FBM KLCI drifts sideways in search of fresh leads
KUALA LUMPUR: Malaysia's benchmark stock index erased earlier gains in the lead up the midday break as investors took profit in the absence of fresh leads to keep the rally afloat.

As the bell rang for an end to the early session, the FBM KLCI was down 0.35 points to 1,605.33. The FBM KLCI had traded within a range of 1,603.29 and 1,610.25, as it moved sideways amid investor uncertainty.

The broader market turned negative with investors selling down 531 stocks, buying up 464, and leaving 473 unchanged. The share turnover was 3.5 billion valued at RM1.7bil.

Malaysia's main index has been on a rally over the past three weeks as foreign funds return to the market amid expectations the US Federal Reserve will commence interest rate reductions this year.

However, mixed signals from US policymakers are giving investors pause, with more cautious traders opting to take some cash off the table.

Key Asian markets were downbeat on Wednesday with Japan's Nikkei losing 1.5% to 38,257, China's composite index falling 0.4% to 3,134 and Hong Kong's Hang Seng shedding 0.4% to 18,410.

Singapore's Straits Times Index dropped 0.9% to 3,269.

On Bursa Malaysia, YTL Power maintained its upward momentum to put on a further 15 sen to RM5.03. Holding company YTL Corp, meanwhile, climbed eight sen to RM3.43.

Plantations plays rose including IOI up two sen to RM4.10, Sime Darby Plantation adding 12 sen to RM4.60 and Kuala Lumpur Kepong gaining eight sen to RM23.20.

The biggest laggards were in banking stocks, including CIMB down six sen to RM6.75, Maybank down three sen to RM9.81, Public Bank shaving two sen to RM4.19 and RHB sliding two sen to RM5.48.

Top actives on the market were BCM Alliance up one sen to two sen, MYEG gaining 5.5 sen to 97.5 sen and Harvest Miracle adding 0.5 sen to 11.5 sen.
Markets,Bursa Malaysia,FBM KLCI,equities,trading,investor,commodity,stocks
KUALA LUMPUR: Malaysia's benchmark stock index erased earlier gains in the lead up the midday break as investors took profit in the absence of fresh leads to keep the rally afloat.