Bursa Malaysia’s FBM KLCI fell 10.60 points, or 0.61%, to 1,725.88 for the holiday-shortened week ended Aug 28, with Wednesday’s strong rebound wiped out by profit-taking and broad-based selling ahead of the long weekend.
The market started almost flat on Aug 24, with the index easing 0.15 point to 1,736.33 as investors awaited the final batch of corporate earnings.
Following the Aug 25 public holiday, the KLCI rebounded 12.21 points, or 0.70%, to 1,748.54 on Aug 26, supported by buying in YTL Corp, YTL Power International and banking counters. Lower oil prices and a stronger ringgit also helped improve sentiment.
The recovery quickly faded, however, with the index falling 6.82 points to 1,741.72 on Aug 27 as investors took profits in selected heavyweights while digesting corporate results.
Selling intensified on Friday, with the KLCI plunging 15.84 points, or 0.91%, to 1,725.88. The index fell as low as 1,715.91 as investors reduced exposure ahead of the long weekend, with utilities, construction and financial services among the sectors under pressure.
