FBM KLCI's bullish open subsides as investors rush to take profit

KUALA LUMPUR: A surge in bullish sentiment saw the FBM KLCI gapping up in opening trade, although the roaring gains would quickly subside into a murmur as profit-taking ensued.

The benchmark index started Friday with an impressive 20.93-point leap to 1,658.73 as it entered the sixth day of a rally.

However, within minutes of the stellar opening, the index retreated nearly to the flat line on rapid profit-taking, hovering just a fraction of a point above the previous closing price. 

As at 9.10am, the FBM KLCI was just 0.19 points ahead at 1,637.88.

Rakuten Trade had noted following the previous session's higher close that the performance could be attributed to the return of foreign inflows to the local bourse, coupled with a surge in trading volume above the four billion shares threshold.

"If this holds, we are in for an exciting ride over the next three months," the broker said in a note.

On the blue-chip index, healthcare provider IHH maintained a steady rise, gaining 12 sne to RM8.38.

Hong Leong Bank rose eight sen to RM21.06 and 99 Speed Market gained four sen to RM2.92.

Profit-taking, however, was seen in AmBank down five sne to RM5.80, CIMB shedding four sen to RM7.56 and Nestle dropping 48 sen to RM96.64. 

Among actives on the broader market, NexG Bina was flat at 9.5 sen, SCIB rose 5.5 sen to 22 sne and Borneo Oil was unchanged at 0.5 sen.