading on Friday.
At 9.20 a.m. M., The FBM KLCI was down 1.16 points or 0.07% at 1,610.95. The turnover was 1.58 billion shares valued at RM528.33. There were 346 winners, 300 losers, and 379 unchanged counters.
Bloomberg reported that Asian equities began cautiously on Friday as investors weighed in on valuations following the rapid rise in global stocks this month and the lingering pandemic in parts of Europe and the U.S. Oil fell amid mounting tensions with the members of OPEC +.
Shares in Australia and South Korea opened lower, while Japan rose, while the MSCI Asia Pacific Index remained on track for a 12% gain in November. S&P 500 contracts fell and Treasuries advanced.
In Bursa on Thursday, local retail investors were net buyers at RM28.9k, while local institutions were net sellers at RM11.6k and foreign funds were RM17.3k.
Meanwhile, Rakuten Trade said the KLCI was approaching its one-year high following support for the 2021 Budget.
“We believe that the KLCI will remain above the 1,610 level with 1,620 as the next resistance level,” he said.
As for the ringgit, Rakuten Trade believes that the local unit will continue to strengthen against the US dollar. It is currently at 4.06 against the dollar, which is almost at a 52-week high from 4.17 just a month ago.
“If the ringgit continues to strengthen, it will be good news for most importers, namely the auto segment,” he said.
Public Bank fell 12 sen to RM18.60, Genting nine sen to RM4.16 and GentingM eight sen to RM2.52.
Dutch lady
fell more, 50 sen to RM36.50 and Berjaya Food 13 sen lower at RM1.56 while Power Root lost nine sen at RM2.11 and its guarantees seven sen at 54 sen.
Nestle rose 30 sen to RM140 and Carlsberg 18 sen to RM20.30.
IQ Group skidded 19 sen to RM1.11 with 301,100 shares made, while car dealer Cycle and Carriage Bintang was down 10 sen to RM1.48.
Khind was the main winner after his impressive set of gains, jumping 61 sen to RM3.45.
MPI added 52 sen to RM26 and KESM 44 sen to RM11.20.
A turnaround in Hengyuan’s financial results saw it rise 21 sen to RM3.68. Its 3QFY20 net profit tripled to RM154.9k from RM48.7k in 2Q due to higher average prices for oil products.
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