Shocked Investors Take Profits, Bursa Malaysia 'Takes a Break' for a Moment


 Today, Bursa Malaysia calmed down for a while as many investors made good profits since the beginning of the week. Interest in equities is expected to continue due to the slowing phase of global inflation.

At exactly 2.20pm, FBM KLCI shares fell by 5.00 to 1,461.84. Meanwhile, FBM 70 fell 3.05 to 14,285.76 and FKLI/Nov 2023 fell 4.00 to 1,464.50.

A total of 498 declines to 328 gains since the broader market corrected again after the previous session's rally. The trading volume so far is 2.18 billion shares worth RM 948.04 million.

Some of the frontrunners such as Petronas Chemicals, CelcomDigi, Press Metal and MPI have been falling for the past few days. Meanwhile, Amway showed an increase of 20 sen and Kossan by 10 sen.

Hong Seng remained stable at four sen and Kanger fell to 5.5 sen. Regional markets saw the Nikkei drop 0.6 sen to 33,332 and the Kospi fall 0.1% to 2,483.

China's composite index fell 0.6% to 3,053. Meanwhile, Hong Kong's Hang Seng fell 1.65% to 17,781.

Based on Apex Securities' market notes, the price increase momentum in Bursa Malaysia was also supported by the strengthening of the local currency and Chinese economic data which showed positive values.

The research firm said the FBM KLCI managed to form another bullish candle when it broke through the 1,465 resistance in the previous session.

The MACD and RSI lines remain positive making the main index potentially higher towards resistance at 1,494 to 1,504.