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Profit-taking drags Bursa Malaysia lower as banking and energy stocks dip

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Bursa Malaysia Closing News

Bursa Malaysia,Stocks

KUALA LUMPUR, Nov 11 — Bursa Malaysia closed lower on the first day of the trading week weighed by profit-taking in heavyweights, particularly Tenaga Nasional and banking...

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At 5pm, the FTSE Bursa Malaysia KLCI fell 0.73 per cent or 11.98 points, to close at 1,609.26 compared with Friday’s close of 1,621.24. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said today’s sell-off was seen as an opportunity for bargain-hunting in severely beaten-down stocks, particularly blue chips, due to their more attractive valuations.

“Together, these factors have reignited concerns over the recovery pace in the world’s second-largest economy. “This is as investors remain cautious about the possibility of renewed trade tensions and disruptions to the global economic landscape,” Mohd Sedek added.

 

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