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KUALA LUMPUR: The FBM KLCI declined due to profit-taking pressure, even as energy stocks continued their uptrend amid rising crude prices.
At 12:30 p.m. M., The key index was down 6.16 points to 1,622.1 as investors pulled money off the blue tokens, including glove counters.
Top Glove fell 15 sen to RM6.63 and Hartalega
dropped 16 sen to RM14.50.
Supermax, which will be listed on the KLCI FBM on December 21, lost 33 sen to RM8.37.
Banks meanwhile were bullish: Maybank rose three sen to RM8.33, Public Bank gained six sen to RM18.66, and CIMB added eight sen to RM3.93.
Oil and gas counters maintained an uptrend, fueled by rising crude prices after OPEC and its allies agreed to increase production by less than 500,000 barrels per day.
This means that production cuts will be reduced to 7.2 million barrels per day from the previous 7.7 million.
Hengyuan was seen extending his rally by another 99 sen to RM5.66 while Petron Malaysia rose 76 sne to RM5.02.
Sapura Energy added 0.5 sen to 12.5 while Bumi Armada it rose 2.5 sen to 38 sen and Hibiscus Petroleum gained two sen to 64 sen.
All Dynamic, which had announced a series of contracts won yesterday, jumped eight sen to RM1.74.
Going forward, despite expectations for profit-making activities following the strong rally, analysts are expecting further benefits in light of the economic recovery following the recent progress of Covid-19 vaccine developments.
“With the breakout of the 1.615 resistance, we believe further leads are expected to develop towards the next resistance at 1.640, followed by 1.670,” Malacca Securities Research said.
In the Asian markets, there was slight profit taking in light of recent gains.
Japan’s Nikkei fell 0.3%, while the Shanghai Composite Index fell 0.35% and Hong Kong’s Hang Seng fell 0.2%.
Australia’s ASX200 was up 0.4%.
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