FBM KLCI down 7.5pts as Index Seen Overbought
The FBM KLCI fell 7.5 points or 0.47% at Bursa Malaysia's afternoon close today amid US-China trade deal uncertainties and after analysts said the benchmark index was in overbought zone.
"After racking some 3% gains over the past couple of weeks with the key index already at the overbought zone, a retreat is in store. The fresh uncertainties over the Sino-US trade deal may also serve as an excuse for profit taking activities to take precedence," Malacca Securities Sdn Bhd said in a note today.
At 12:30pm, the KLCI settled down at 1,590.48 on profit taking after closing up 17.98 points or 1.14% at 1,597.98 yesterday.
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