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KUALA LUMPUR (Nov 11): The FBM KLCI closed down 0.32% or 4.99 points to 1,570.08 points in profit taking as market optimism about the progress of a COVID-19 vaccine faded, following the index yesterday posted the biggest gains since March.
Yesterday, the FBM KLCI was up 3.33% or 50.75 points to a two-month high of 1,575.07 today, the biggest single-day gain since March 20, when the benchmark index soared 6.85%.
MIDF Research Director of Research Imran Yassin Md Yusof told theedgemarkets.com that the drop in today’s benchmark was due to profit-taking activities, as well as investors realizing that it will take time for a vaccine to be released to the public.
According to him, the liquidation was unexpected as he thought that positive sentiments from Pfizer’s COVID-19 vaccine development will continue to drive the market.
The benchmark index remained largely negative throughout the day, oscillating between 1,550.44 points and 1,572.69 points.
Fast trading saw double-digit drops in the volume and value of trades.
Today 10.19 billion shares were traded, 17.22% less than yesterday’s trading volume of 12.31 billion.
The trade value was lower by almost 30% to RM5.95 billion from RM8.45 billion recorded yesterday.
In the broader market, share prices were mixed. There were 627 winners against 523 losers, while 504 counters were unchanged.
Heavyweights that dragged the benchmark down included MISC Bhd, after it fell 32 sen or 4.44% to RM6.89, Sime Darby Bhd (down 10 sen or 4.07% to RM2.36) and IHH Healthcare Bhd (20 sen or 3.54% up to RM5.45).
The main losers were Nestlé (Malaysia) Bhd, which fell RM1 or 0.71% to RM140, followed by PPB Group Bhd (down 24 sen to RM18.88), Aeon Credit Service (M) Bhd (lost 36 sen to RM10, 34), Hartalega Holdings Bhd (down 20 sen to RM15.50) and Vitrox Corp Bhd (down 30 sen to RM15).
AT Systematization Bhd returned to the top of the list of most active transactions. Its trading volume increased to 2.83 billion shares compared to 1.67 billion yesterday. The price of its shares closed higher at 27 sen, adding eight sen or 42.11%.
Other stocks that are actively traded include DGB Asia Bhd, Fintec Global Bhd, AE Multi Holdings Bhd, Metronic Global Bhd, PA Resources Bhd, and Pasukhas Group Bhd.
Among bank stocks linked to KLCI, Public Bank Bhd, Hong Leong Bank Bhd, Hong Leong Financial Group Bhd (HLFG), RHB Bank and Malayan Banking Bhd continued their positive momentum today.
However, CIMB Group Holdings broke the trend, closing down eight sen or 2.37% at RM3.30.
Public Bank rose 48 sen or 2.79% to RM17.68, Hong Leong Bank added 42 sen or 2.6% to RM16.60 while HLFG gained 18 sen or 1.19% to RM15.28.
RHB Bank rose eight sen or 1.65% to RM4.93 and Maybank rose three sen or 0.39% to RM7.69.
The list of winners also included Gets Global Bhd (which rose 56 sen or 29.79% to RM2.44), Lii Hen Industries Bhd (rose 30 sen or 6.98% to RM4.60), Malaysia Pacific Industries Bhd (rose 28 sen or 1.24% at $ 22.94), KESM Industries Bhd (gained 25 sen or 2.51% at $ 10.20) and Vivocom Intl Holdings Bhd (up to 20 sen or 16.81% at $ 1, 39).
Asia stocks were mixed today. Japan’s Nikkei 225 was up 1.78%, while South Korea’s Kospi gained 1.35%. In China, the Hong Kong Hang Seng Index lost 0.28%, while the Shanghai Stock Exchange Composite Index fell 0.53%.
CNBC reported that stocks in Asia-Pacific were mixed on Wednesday, with tech stocks in the region monitored following overnight drops in the sector on Wall Street.
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