FBM KLCI erases gains in midday pullback

KUALA LUMPUR: Malaysia's main stock index entered midday on a flat note despite an early lead as profit-taking took over in the absence of strong domestic leads.

The FBM KLCI grazed last Friday's closing price at 1,609.03, after hitting a high of 1,613.53 earlier in the day. 

Bursa Malaysia registered 592 decliners compared to 398 gainers, with nine sectors sinking into the red. Volume was 2.54 billion shares valued at RM1.23bil.

The blue-chip market was pulled lower by PETRONAS Chemicals, dropping 15 sen to RM4.40, Gamuda dropping nine sen to RM5.52 and PPB shedding 26 sen to RM9.86. Gainers included Nestle up 90 sen to RM96.94, PETRONAS Dagangan adding 34 sen to RM22.76 and Hong Leong Financial Group rising 14 sen to RM17.06.

Of actives, EA Holdings was flat at 0.5 sen, MTouche unchanged at 6.5 sen and Tanco down 1.5 sen to 88.5sen.

The weak performance on the domestic market, however, was at odds with the broader regional sentiment as Asian equities rose ahead of China's Golden Week Holiday starting this Wednesday.

China's composite index gained 0.13% to 3,832 while Hong Kong's Hang Seng gained 1.4% to 26,494.

South Korea's Kospi rallied 1.20% to 3.429. Japans Nikkei bucked the regional trend, dropping 0.68% to 45,056.