On November 7, 2024, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined, ending its four-day winning streak. The benchmark index dropped 0.67% to close at 1,623.28, after reaching an intraday low of 1,622.75.
Profit-taking after recent gains was the primary reason for this decline. Major stocks like Nestle Malaysia Berhad and Fraser & Neave Holdings Berhad saw losses, with Nestle falling RM1.20 to RM100 and Fraser & Neave dropping RM1.04 to RM29.70. However, the technology sector showed positive movement, with Malaysian Pacific Industries Berhad rising RM1.12 to RM27.48 and Inari Amertron Berhad adding 20 sen to close at RM3.19.
The day started positively as the FBM KLCI opened at 1,636.14 and peaked at 1,639.22 shortly after opening. This early boost came on the heels of Bank Negara Malaysia’s decision to keep the Overnight Policy Rate (OPR) steady at 3.00%. By midday, however, profit-taking activities brought the index down to 1,624.91.
Technology and semiconductor stocks led the gains in the wider market. Malaysian Pacific Industries rose 80 sen to RM27.16, Inari gained 20 sen to RM3.19, ViTrox increased by 18 sen to RM3.63, and Pentamaster advanced seven sen to RM4.07.
The overall drop in the FBM KLCI was also linked to mixed outcomes in regional markets, as investors evaluated the potential impacts of the U.S. presidential election results. In the region, Japan’s Nikkei 225 fell 0.25%, South Korea’s Kospi edged up 0.04%, and Hong Kong’s Hang Seng climbed 2.02%. China’s CSI 300 rose 3.02%, and the Shanghai Composite Index gained 2.57%.
Market sentiment remained cautious, with 641 stocks declining, 466 advancing, and 507 unchanged. Total trading volume reached 3.8 billion shares, valued at RM3.4 billion.
The ringgit showed mixed trends, strengthening against the US dollar at 4.4030 but weakening 0.34% against the Singapore dollar to 3.3217.
Investors should remain attentive and monitor global economic indicators and regional market developments that continue to influence the FBM KLCI’s performance.