Profit-taking continues as uncertain mood prevails on Bursa Malaysia
KUALA LUMPUR: Bursa Malaysia was left out of a regional rally, with the main index continuing its decline as investors took profits out of blue chips.
As the market halted trading for the lunch break, the FBM KLCI was down 6.52 points to 1,549.62, with heavyweights such as Maybank and PETRONAS Chemicals dragging on the index.
Analyst say the market has entered a consolidation phase in anticipation of fresh leads as corporates release their first-quarter earnings results in the coming days.
The number of declining issues on the market was slightly higher than advancing, with a ratio of 1.12-to-1.
Volume was 1.61 billion shares transacted for a total of RM853.26mil.
Some of the leading laggards outside of the FBM KLCI included F&N down 56 sen to RM26.24, British American Tobacco shedding 15 sen to RM6.45 and Can-One down 12 sen to RM2.10.
Elwsewhere, sentiment in Asian markets has been more optimistic with an uptick in equities prices as US Treasuries stabilised overnight after the initial shock of Moody's downgrade of the US sovereign bonds.
Hong Kong's Hang Seng was seen leading the pack with a 1.29% jump to 23,634, while the mainland composite index rose 0.38% to 3,380.
Japan's Nikei gained 0.29% to 37,606.
Across the causeway, Singapore's Straits Times index gained 0.2% to 3,883. Trading ideas: Maybank, KAB, Ibraco, PeterLabs, MCE, Euro, MFM, Johor Plantations, Taliworks, Keyfield, George Kent
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
an hour ago
- The Star
EPF buys 5.02% stake in 99 Speed Mart via off-market deal
PETALING JAYA: The Employees Provident Fund (EPF) has acquired a 5.02% stake in 99 Speed Mart Retail Holdings Bhd (99 Speed Mart) through a direct off-market transaction, according to a filing with Bursa Malaysia On June 4, the EPF purchased 421.79 million shares in the convenience store chain, marking the fund's first holding in 99 Speed Mart, which became part of the KLCI index in December last year. While details about the seller and the transaction price were not disclosed, the block of shares is estimated to be worth RM868.89mil, based on the retailer's closing price of RM2.06 per share on June 4. Founder and chief executive of 99 Speed Mart, Lee Thiam Wah, remains the largest shareholder with a 79.68% stake in the company. The counter rose by one sen to close at RM2.10, giving the company a market value of RM17.64bil.
Malaysian Reserve
an hour ago
- Malaysian Reserve
Yinson denies buyout talks, confirms chairman in early-stage shareholding discussions
YINSON Holdings Bhd has denied being in any discussions with third parties regarding a potential buyout of the company. In a filing with Bursa Malaysia today, the oil and gas services provider clarified that it is not involved in any corporate exercise at this time. However, it acknowledged that its executive chairman, Lim Han Weng, is currently engaged in 'exploratory discussions' with various parties over potential corporate proposals related to his shareholding in the company. 'Given that the discussions are still at an exploratory stage, there is currently no conclusive indication that these would result in a corporate proposal involving Yinson,' the company stated. Yinson assured that it will make the necessary announcement in accordance with Bursa Malaysia's Main Market Listing Requirements should any corporate exercise materialise. The clarification comes after Bloomberg reported that New York-based Stonepeak Partners is in exclusive talks to acquire Yinson in a deal that could value the group at up to RM9 billion (US$2.1 billion), citing unnamed sources. If confirmed, the transaction could rank among Malaysia's largest deals this year. –BLOOMBERG
New Straits Times
an hour ago
- New Straits Times
Yinson: No buyout deal on the table
KUALA LUMPUR: Yinson Holdings Bhd has clarified that it is not in discussions with any third party in respect of a buyout exercise. Executive chairman Lim Han Weng said the company is currently engaged in exploratory talks with various parties on potential corporate proposals related to its shareholding. "However, given that the discussions are still at an exploratory stage, there is currently no conclusive indication that the discussions would give rise to a corporate proposal involving Yinson," it said in a filing to Bursa Malaysia today. The company said it will make the relevant announcement, if and when a corporate exercise materialises, in accordance with the Main Market Listing Requirements. "The company wishes to remind shareholders to exercise caution and seek appropriate advice when dealing in Yinson shares," it noted. Bloomberg, quoting sources, had reported that New York-based Stonepeak Partners is in exclusive negotiations to acquire Yinson, in a potential deal that could value the Malaysian company at up to RM9 billion (US$2.1 billion). If finalised, the transaction would rank among the largest deals in Malaysia this year. Yinson closed 0.43 per cent or one sen lower to RM2.33, giving it a market capitalisation of RM7.18 billion.
