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KUALA LUMPUR: The FBM KLCI failed to extend a nascent rally as investors rushed to profit after yesterday’s rally.
At 12:30 p.m. M., The index fell 13.37 points to 1,524.17, erasing most of the gains it had made in the previous session.
Trading volume kept pace with 5.09 billion shares valued at RM2.96bil.
After jumping 16 more points in the previous session, hopes were raised that the index would embark on a recovery trend.
According to the technical outlook from Malacca Securities Research, the key index formed a bullish harami candle, suggesting a potential recovery pattern from the recent pullback.
The research house established an immediate resistance of 1,540 for further recovery to occur.
However, a promising start to the early morning session soon gave way to profit taking.
A strong withdrawal was seen in Hartalega
, which lost 86 sen to RM14.50. Rival glove stock Top Glove was one of the few heavyweights to advance, following a two-for-one bonus issue.
Upon dilution, the stock rose 13 sen to RM8.82.
Other notable declines included Tenaga Nasional dropping 22 sen to RM11.02, IHH dropping eight sen to RM5.27, MISC dropping 12 sen to RM7.60 and Maxis dropping eight sen to RM5.02.
The main actively traded stocks lowered the PHB 0.5 sen to 3.5 sen, Pasukhas sliding one sen to 12 sen and MQTech dropping 0.5 sen to 20.5 sen.
Meanwhile, oil markets experienced a slight pullback after falling more than 2% overnight to multi-week lows as US data showed a reduction in US gasoline demand.
US crude rose nine cents to $ 41.60 a barrel, while Brent crude gained three cents to $ 44.46 a barrel.
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