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Friday, 20 April 2018 | MYT 12:59 PM

Local market takes breather after previous session rally

KUALA LUMPUR: The local bourse saw some profit-taking following the previous session's strong push towards a new historical high on the benchmark FBM KLCI.

On the global front, tech stocks came under pressure following the world's largest contract chipmaker, Taiwan Semiconductor Manufacturing, cutting its revenue target on softer demand for smartphones.

At 12.30pm, the FBM KLCI was 5.89 points lower to 1,889.29. Turnover was 1.44 billion shares with a value of RM909.74bil. There were 515 decliners to 204 advancers with 374 counters unchanged.

Losing steam after the previous session's gain, Public Bank lost eight sen to RM24.16. Other banks in the red included RHB, falling five sen to RM5.36, Ambank dropping four sen to RM3.88 and Hong Leong Bank, falling 18 sen to RM19.42.

Press Metal Aluminium snapped its five-session winning streak on Friday, triggered by a surge in aluminium prices on the London Metal Exchange. The counter dropped 10 sen to RM5.13.

Plantation stocks also weighed on the index, with Sime Darby Plantation slipping four sen to RM15.96, IOI sliding one sen to RM4.78, KL Kepong dropping two sen to RM25.52, and PPB losing six sen to RM19.04.

There were only a handful of gainers on the KLCI including Genting Malaysia adding three sen to RM5.17, Hap Seng Construction putting on four sen to RM9.79, Hong Leong Financial Group gaining eight sen to RM19.68, MISC rising three sen to RM7.16, Petronas Gas rising two sen to RM18.60 and IHH Heathcare edging up one sen to RM6.11.

Allianz was one of the leading decliners on the broader market, falling 56 sen to RM11.14, Vitrox slipping 22 sen to RM5.17 and Globetronic dropping 21 sen to RM4.17.

Gainers included BAT gaining 54 sen to RM25.26, Lotte Chemicals Titan rising nine sen to RM6.32 and LPI adding eight sen to RM16.40.

In commodities, oil prices remained elevated following talk that Saudi Arabia is looking towards a higher price target through a further extension of supply cuts.

WTI Crude  lost two cents to RM68.27 a barrel while Brent crude added one cent to US$73.79 a barrel.

The ringgit edge slightly lower against the greenback at 3.8917 and 0.17% against the Singapore dollar at 2.9657. However, it strengthened 0.65% against the pound sterling at 5.4795.