FBM KLCI ends on softer note, profit-taking thwarts market uptrend

DESPITE the improvement in the broader local market and the upbeat regional bourses, Bursa Malaysia ended on a softer note amid continuous profit-taking after the recent rally.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng viewed profit-taking positively, indicating a signal that the local market is able to smoothly digest the effects of the recent uptrend.

At 5pm, FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 6.91 points to 1,545.49 from Wednesday’s close of 1,552.40.

The benchmark index opened 1.69 points lower at 1,550.71 and hit an intraday low of 1,542.72 in late session and a high of 1,551.97 in early morning trading.

The market breadth turned positive with gainers surpassing losers 571 to 462, while 494 counters were unchanged, 790 untraded and 20 others suspended. – Feb 22, 2024

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