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KUALA LUMPUR: The KLCI FBM started on a weak base as consolidation pressures continued to weigh on the market.
As of 9:05 am, the key index had fallen 1.94 points to 1,650.55.
Investors are in a profit-taking mood in the final days of 2020, with Bursa Malaysia under selling pressure last week, taking it to a low of 1,645 and closing the trade at 1,652.
“In the absence of new catalysts, investors could still be in the mood to lock in their recent gains even after the market crash last week.
“For those savvy investors who managed to take advantage of the prevailing market rally, profit remains
FBMKLCI is still up 5.7% so far this month and 13.1% from the low in early November, “said Kenanga Research.
The research house expects the FBM KLCI to pull back further from an overbought position given the downside momentum.
Set support at 1.645 and 1.600 and resistance at 1.675 and 1.720.
The main laggards in the early hours of the morning included Hong Leong Bank sliding eight sne to RM18.50, Maybank losing three sne to RM8.43 and Nestle losing RM2.70 to RM138.20.
On the rising end, Public Bank added 30 sen to RM20.94, Petronas Ch emicals added three sen to RM7.61, and Top Glove rose two sen to RM6.66.
Top actively traded stocks include Nexgram
unchanged at five sen, TFP was up two sen at 21.5 sen and Puncak Niaga was down 1.5 sen at 41 sen.
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