FBM KLCI dips on profit-taking; SunCon slides after MACC inquiry

KUALA LUMPUR: The FBM KLCI ended slightly lower on Monday, bucking gains in regional markets, as profit-taking in select blue chips dragged the FBM KLCI into the red.

The 30-stock index fell 1.27 points, or 0.08%, to 1,524.59. The benchmark index traded within a 6.68-point range, between an intraday high of 1,526.70 and a low of 1,520.02.

Market breadth turned negative as losers outnumbered gainers by a ratio of 607 to 342 stocks. With nearly twice as many losers as gainers, sentiment stayed negative as selling pressure continued to weigh on the broader market.

Traded volumes stood at 3.5 billion shares valued at RM2.7bil.

Among the decliners, Nestle slid 66 sen to RM75.08, F&N lost 56 sen to RM28.30, Malaysian Pacific Industries declined 38 sen to RM19.54 and Heineken fell 30 sen to RM23.80.

Sunway Construction (SunCon) fell 8.19%, ot 49 sen to RM5.49 with 110.62 million shares traded.

SunCon, in a filing with Bursa Malaysia, said the Malaysian Anti-Corruption Commission (MACC) has launched an inquiry involving one of its employees.

The inquiry pertains to the employee’s interactions with specific subcontractors.

"SunCon wishes to clarify that this isolated investigation does not concern the way SunCon Group secures contracts from its clients."

It added that the investigation has no financial and operational impact on the SunCon group.

Among the gainers, FACB Industries rose 33 sen to RM1.46, Pentamaster gained 21 sen to RM3.81, Press Metal added 18 sen to RM5.31 and PETRONAS Dagangan climbed 14 sen to RM21.34.

Dealers said profit-taking in selected blue chips weighed on the local bourse today, capping gains despite the positive momentum seen across key regional markets.

On the forex market, the ringgit rose 0.3% against the US dollar to 4.2303 and gained 0.14% against the Singapore dollar to 3.300.

Major regional indexes rose, with South Korea’s Kospi adding 0.71%, Hong Kong’s Hang Seng Index up 0.68%, China’s CSI 300 gaining 0.7%, and Singapore’s Straits Times Index climbing 0.4%.

Japanese markets were closed for a public holiday.