Profit-taking snaps FBM KLCI’s two-day winning streak

KUALA LUMPUR: Profit-taking snapped a two-day winning streak on the local bourse on Tuesday, bucking the broader regional uptrend.

The FBM KLCI fell 3.76 points, or 0.21%, to 1,747.54. The market traded within a range of 16.41 points between its intra-day high of 1,761.57 and a low of 1,745.16 during the session.

Winners and losers were closely balanced, with 560 gainers against 547 losers and 532 that were flat. About 2.65 billion shares, valued at RM2.69bil, changed hands.

Dealers said the decline was largely driven by profit-taking after recent gains, with investors turning cautious despite the firmer regional backdrop.

They added that trading remained selective, with buying interest capped by near-term valuation concerns.

Among the decliners, PETRONAS Dagangan slid 44 sen to RM20.28, KLCC shed 20 sen to RM9.30, 99 Speedmart eased 19 sen to RM3.96, while IHH Healthcare lost 17 sen to RM8.77.

On the upside, British American Tobacco Malaysia surged 90 sen to RM5.47, Malaysian Pacific Industries climbed 62 sen to RM32.30, Hong Leong Financial Group gained 44 sen to RM22.84, and Nestlé Malaysia advanced 40 sen to RM112.

On the forex market, the ringgit rose 0.2% against the US dollar to 3.9275 but inched down 0.06% against the Singapore dollar to 3.1019.

Around the region, MSCI’s Asia ex-Japan stock index rose 0.61%, with most regional bourses ending higher.

Japan’s Nikkei 225 closed up 2.28% to 57,650.54 while South Korea’s Kospi added 0.07% to 5,301.69.

Hong Kong’s Hang Seng Index advanced 0.58% to 27,183.15, while China’s CSI300 Index climbed 0.11% to 4,724.30 and the Shanghai Composite Index added 0.13% to 4,128.37.

Reuters reported that Thailand’s SET Index climbed for a third consecutive session on Tuesday, rising as much as 1% to its strongest level since mid-December 2024, supported by optimism over post-election political stability.